| Scheme Name | PNB PM CARES Education Loan Scheme |
| Objective | To provide education support to children who lost their parents/guardians due to the COVID-19 pandemic and help them pursue higher education in India |
| Eligible Beneficiaries | Children who lost both parents, surviving parent, legal guardian, adoptive parents or single adoptive parent due to COVID-19 |
| COVID Period | Death due to COVID-19 from 11 March 2020 to 31 December 2021 |
| Age Condition | Child should not have completed 18 years of age on the date of death of the parents |
| Nationality | Resident Indian |
| Admission Requirement | Admission to a higher education course in a recognised institution in India through Entrance Test / Merit-Based Selection after HSC (10+2) or equivalent |
| PG Course Exception | For certain PG courses where admission is based only on work experience, the entrance-test/marks-based selection condition may not apply |
| Purpose | Professional course / higher education in India |
| Eligible Expenses | College, school and hostel fees |
| Examination Expenses | Examination, library and laboratory fees |
| Insurance | Insurance premium for student borrower, if applicable |
| Deposits | Caution deposit, building fund and refundable deposit supported by institution bills/receipts |
| Books & Equipment | Books, equipment, instruments and uniforms |
| Computer | Computer purchase at reasonable cost, if required for completion of the course |
| Other Expenses | Study tours, project work, thesis and other expenses required to complete the course |
| Quantum of Finance | Need-based finance to meet eligible educational expenses |
| Margin – Up to ₹4 lakh | Nil |
| Margin – Above ₹4 lakh | 5% |
| Scholarship / Assistantship | May be considered as part of the margin |
| Margin Contribution | May be brought in year-to-year along with disbursements on a pro-rata basis |
| Security | The PNB page does not specify a separate collateral-security requirement in the scheme’s published features |
| Maximum Repayment Period | Up to 15 years |
| Moratorium | Course period + 1 year |
| Prepayment Charges | As per PNB’s prevailing applicable education-loan rules |
| Rate of Interest | Current PNB rate table shows 8.35% p.a. starting rate for PM CARES Education Loan for loans up to ₹7.50 lakh covered under CGFSEL; applicable rate depends on the security/loan structure. |
| Processing / Upfront Fee | As per PNB’s prevailing applicable charges |
| Documentation Charges | As per PNB’s prevailing applicable charges |
| Scheme Period | Eligible children were enrolled from 29 May 2021 to 31 December 2021; PNB states the scheme is expected to continue until every identified beneficiary reaches 23 years of age |
| Key Benefit | Special education-loan support for eligible PM CARES for Children beneficiaries |
| Last Updated on PNB Page | 05 February 2025 |
