| Scheme Name | PNB Saraswati Education Loan |
| Objective | To provide financial support to meritorious students for pursuing higher education in India |
| Eligible Applicant | Resident Indian |
| Admission Requirement | Admission to a higher education course through Entrance Test / Merit-Based Selection after HSC (10+2) or equivalent |
| Management Quota | Cases under Management Quota may be considered on merit basis |
| Eligible Courses | Graduate, Post-Graduate degree and PG Diploma courses from recognised institutions |
| Professional Courses | ICWA, CA, CFA and similar approved courses |
| Premier Institutions | Courses conducted by IIMs, IITs, IISc, XLRI, NIFT, NID, etc. |
| Other Eligible Courses | Aeronautical, pilot training, shipping, nursing and other courses approved by the relevant regulatory authority |
| Foreign University Courses | Approved courses offered in India by reputed foreign universities |
| Government Subsidy Courses | Courses covered under various Government Subsidy Schemes |
| Loan Amount | Need-based finance, subject to applicable margin and repayment capacity |
| Reimbursement | Fees paid within the preceding 6 months may be reimbursed on individual merits |
| 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 on a pro-rata basis along with disbursements |
| Security – Up to ₹7.50 lakh | No tangible security or third-party guarantee required |
| Security – Up to ₹7.50 lakh | Parent(s)/guardian(s) to be made joint borrower(s) |
| Security – Above ₹7.50 lakh | Parent(s)/guardian(s) as joint borrower(s) plus tangible collateral security of suitable value acceptable to PNB |
| Eligible Expenses | College/school/hostel fees, examination, library and laboratory fees |
| Other Expenses | Insurance premium, caution deposit, building/refundable deposit supported by institution receipts |
| Books & Equipment | Books, equipment, instruments and uniforms |
| Computer | Computer purchase at reasonable cost, if required for completion of the course |
| Other Course Expenses | Study tours, project work, thesis and other expenses required to complete the course |
| Maximum Repayment Period | Up to 15 years |
| Moratorium | Course period + 1 year |
| Prepayment Charges | Nil |
| Interest Rate | As per PNB’s applicable PNB Saraswati education-loan interest-rate structure |
| Processing / Upfront Fee | As per PNB’s applicable charges |
| Documentation Charges | As per PNB’s applicable charges |
| Interest During Moratorium | Simple interest at monthly rests is charged during the repayment holiday; after repayment begins, interest is compounded monthly. |
| Default / Penal Interest | For loans up to ₹25,000, no penalty; in case of default, penal interest of 2% is charged on the outstanding amount. |
| Application | Education-loan application is submitted online through the Vidya Lakshmi Portal. |
| Key Benefit | Education finance with nil margin up to ₹4 lakh and no collateral/third-party guarantee up to ₹7.50 lakh |
| Last Updated | 18 February 2025 |
