PNB Udaan

About PNB Udaan

The PNB Udaan scheme financially assists Indian students pursuing admission at recognised international educational institutions. The PNB Udaan scheme provides financial backing, including tuition costs, school housing expenses, and all required expenditures for international education programs.

Key Features of PNB Udaan

• Through this scheme, applicants can secure loans for their higher education needs that are determined by each applicant's financial situation and are capped in total amount.

• The Bank's Repo Linked Lending Rate (RLLR) functions as the main determinant for this program's interest rate. Lenders wanting more than ₹7.5 lakh must pay an interest rate composed of RLLR combined with 0.75%, which equals an overall effective rate of about 10.50%. 

• The scheme offers women students a discounted interest rate of 0.50% because its purpose is to advance their academic pursuits.

• The institution demands loan processing fees amounting to 1% of the borrowed funds or ₹10,000, whichever is higher. The refundable payment made at loan initiation becomes accessible when the first payment instalment goes out.

• Students who finish their education can handle their finances throughout their 15-year term loan period.

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Eligibility Criteria

To be eligible for the PNB Udaan scheme, applicants must meet the following criteria:

• A person who maintains their Indian residence needs to submit their application.

• After completing 10+2 education, students can seek foreign enrollment in specific higher education institutions through entrance exams or their merit ranking.

Tax Benefits

Applicants who borrow education funds can benefit from income tax deductions through Section 80E of the Income Tax Act. Taxpayers can claim this benefit for a maximum of eight years, or they can claim it until their interest payments are completely repaid, irrespective of which period ends first.

Document Required

The PNB Udaan education loan requires applicants to use these steps in their application process.

• You can open an education loan application through PNB's website under the online section dedicated to their educational program.

• The candidate must collect essential documentation that combines identification evidence and residential documentation regarding their academic chronicles and foreign institution acceptance and payment breakdown details, alongside evidence of their co-borrowers financial standing.

• The application form and the needed documentation must be sent to the nearest PNB branch after completion.

• The bank staff will assess the application and submit documents during the processing stage. The approved funds will be distributed as per the approved educational institution payment schedule.

Conclusion

Through its PNB Udaan scheme, Indian students seeking overseas education loans benefit from a complete financing solution for higher studies. Students can benefit from its favourable rates and various payment flexibility while securing all necessary education costs through this secure funding mechanism.