Purpose
The Digi Educational Loan aims at providing seamless, collateral free, paperless education loan to meritorious students for pursuing higher education in approved premier institutes in India. The main emphasis is that a meritorious student, is provided with an opportunity to pursue education at affordable terms and conditions.
Eligibility
- Should be a Resident Indian/NRI/PIO.
- Study in India. All the Graduation/ Post Graduation degree and diploma courses offered by 1055 QHEIs in India through merit channel are eligible.
Mode of Finance
- Digital Assisted Journey through WEB (till opening of account)
- Digital End to End Journey through TAB (till disbursement)
- Quantum of Finance need based – Need Based amount to meet those expenses which are eligible for finance be considered maximum up to Collateral free loans with nil margin for AAA & AA Institutes.
- For A rated Institutes:
- Upto Rs. 4 Lakh- Nil Margin
- Loan amount above Rs. 4 Lakhs- 5%
Features
- The digital end to end journey through TAB & WEB for Education Loan under “PNB Vidyalaxmi Scheme” is available for Existing to Bank/New to Bank customers.
- Collateral free loans
Margin
- For institutes under AAA and AA Category: NIL
- For other Institutes:
- Up to Rs. 4 Lakh – NIL
- Above Rs. 4 Lakh – 5%
- Repayment period/tenure – Maximum repayment of the loan will be in equated monthly installments (EMIs) for a period of 15 years.
- Moratorium period – Course period + 1 year.
ROI
- Processing/Documentation Charges – NIL
- ROI starting with 6.85%
Document Checklist for Applicant/Co-applicants
- PM VIDYALAXMI PORTAL ID
- Marksheet of all previous attained qualification
- Schedule of Expenses of Course as given by the Institution
- Experience Certificate (if any)
- Proof of Admission to the Course
- PAN and Aadhar Card of all the applicants.