PNB Saraswati

About the PNB Saraswati Scheme

The PNB Saraswati Scheme provides financial assistance to students pursuing higher education in India. It covers a wide range of approved courses, including graduate, postgraduate, and professional programmes at recognised institutions such as IIMs, IITs, IISc, XLRI, NIFT, and NID, along with specialised fields like ICWA, CA, CFA, pilot training, and nursing. The loan supports tuition fees, hostel charges, books, equipment, and study tours. For loans up to ₹7.50 lakh, there is no requirement for tangible security or a third-party guarantee.

Rate of Interest

Here is the rate of interest for the PNB Saraswati Education Loan Scheme:

Features of the Scheme

• Encouragement for brighter students: Financial support for students who have been accepted into any recognised institution.

• A large variety of courses: Includes graduate courses, postgraduate courses, post-graduate diplomas, and professional courses typically offered by institutions such as UGC, AICTE, IIMs, and IITs.

• Expense coverage: Includes tuition fees, hostel charges, book expenses, lab expenses, travel expenses, and equipment.

• Loan margin flexibility: There is no margin requirement for loan amounts up to ₹4 lakh, while a 5% margin is required for amounts exceeding ₹4 lakh (which may be set off from any scholarship(s) granted).

• Convenient repayment tenure: Loan repayment period of up to 15 years for better financial management.

Investment

Secure

Secure your child’s future with or without you

Start Investing

₹10,000/Month

& Get

₹1 Crore^*

VIEW PLANS

*Standard T & C Apply

Eligibility for the Scheme

To apply for the loan, you must meet these criteria:

• Indian citizenship is required.

• Admission must be merit-based or through an entrance exam at a recognised institution.

• Management quota admissions may be considered on a merit basis.

Documents Required

• Loan Application: Duly filled and signed form.

• Photograph: Recent passport-sized photo.

• ID & Address Proof: Aadhaar, PAN, or any valid government-issued document.

• Academic Records: Proof of age and last qualifying exam certificate.

• Admission Letter: Official confirmation of course enrolment.

• Course Prospectus: Breakdown of tuition, examination, hostel, and other fees.

• Financial Details: Asset and liability statement of parents, co-borrowers, or guarantors.

• Affidavit: Declaration confirming no other outstanding education loans.

Most Important Terms and Conditions

• Collateral & Borrower: No collateral up to ₹7.50 lakh; required for higher amounts. Parents/guardians must be joint borrowers.

• Moratorium Period: Course duration + 1 year or 6 months post-employment.

• Tax Benefits: Interest paid on the loan is eligible for tax deductions under Section 80E of Income Tax Act.

• Eligible Courses & Institutes: Must be approved by UGC, AICTE, IIMs, IITs, IISc, and other recognised bodies.

• Loan Margin: No margin up to ₹4 lakh; 5% for higher amounts.

• Repayment Estimation: You can use an income tax calculator to estimate tax deductions and repayment amounts.