PNB PM Cares Education Loan Scheme

To ensure comprehensive care and protection of children who have lost their parents(s) to COVID pandemic, in a sustained manner, enable their wellbeing through health insurance, empower them through education and equip them for self-sufficient existence with financial support on reaching 23 years of age.

Objective

To ensure comprehensive care and protection of children who have lost their parents(s) to COVID pandemic, in a sustained manner, enable their wellbeing through health insurance, empower them through education and equip them for self-sufficient existence with financial support on reaching 23 years of age.

Eligibility

  • All children who have lost Both parents or Surviving parent or Legal guardian/adoptive parents/single adoptive parent
  • Due to COVID 19 pandemic, starting from 11.03.2020 the date on which WHO has declared and characterized COVID-19 as pandemic till 31.12.2021, shall be entitled to benefits under this scheme.
  • Child should not have completed 18 years of age on the date of death of parents.
  • Should be a Resident Indian.
  • Should have secured admission to a higher education course in recognized institutions in India through Entrance Test/ Merit Based Selection process after completion of HSC (10 plus 2 or equivalent). However, for admission to some of the post graduate courses where admission is based on the work experience only, then criteria of selection based on entrance test or selection purely based on marks obtained in last qualifying examination shall not be applicable.

Purpose

  • The child will be assisted in obtaining education loan for Professional course/Higher Education in India
  • Fee payable to college/ school/ hostel
  • Examination/ Library/ Laboratory fee.
  • Insurance premium for student borrower, if applicable.
  • Caution deposit, Building fund/refundable deposit supported by Institution bills/receipts.
  • Purchase of books/ equipments/ instruments/ uniforms.
  • Purchase of computer at reasonable cost, if required for completion of the course.
  • Any other expense required to complete the course – like study tours, project work, thesis, etc.

Quantum Of Finance

Need Based Finance to meet the expenses be considered

Margin

  • Up to Rs. 4 lac – NIL
  • Above Rs. 4 lac – 5%
  • Scholarship/ assistantship may be considered in margin.
  • Margin may be brought-in on year-to-year basis as and when disbursements are made on a pro-rata basis.

Security

Maximum upto 15 years

Repayment (Maximum)

Course period + 1 year

Repayment Holiday/ Moratorium

NIL

Rate Of Interest

Parameter

Floating ROI

Fixed ROI

For Loan upto 10 years

For Loan above 10 years

Loan upto Rs.7.50 Lakh (covered under CGFSEL Scheme)

RLLR + BSP + 0.25% (Presently 9.50%)

10.50%

11.00%

Loans irrespective of amount (where 100% tangible collateral security in the shape of IP, enforceable under SARFAESI Act, and/or liquid security is available)

RLLR + BSP + 0.25% (Presently 9.50%)

10.50%

11.00%

Loan above Rs.7.50 Lakh (Where ZM has waived the 100% security criteria as per vested loaning power)

RLLR + BSP + 0.75% (Presently 10.00%)

11.00%

11.50%