Friends, you are a student, and you have to take a loan for your studies. In today’s blog, I will share with you about the PNB Pratibha Scheme. Under this scheme, you can easily get an education loan at a low interest rate.
In this post, you will get information about how to apply for a loan under the PNB Pratibha Scheme, what documents will be required, which students are eligible for this, how much interest will be charged, and what amount of loan will be given. All the queries that you have in your mind are answered in this post, so read the post carefully.
Table of Contents
Document Required In Education Loan Under PNB Paritbha Scheme
- Loan Application Form – Fill out the application form provided by the Vidya Lakshmi portal accurately and completely.
- Passport Size Photographs – Submit passportsized photographs of the borrower/s and guarantor/s.
- Identity Proof
- PAN card copies of the borrower/s and guarantor/s.
- Any government-issued ID proof such as an Aadhar card, passport, voter ID, etc.
- Residence Proof
- Utility bills (electricity/water/gas) in the name of the borrower/s or guarantor/s.
- Rental agreement (if applicable).
- Any other valid residence proof.
- Income Proof
- For Salaried Individuals
- Income Tax Returns (ITRs) for the last 3 years.
- Latest salary slips or salary certificates.
- Form 16 duly verified by the employer.
- Employee ID card.
- For SelfEmployed Individuals
- Income Tax Returns (ITRs) with computation of income for the last 3 years.
- Profit and loss statement (P&L) and Balance Sheet certified by a Chartered Accountant (CA).
- Tax challans and Form 26AS.
- Business registration documents (if applicable).
- For Salaried Individuals
- Educational Documents
- Proof of passing the last qualifying examination (such as 10th and 12th grade mark sheets).
- Letter of admission from the educational institution.
- Course Details
- The course prospectus details the fees, hostel charges, examination fees, etc.
- Assets and Liabilities
- Documented evidence of the assets and liabilities of the borrower/s and guarantor/s.
Who Is Eligible For PNB Partibha Scheme ?
- Resident of India
- Secured admission in regular full-time degree/diploma courses or postgraduate degree/diploma courses at recognized premier institutes (listed in Annexure A)
- Enrolled in flagship courses mentioned in Annexure B
- Eligible part-time programs include
- Part-time doctoral programs in management for executives at IIMs
- Parttime certificate courses at ISB Hyderabad & Mohali for senior executives (PGPMAX)
- EPost Graduate Programmes in Management at IIMs under distance learning mode
- Three years part-time weekend Post Graduate Diploma Programme in Business Management at XLRI
- Post Graduate Diploma in Management (B & FS) at NIBM Pune
How to apply for an education loan under the PNB Partibha Scheme
- Register on Vidya Lakshmi Portal
Visit the Vidya Lakshmi portal (www.vidyalakshmi.co.in).
Register as a student or co-borrower by providing basic details and creating a username and password. - Login to Your Account
Log in to your Vidya Lakshmi account using the credentials you created. - Search for Loans
Navigate to the “Education Loan” section on the portal.
Search for Punjab National Bank (PNB) education loans, specifically the PNB Pratibha Scheme. - Review Loan Details
Read through the details of the PNB Pratibha Scheme, including eligibility criteria, loan amount, interest rates, repayment terms, etc. - Apply for Loan
Click the “Apply Now” or “Apply Online” button for the PNB Pratibha Scheme.
Fill out the online loan application form with accurate information. - Upload Documents
Upload the required documents as per the document checklist provided on the portal.
Documents may include ID proof, residence proof, income proof, educational records, course details, etc. - Submit Application
Review the information provided in the application form and documents.
Submit the completed Application along with the uploaded documents through the portal. - Track Application Status
Monitor the status of your loan application through the Vidya Lakshmi portal. - Visit Bank
Go to your nearest PNB branch with all the documents. - Loan Processing
The Bank will process your loan application, conduct verification checks, and assess your eligibility.
PNB Pratibha Education Loan Interest Rate
| Loan Amount | Institution Type | Rate of Interest (Floating) | Rate of Interest (Fixed) |
| Above Rs. 7.50 lakhs | IIMs, IITs, ISB Hyderabad, ISB Mohali, MDI Gurgaon, XLRI Jamshedpur | RLLR + BSP – 1.05% (8.20%) | 9.20% |
| Above Rs. 7.50 lakhs | Other Institutions | RLLR + BSP 0.25% (9.00%) | 10.00% |
| Up to Rs. 7.50 lakhs | IIMs, IITs, ISB Hyderabad, ISB Mohali, MDI Gurgaon, XLRI Jamshedpur | RLLR+BSP+ 0.50% (9.75%) | 10.75% |
| Up to Rs. 7.50 lakhs | Other Institutions | RLLR+BSP+ 0.75% (10.00%) | 11.00% |
| Up to Rs. 7.50 lakhs (before 16.09.2015) | IITs, IIMs, XLRI Jamshedpur | RLLR+BSP + 1.15% (10.40%) | 11.40% |
| Up to Rs. 7.50 lakhs (before 16.09.2015) | Other Institutions | RLLR+BSP + 1.25% (10.50%) | 11.50% |
For what purposes you can take loan under this scheme
Purpose Fee payable to college/ school/ hostel. Examination/ Library/ Laboratory fee. Life Insurance premium for student borrowers, if applicable. Caution deposit, Building fund/refundable deposit supported by Institution bills/receipts. Purchase of books/equipment/ instruments/ uniforms. Purchase of computer, at reasonable cost, if required for course completion. Any other expenses needed to complete the course, such as study tours, project work, thesis, etc.
More Queries About the Education loan under the PNB Partibha Scheme
Repayment Period maximum up to 15 years
Repayment Holiday/ Moratorium Course period + 1 year
Prepayment Charges nil
Processing Charges/ Upfront Fee nil
Documentation Charges nil
conclusion
In conclusion, the PNB Pratibha Yojna offers valuable financial support to Indian nationals pursuing education in premier institutes across various disciplines. Eligible applicants can benefit from this scheme, including those enrolled in regular full-time courses, part-time programs, and flagship courses of recognized institutions. With a focus on need-based finance and considerations for repayment capacities, the scheme aims to make quality education accessible without undue financial burden. Applicants are encouraged to review the eligibility criteria, document requirements, and application process to leverage the opportunities provided by the PNB Pratibha Yojna for their educational aspirations.
FAQ
What is PNB Paribha scheme?
PNB Partibha is a scheme run by Punjab National Bank that provides educational loans to students.
What is the interest rate of the loan under the PNB Partibha scheme?
Interest rates range from 9.20% – 11.50%, depending on your college.
How to apply loan for the PNB Pratibha scheme?
You can apply online from the Vidya Lakshmi portal
Can part-time courses be funded under the PNB Pratibha Yojna?
Yes, specific part-time postgraduate programs in management and other specialized courses are eligible for funding under the scheme.
Who is eligible to apply for the PNB Pratibha Yojna?
Indian nationals admitted to full-time degree/diploma or postgraduate degree/diploma courses in premier institutes covered under the scheme.
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For my own needs, I regularly turn to tools like https://websitecheckhealth.com to check I’m getting the most out of my health-related websites. It offers a comprehensive report at no cost.
If you need any assistance in this area, feel free to reach out.
Warm regards
Hi
I’ve been doing some research for a client. As I was browsing through your website, I ran into an issue accessing quickcashi.com.
I know it can be difficult to keep track of every aspect of a website.
For my own needs, I regularly turn to tools like https://websitecheckhealth.com to ensure I’m getting the most out of my health-related websites. It offers a comprehensive report at no cost.
If you need any assistance in this area, feel free to reach out.
Warm regards