PNB Reduces Interest Rates On Education Loan By 20 bps Under Vidyalaxmi Scheme
Enhancing affordability of higher education at 860 premier Indian institutions
Punjab National Bank (PNB), India’s leading public sector bank, has announced a 20 basis points (bps) reduction in interest rates on education loans offered under the Vidyalaxmi Scheme. This move underscores the bank’s commitment to making quality higher education more affordable and accessible.
The Vidyalaxmi Scheme provides comprehensive financial support to meritorious students pursuing higher education in 860 Quality Higher Education Institutions (QHEIs) across India. These institutions have been categorized by the bank into the following groups:
| Group Name | Category | No. of Institutions |
|---|
| I | AAA | 85 |
| II | AA | 152 |
| III | A | 623 |
Key Features of the PNB Vidyalaxmi Scheme:
Eligibility: Indian Nationals including NRIs and OCIs pursuing Graduation/Post-Graduation degrees or diploma courses in QHEIs.
Quantum of Finance: Need-based, as per student requirement.
Margin:
AAA & AA Institutes – NIL
Other Institutes – NIL for loans up to ₹4 lakh; 5% margin for loans above ₹4 lakh.
Revised Interest Rate: Now institute-specific, starting from 7.50%.
Security: No collateral required; parents/guardians act as joint borrowers.
Subsidy Benefits:
Annual Family Income Technical/Professional Courses Other Courses
Up to ₹4.5 lakh 100% interest subvention (PM-USP CSIS) 3% interest subvention (PM-Vidyalaxmi)
₹4.5 lakh – ₹8.00 lakh 3% interest subvention (PM-Vidyalaxmi) 3% interest subvention (PM-Vidyalaxmi)
PNB encourages all eligible students to explore the benefits of this scheme and secure funding for their educational aspirations. Detailed information is available at PNB branches, on the PNB One App, or online at www.pnbindia.in.
