PNB Kaushal Education Loan

Objective

The Education Loan Scheme PNB KAUSHAL aims at providing financial support from the banking system to individuals who intend to take up vocational training or skill development courses. The scheme covers a wide range of programs, including technical and non-technical courses, with the objective of empowering the youth with the necessary skills to improve their employability and contribute to economic growth.

The objective of the Skill Loan Scheme is to facilitate easy and affordable access to financial assistance for individuals seeking to enhance their skills through vocational training and skill development courses.

Purpose

  • Tuition/ course fee.
  • Examination/ Library/ Laboratory fee.
  • Caution deposit.
  • Purchase of books, equipments and instruments.
  • Any other reasonable expenditure found necessary for completion of the course.

Eligibility

  • Should be an Indian national.
  • Student who secured admission/who meets the eligibility criterial with minimum qualifications to undergo skill training for the National Skill Qualification Framework (NSQF) aligned courses and or the Non-NSQF aligned courses by the training entities on boarded on the MSDE`s Skill India Digital Hub (SIDH) platform, is eligible for a Skilling Loan and who has executed the loan documents with the lending institutions to avail the loan.

Quantum Of Finance

  • Need Based finance to meet expenses on course subject to the following ceilings:
    • Minimum: Rs. 5000/-
    • Maximum: Rs. 7,50,000/-

Margin

  • Up to Rs. 4 Lakh – NIL
  • Above Rs. 4 Lakh – 5%

(Scholarship/ assistantship be included in margin.) Margin may be brought-in on year-to-year basis as and when disbursements are made on a pro-rata basis.

Security

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

Repayment (Maximum)

  • Loan upto Rs. 50,000 — Upto 3 years
  • Loan between Rs. 50,000 to Rs. 1.0 lakh — Upto 5 years
  • Loan above Rs. 1.0 lakh to Rs. 7.50 lakh — Upto 7 years

Repayment Holiday/ Moratorium

  • For courses of duration upto 1 year – 6 months from the completion of the course.
  • For courses of duration above 1 year – 12 months from the completion of the courses.

Prepayment Charges

  • NIL