PNB education loan: If you or any student in your family is thinking of taking an education loan for further studies, then the latest news of Punjab National Bank (PNB) has brought great relief for you. Actually, the bank has directly reduced the interest rates on the education loan given under the Vidyalakshmi scheme by 0.20%. That is, now bearing the cost of studies under this scheme has become a little cheaper than before.
Opportunity for affordable financing for studies
The bank said in its statement that the Vidyalakshmi scheme is a big step towards making education more accessible and easy. Its purpose is that no talented student should miss the opportunity to study well just due to lack of money. This reduction of the bank is for those students who have taken admission in 860 Quality Higher Education Institutes (QHEI) of India on the basis of merit. Now this loan will be available at an initial interest rate of 7.5%.
Loan without guarantee and without collateral
PNB Vidyalakshmi Yojana has been specially designed so that students can easily afford their further studies. No guarantee is required for this loan and no collateral is required. In this, the students are given the amount as per their need, so that the entire cost of studies can be covered.
Which documents will be required for the loan?
To take this loan, the student will have to give his KYC details which include Aadhar card, PAN card and address proof. Also, self-attested copy of the mark sheet of the previous class, result of the entrance exam, admission letter received from the college and fee structure, passport size photo and if any loan has been taken earlier, then proof of it will have to be given. Apart from this, a certificate of family income is also required which has been issued from the authorized department of the state.
You will also get the benefit of subsidy
Now let’s talk about the most important thing – interest subsidy. According to the PNB website, if the annual income of the parents or guardians is between Rs 4.5 lakh and Rs 8 lakh, then 100% subsidy is available on interest for technical or professional courses. Whereas 3% interest subsidy is given for other courses. This means that taking a loan becomes even more beneficial because you will have to pay less interest.
