Punjab and Sind Bank Education Loan

Compare PSB Education Loan Schemes for Students

PSB Education Loan Scheme

1. Rate of Interest: 10.30% p.a. and above.
2. Processing Fee: No processing fee is charged for availing an education loan through PSB. However, you will be required to deposit an amount of Rs.2,000 in the savings account which can be withdrawn after the loan is availed. This amount is forfeited as the processing fee in case the loan is not availed.

Collateral

• Up to Rs.4 lakh: No requirement for collateral. However, the parents of the applicant have to be joint borrowers.
• More than Rs.4 lakh and up to Rs.7.5 lakh: The parents of the applicant have to be joint borrowers. In addition to that, a suitable third-party guarantee has to be provided. However, if the loan is eligible for Credit Guarantee Fund Scheme for Education Loan (CGFSEL), the third-party guarantee will be waived.
• More than Rs.7.5 lakh: The parents of the applicant have to be joint borrowers.

1. Loan Repayment Tenure: Up to 15 years.
2. Eligibility: Indian Nationals

PSB Excellence Education Loan Scheme

1. Rate of Interest: 8.75% p.a. to 9.00% p.a.
2. Processing Fee: No processing fee is charged for availing an education loan through PSB. However, you will be required to deposit an amount of Rs.2,000 in the savings account which can be withdrawn after the loan is availed. This amount is forfeited as the processing fee in case the loan is not availed.
3. Collateral: The parents of the applicant have to be joint borrowers. No requirement for collateral.
4. Loan Repayment Tenure: Up to 10 years.
5. Eligibility: Indian Nationals

PSB Skill Education Loan Scheme

1. Rate of Interest: 9.95%p.a.
2. Processing Fee: No processing fee is charged for availing an education loan through PSB. However, you will be required to deposit an amount of Rs.2,000 in the savings account which can be withdrawn after the loan is availed. This amount is forfeited as the processing fee in case the loan is not availed.
3. Collateral: The parents of the applicant have to be joint borrowers. No requirement for collateral security.
4. Loan Repayment Tenure: Up to 7 years.
5. Eligibility: Indian Nationals

PSB Model Education Loan Scheme 

1. Rate of Interest: 10.45% p.a.

1. Processing Fee: No processing fee is charged for availing an education loan through PSB. 
2. Collateral: No collateral needed for loan amount of up to Rs.4 lakh. However, for loan amount between Rs.4 lakh and Rs.7.5 lakh, the parents of the applicant have to be joint borrowers, and a third-party guarantee or other form must be provided as collateral security. For loan amounts above Rs.7.5 lakh, along with the assignment of the student's future income for installment payment, the bank must take tangible collateral security of a value it deems acceptable. The parents of the applicant must be joint borrowers as well. 
3. Loan Repayment Tenure: Up to 15 years. 
4. Eligibility: Indian Nationals 

PSB Education Loan EMI Calculator

You can easily figure out how much Equated Monthly Instalment (EMI) you'll have to pay if you apply for a PSB Education Loan under one of the programs as a borrower. The BankBazaar Education Loan EMI Calculator will display the exact values based on the data you enter.

Simply adjust the loan amount and repayment time on the slider, then enter the interest rate in the calculator's space. Once all of your information has been input, click the "Calculate" button to get the EMI amount and any other important loan details. 

Here's an example to illustrate this better:

If you want to avail an education loan of Rs.10 lakh under the PSB Education Loan scheme, for a tenure of 15 years, and at an interest rate of 9.30% p.a., the amortisation table for your loan can be furnished as follows:

Loan Amount: Rs.10 lakh

Interest payable: Rs.8,57,942 

Total amount payable: Rs.18,57,942 

How to Apply for PSB Education Loan

To apply for an education loan through the Punjab and Sind Bank, you can follow the steps mentioned below:

Offline:

Step 1: Visit the nearest PSB branch office along with the required documents.

Step 2: Fill up the necessary forms and submit and verify the documents.

Alternatively, you can also call the PSB toll free number 1800 419 8300 and place your query for the loan.

Online

Step 1: Visit the official website of the bank and log in to the portal using the 'Internet Banking Login' button in the top-right corner of the screen.

Step 2: Navigate to the desired loan product and follow the on-screen instructions.

PSB Education Loan: Documents Required and Application Process

In general, you will be required to provide the following documents to avail an education loan.

What Makes You Eligible for an Educational Loan?

1. Application form
2. Passport-sized photographs
3. Proof of identity such as passport, voters' ID card, PAN card, etc.
4. Proof of address such as Aadhaar card, driving licence, passport, etc.
5. Proof of admission of the applicant
6. Academic records

The documents mentioned above are indicative. You might be required to provide other documents as well as per the requirement of the bank.

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