Can you tell me in detail about the Education Loan facility provided by PSB or Punjab and Sind Bank as I want to apply for it?

The detail about the Education Loan facility provided by PSB or Punjab and Sind Bank is as follows:

The quantum of loan disbursed is classified on the place (India or abroad) and nature (regular or vocational) of the course. In case of vocational courses, the duration of the course is also a significant deciding factor.

Category Duration of Course Quantum of Loan Amount

Vocational Education Up to 3 months Rs. 20,000

Vocational Education 3 to 6 months Rs. 50,000

Vocational Education 6 months to 1 year Rs. 75,000

Vocational Education Above 1 year Rs. 1,50,000

Studies in India Maximum up to Rs. 10 lakhs

Studies abroad Maximum up to Rs. 20 lakhs


Margin

Upto Rs. 4 lakhs : Nil

Above Rs. 4 lakhs : Studies in India 5%
: Studies in Abroad 15%

Security

• Upto Rs. 4 lakhs: NO Security( Parents to be joint borrowers)
• Above Rs. 4 lakhs and upto Rs. 7.5 lakhs

i) Parents to be joint borrower
ii) Collateral security in the form of suitable third party guarantee
However, third party guarantee will be waived if the loan is eligible for Credit Guarantee Fund Scheme for Education Loan (CGFSEL).

• Above Rs. 7.5 lakhs -
i) Parent(s) to be joint borrower(s)
ii) Tangible collateral security of suitable value acceptable to bank, along with the assignment of future income of the student for payment of instalments.


Punjab and Sind Bank Education Loan