Public sector bank
Punjab & Sind Bank
PSB Education Loan
Smaller public-sector ticket sizes under the IBA model.
Check PSB eligibilityIBA model terms. The live card rate has to be confirmed with the bank.
What to know
- Useful when the family’s existing account is with the bank.
- Unsecured up to ₹7.5 lakh, secured above that.
- The rate is the bank’s repo-linked card, not a national floor.
Terms
- Interest
- Repo-linked
- Maximum
- Need-based. Premier lists go higher than the standard IBA caps.
- Without collateral
- ₹7.5 lakh on the standard scheme
- Tenure
- Up to 15 years after the moratorium
- Processing fee
- Often nil for studies in India. Abroad files may carry a fee.
- Margin
- Nil up to ₹4 lakh. Above that, usually 5% for studies in India and 15% for studies abroad.
- Moratorium
- Course period plus up to 12 months
- Girl student
- Many public-sector schemes give girl students 0.50%. Confirm it is written on the sanction.
- Typical speed
- About 2–4 weeks
- Covers
- India and abroad
Eligibility
- Indian national, or an OCI where the lender allows it, with an admission offer.
- A co-applicant, usually a parent or guardian.
- Acceptable credit on the co-applicant for anything above the unsecured cap.
Documents
- Admission letter or college allotment, plus the fee structure.
- KYC for the student and co-applicant: PAN, Aadhaar, and passport-size photographs.
- Academic records: Class 10, Class 12, and degree marksheets.
- Co-applicant income proof: salary slips or ITR, and six months of bank statements.
- Collateral papers only when the loan is above the unsecured limit.
The bank or NBFC sanctions the loan. This page is a briefing so you can compare, not an offer.