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Punjab and Sind Bank Education Loan- Student Loan in India

Punjab and Sind Bank Education Loan

Punjab and Sind Bank Education Loan Eligibility         

For Vocational Education:

Vocational/Skill development courses of duration from 2 months to 3 years run or supported by:

A ministry/Department//Organization of the Government or a company/society/organization supported by National Skill Development Corporation or State Skill Mission/State Skill Corporations, preferably leading to a certificate/diploma/degree etc. issued by the Govt. Organization or an organization recognized/authorized by the government to do so. State Level Bankers Committee (SLBC) may add other skill development courses/programmes, having good employability.

For Higher Studies in India and Abroad:

Studies in India: (Indicative list)

Approved courses leading to graduate/ post graduate degree and P G diplomas conducted by recognized colleges/ universities recognized by UGC/ Govt./ AICTE/ AIBMS/ ICMR etc.

Courses like ICWA, CA, CFA etc.

Courses conducted by IIMs, IITs, IISc, XLRI. NIFT,NID etc.

Regular Degree/Diploma courses like Aeronautical, pilot training, shipping, nursing or any other discipline, approved by Director General of Civil Aviation/Shipping/Indian Nursing Council or any other regulatory body as the case may be, if the course is pursued in India. 

Approved courses offered in India by reputed foreign universities.

Note: The above list is indicative in nature. Courses other than the above offered by reputed institutions may also be considered on the basis of employability.

Studies abroad:-

Graduation: For job oriented professional/ technical courses offered by reputed universities

Post graduation: MCA, MBA, MS, etc.

Courses conducted by CIMA- London, CPA in USA etc.

Degree/diploma courses like aeronautical, pilot training, shipping etc provided these are recognized by competent regulatory bodies in India/abroad for the purpose of employment in India/abroad.

Punjab and Sind Bank Education Loan Quantum of Finance

For vocational Education: 

For Courses of duration upto 3 months: Rs. 20,000/-

For Courses of duration 3 to 6 months: Rs. 50,000/-

For Courses of duration 6 months to 1 year: Rs. 75,000/-

For Courses of duration above 1 year: Rs. 1, 50,000/-

For Higher Education in India and Abroad

Studies in India: Maximum upto Rs. 10 lakhs.

Studies Abroad: Maximum upto Rs. 20 lakhs.

Punjab and Sind Bank Education Loan Margin 

No margin is applicable on loan amount up to Rs. 4 lakhs.

5% margin is applicable on loan amount above Rs. 4 lakhs, for studies in India.

15% margin is applicable on loan amount above Rs. 4 lakhs, for studies abroad.

Punjab and Sind Bank Education Loan Rate of Interest

For higher studies in India & abroad


Loan up to Rs.4 Lac

Loan Above Rs.4 Lac & up to Rs.10 Lac

Above Rs.10 Lac

General Public

BR (10.25%) +3.00%= 13.25%

BR (10.25%)+3.25%= 13.50 %

BR (10.25%)+2.50%= 12.75%

Staff as Co-Borrower

BR (10.25%)+2.00%= 12.25%

BR (10.25%)+2.25%= 12.50%

BR (10.25%)+1.50% = 11.75%


Concession in Interest


No Concession

0.50% if Collateral in addition to guarantee is given


No Concession

Punjab and Sind Bank Education Loan Processing fee 

For vocational Education: Nil

For Higher Education in India and Abroad: Nil. 

However, for students studying abroad, refundable security of Rs. 2000/- in lieu of processing fee, in saving account, to be kept under reserve

Punjab and Sind Bank Education Loan Security

In case of vocational education: No Security ( Parents to be joint borrower)

In case of Higher Education in India & Abroad

Upto Rs. 4 lakhs : NO Security( Parents to be joint borrowers).

Above Rs. 4 lakhs and upto Rs. 7.5 lakhs

Parents to be joint borrower

Collateral security in the form of suitable third party guarantee

Above Rs. 7.5 lakhs -

Parent(s) to be joint borrower(s) 

Tangible collateral security of suitable value acceptable to bank, along with the assignment of future income of the student for payment of installments

Punjab and Sind Bank Education Loan Repayment

For Vocational Courses:

Loans upto Rs. 50,000/- :Upto 2 years

Loans between Rs. 50,000/- to Rs. 1.00 lac : 2 to 5 years

Loans above Rs. 1.00 lac : 3 to 7 years

For Education loan scheme for pursuing Higher Education in India & Abroad:

For loans upto Rs. 7.5 lakhs : upto 10 years

For loans above Rs. 7.5 lakhs : upto 15 years


No pre-payment penalty is to be levied for prepayment of loan any time after the commencement of repayment.