Punjab National Bank education loan scheme: Know purpose, eligibility, quantum of finance, other details regarding PNB Kaushal

Do you want to pursue vocational education and training? If yes and you do not have sufficient money for the same then you can opt for education loan scheme.

Punjab National Bank (PNB) offers education loan scheme called 'PNB Kaushal' which aims at providing financial support for pursuing skill development courses.

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The Bank took to its twitter handle to inform about the same.

युवा तराश रहे हैं अपना हुनर, पीएनबी कौशल योजना के साथ।

आएं विश्व युवा कौशल दिवस पर कौशल भारत की ओर कदम बढ़ाएं। अधिक जानकारी के लिए क्लिक करें: https://t.co/rG8dHPaGx6#worldyouthskillsday #PNBkaushalYojana pic.twitter.com/VyX1ROX7kW

— Punjab National Bank (@pnbindia) July 15, 2021

If you are planning to avail the loan here are some key points you need to know:

Purpose: The loan amount can be used to pay tuition/ course fee; examination/ library/ laboratory fee; caution deposit; purchase of books, equipments and instruments; and any other reasonable expenditure found necessary for completion of the course.

Eligibility: The person applying for the loan should be an Indian national. Student should have secured admission in a course run by Industrial Training Institutes (ITIs), Polytechnics or in a school recognized by central or State education Boards or in a college affiliated to recognized university, training partners affiliated to National Skill Development Corporation (NSDC)/Sector Skill Councils, State Skill Mission, State Skill Corporation, preferably leading to a certificate /diploma / degree issued by such organization as per National Skill Qualification Framework (NSQF).

Quantum of Finance: Need Based finance to meet expenses on course subject to the following ceilings: Minimum R 5000; Maximum Rs 1,50,000.

Margin: There is no margin fixed by the bank.

Security: Parent(s)/guardian as joint borrower. No collateral or third party guarantee is required.

Repayment (Maximum): For loans upto Rs 50,000 - upto 3 years; for loans between Rs 50,000 to Rs 1 lakh - upto 5 years; for loans above Rs 1 lakh - upto 7 years.

Repayment Holiday/ Moratorium: For courses of duration upto 1 year - 6 months from the completion of the course. While, for courses of duration above 1 year it is 12 months from the completion of the courses.

For more details you can visit the official website of Punjab National Bank or click on the link- https://www.pnbindia.in/pnbkaushal.html.