Your Path to Higher Education with Punjab & Sind Bank’s PSB Veer Siksha -Education
Loan
Education is the most important aspect of an individual's life, as it forms the foundation of
their career and future. A high-quality education is a priority for many families. Punjab & Sind
Bank’s PSB Veer Siksha Education Loan provides financial assistance to students who wish
to
pursue higher education in India or abroad. This scheme is exclusively designed for customers
maintaining their Gaurav Bachat Salary and Pension Accounts having respective salary and pension
credits with Punjab & Sind Bank.
This loan is flexible, affordable, and allows students to fulfill their academic
dreams without the burden of financial constraints.
Understanding the Education Loan Process
The PSB Veer Siksha Education Loan supports students in continuing their education, whether
through domestic or international programs. Below are the key categories of courses that qualify
for this loan:
Studies in India
- Graduate/postgraduate degrees and PG diplomas conducted by recognized
colleges/universities approved by UGC, AICTE, AIBMS, ICMR etc.
- Professional courses such as ICWA, CA, CFA, etc. .
- Courses offered by premier institutions, including IIMs, IITs, IISc, XLRI, NIFT, NID,
and more
- Regular degree or diploma programs in specialized fields such as Aeronautical
Engineering, Aircraft Maintenance Engineering, Pilot Training, Shipping, and
Nursing,
provided they are approved by regulatory bodies like theDirector General of
Civil
Aviation, Director General of Shipping, or the Indian Nursing Council
- Approved courses offered by reputed foreign universities operating in India
Studies Abroad
- Graduate courses focusing on job-oriented professional or technical disciplines
offered by reputed universities.
- Postgraduate programs such as MCA, MBA, MS, and others.
- Specialized international certifications like CIMA (London), CPA (USA), and
more.
- Degree/diploma courses in fields such as Aeronautical Engineering,
Pilot Training, and Shipping, recognized by competent regulatory bodies for
employment
in India or abroad.
Skill Development Loans
To encourage skill development, Punjab & Sind Bank offers loans for skill-based
training
programs. Loan amounts range between ₹5,000 and ₹1,50,000, ensuring
accessibility to courses
that enhance employability.
Key Features of the Education Loan Process
Quantum of Finance
The PSB Veer Siksha Education Loan is designed to meet students’ specific
financial needs. The
loan amount is need-based, covering tuition fees, living expenses, and other
educational costs.
Margin
A significant benefit of this loan is that students and their families are not required
to contribute upfront funds, making the process stress-free and accessible.
Security
Co-obligation of parent(s)/guardian as co-borrower(s) along with assignment of future income of
the student for payment of instalments.
No collateral or security is required for this loan, making it an ideal option
for families without significant assets.
Repayment Terms
The loan repayment structure is designed to ease financial stress on students and their families:
- Moratorium Period: Course duration + 1 year
- Repayment Period: Up to 15 years after the
moratorium, allowing for manageable monthly installments
PSB Veer Siksha Loan Benefits
The PSB Veer Siksha Education Loan offers several advantages:
- No Processing Charges: Students and their families are not burdened
with additional costs during the application process.
- No Inspection Charges: The bank waives all inspection fees, ensuring a
transparent and affordable process.
- Credit Protect Insurance: An optional credit protection insurance
feature safeguards borrowers against unforeseen circumstances, providing peace of mind
to students and their families
What is Credit Protect Insurance?
Here, the student borrower shall be covered with Life Insurance policy to the extent of loan
amount.
It acts as a safety net that ensures the loan is repaid even in tough times, preventing education
from being interrupted due to financial hardships. By opting for Credit Protect
Insurance, you
can focus on your studies with confidence, knowing that your repayment is secure.
Why Choose Punjab & Sind Bank for Education Loans?
Punjab & Sind Bank is a trusted name in the financial sector, offering solutions
tailored to
students' needs. Here’s why thePSB Veer Siksha Education Loan is a great
choice:
- A trusted institution with decades of banking and financial expertise
- Customer-centric policies with zero hidden charges
- Flexible repayment Options design to support students's carrer growth
How to Apply for the PSB Veer Siksha Education Loan?
Applying for the PSB Veer Siksha Education Loan is a simple and
hassle-free process:
Visit the nearest Punjab & Sind Bank branch or access their official
website or apply online through Vidya Lakshmi Portal :
https://www.vidyalakshmi.co.in/students/
Collect and complete the loan application form.
Submit the required documents, including proof of admission, a detailed course cost
breakdown, and identity proof.
Wait for approval and loan disbursement
Additional Education Loan Schemes by Punjab & Sind Bank
Apart from the PSB Veer Siksha Education Loan, Punjab & Sind Bank provides
various education loan schemes to support different academic needs:
1. PSB Excellence in Education Loan for Premier Institutions
This loan is tailored for students admitted to prestigious institutions, including IIMs
and other AA- and A-rated
institutes.
- Loan Amount: Need-based
- Margin:None
- Collateral Security: Not required
- Co-borrower:Parents or guardians
- Moratorium :Course period + 1 year
- Repayment Period: Up to 15 years (excluding moratorium)
2. PSB Skill Education Loan
This scheme supports individuals pursuing skill development
courses.
- Loan Amount: ₹5,000 to ₹1,50,000
- Eligible Courses:Programs offered by ITIs, polytechnics, schools
recognized by central or state education boards, or training partners affiliated with
NSDC and Sector Skill Councils.
- Collateral Security: Not required
- Co-borrower Requirement: Parents must execute the loan documents as
joint borrowers
These schemes highlight Punjab & Sind Bank’s commitment to helping students
achieve their educational goals without financial worries
Simplify Your Education Loan Process Today
The PSB Veer Siksha Education Loan is designed to empower
students by offering:
- Comprehensive financial coverage
- Zero-margin requirements
- Flexible repayment terms
Whether you dream of studying in India or abroad, this loan is your gateway to a
brighter future.
Take the first step towards unlocking new opportunities with Punjab & Sind Bank—your
trusted
partner in education financing.
For more details, visit Punjab & Sind Bank’s official website or contact your nearest
branch today!
FAQs
Q: What is the PSB Veer Siksha Education Loan?
A:It is a financial aid program by Punjab & Sind Bank, designed to support
students pursuing higher education in India or abroad. The loan covers tuition
fees, accommodation, and other education-related expenses.
Q: What courses are eligible for this loan?
A:Eligible courses include graduate and postgraduate degrees, PG diplomas,
professional courses like CA and CFA, skill development programs, and courses
at IITs and IIMs.
Q:Is collateral required for this loan?
A:No, this loan does not require collateral or security, making it accessible for all eligible
students
Q: What is Credit Protect Insurance? Is it mandatory?
A: It is an optional insurance plan that ensures loan repayment in case of unforeseen
circumstances like accidents or illnesses.
Q: What is the repayment period?
A: Up to 15 years, excluding the moratorium period (course duration + 1 year).
Q: Are there any processing or inspection charges?
A:No, the bank does not charge any processing or inspection fees.
Q:. How can I apply?
A:Apply online via the Punjab & Sind Bank website or visit your nearest branch or Apply.
