PUNJAB AND SINDH BANK EDUCATION LOAN FOR PILOT TRAINING

Eligibility Criteria

Student should be an Indian National
Secured admission to professional / technical courses in India or abroad through entrance Test / Merit Based Selection process.

Quantum of Finance

Need based finance subject to repaying capacity of the parents/students with margin and the following ceilings.

Studies in India - Maximum Rs. 7.50 lacs
Studies abroad - Maximum Rs. 15.00 lacs.

MARGIN

Upto Rs. 4.00 lac : NIL
Above Rs. 4.00 lac : Studies in India : 5%
Studies Abroad : 15%

SECURITY

Upto Rs. 4.00 lac : No Security

Above Rs. 4.00 lac & : Collateral in the form of a suitable third party

Upto Rs. 7.5 lac guarantee. The Bank may, at its discretion waive third party guarantee if satisfied with the net worth/means of parent who would be executing the documents as “joint borrower.”

Above Rs. 7.5 lac Collateral security of suitable value or suitable third party guarantee alongwith the assignment of future income of the student for payment of installments.

RATE OF INTEREST

Please click on For rate of interest

(a)The concession of 1% additional interest on account of service shall be governed by HO PS Circulatory letter No.67/2004 dt 15.12.2004 as already laid down under the scheme.

(b)Further, an additional benefit of 0.50% will be applicable to those borrowers (including staff) who offer additional collateral covering 100% of the loan amount.

Simple interest to be charged during the Repayment holiday/moratorium period Penal interest @ 2% be charged for above Rs. 4.00 lacs for the overdue amount and overdue period.

REPAYMENT

Repayment holiday/Moratorium : Course period + 1 year or 6 months after getting job, whichever is earlier

The loan to be repaid in 5-7 years after commencement of repayment. If the student is not able to complete the course within the scheduled time , extension of time for completion of course may be permitted for a maximum period of 2 years. If the student is not able to complete the course for reasons beyond his control, sanctioning authority may at his discretion consider such extension as may be deemed necessary to complete the course.


Contact Us

Website :

http://www.pilottraininginasia.com

http://www.pilottraininginasia.com/psb

http://www.pilotsjobinasia.in

http://www.pilotsjobinasia.in/psb

http://www.pilottraininginasia.in

http://www.pilottraininginasia.in/psb

Email : psb@pilottraininginasia.in