Did you know that nearly 1.1 million international students chose to study in the United States last year, making it the top destination for global education?
The allure of opportunities and a better life drive countless students to pursue their academic dreams in the USA. However, the financial commitment can be a bit of a challenge. That’s where student loans for studying abroad come into play, offering a lifeline to aspiring scholars.
In this article, we’ll delve into the key features of student loans offered by Punjab National Bank, from loan amounts to interest rates and eligibility criteria. Curious about how these student loans for studying abroad can help you unlock the doors to a prestigious U.S. education?
Keep reading to explore the details and take the first step toward making your academic ambitions a reality.
Key Features of Student Loans for Studying Abroad in the USA
Here are the Key Features of Study Abroad Loans offered by Punjab National Bank for aspiring international students:
| Income Accepted | For Secured Loans, only Property is considered, and all income groups are welcome |
| Loan Amount | Offers secured loans up to 1.5 Cr
|
| Rate of Interest | The bank offers secured loans at 10.50%
The bank offers secured loans from the Top 50 World universities at 9.25% |
| Concessions | 0.5% concession for girl child
1% concession if interest is served during Moratorium Period
|
| Loan Margin | 15% margin on loans up to 1.5 Cr |
| Study Level and Courses | The loan is offered for all courses on different levels like Pathway, Foundation, and integrated courses as well as Bachelors, Masters, UG, and PG diplomas along with Certificate courses |
| Loan Repayment Tenure | 15 years |
| Sponsors | Students can have Parents, Grandparents, Immediate Family, Family friends as sponsors |
| Simple Interest | Serving simple interest is optional |
| Moratorium Period | The Moratorium Period for the loan is 12 months after the course duration |
These are the features of the loans offered by the bank for students aspiring to study in the USA. Now it’s time to look at the conditions students should meet to get a Punjab National Bank Abroad Education loan.
Eligibility Criteria for Student Loans to Study in USA
To be eligible for a loan from the bank for studying abroad, the student/applicant must be a resident Indian and should have secured admission to a higher education course in a recognized institution abroad through entrance tests or a merit-based selection process after completing their secondary education (10+2 or equivalent).
These are the criteria students need to meet to get the loan. We will look at how students can apply for this loan as an international student.
How to Apply for Student Loans for Studying Abroad in the USA
Here is how students can apply for their study abroad loan in a few simple steps:
Step 1: Visit the bank or visit the bank’s official website.
Step 2: Find the eligibility criteria and documents required for the loan.
Step 3: Gather documents for the loan.
Step 4: Apply for the loan with the necessary documents at hand.
In summary, Punjab National Bank’s student loans offer a robust financial support system for those aspiring to study in the USA. With features like secured loans up to 1.5 crore, competitive interest rates, and the flexibility to include a wide range of courses, these loans are well-suited to meet the needs of international students.
Beyond the basics, understanding the nuances of loan concessions is important to find the lowest interest rate for education loans abroad is crucial. Additionally, seeking guidance from overseas education experts can provide personalized advice, helping you navigate the loan process with confidence and clarity, and ensuring that your journey toward an international education is smooth and successful.
