PSB Bank Education loan from Download

PSB Bank Education loan

This document is the 6-page Punjab & Sind Bank (PSB) Education Loan Application Form (Edu_Appl_f… pp. 1, 6). It details the rules, data requirements, and legally binding terms for students seeking financial assistance for their studies (Edu_Appl_f… pp. 1-2).

👥 Key Parties Involved

Student (Applicant): Must supply comprehensive demographic data, academic qualifications with percentage marks, and a valid PAN/Aadhaar number (Edu_Appl_f… p. 1).
Parent/Husband: Acts as a primary co-applicant or guarantor, disclosing separate income, occupation, and financial history (Edu_Appl_f… p. 1).
Co-obligant/Guarantor: Evaluated individually alongside the student for collateral or credit backup (Edu_Appl_f… pp. 1-2).

🎓 Academic & Cost Tracking

Course Particulars: Tracks whether admission is secured via the Merit Quota or Management Quota, noting institution names, duration, and exact start/end dates (Edu_Appl_f… p. 2).
Yearly Expense Breakdown: Requires a granular year-by-year estimate (up to 5 years) factoring in tuition fees, exam fees, books/stationery, equipment/computer costs, hostel expenses, and travel costs (Edu_Appl_f… p. 2).
Margin & Loan Calculation: Explicitly separates funding from scholarships/personal sources from the total loan amount requested (Edu_Appl_f… p. 2).

📋 Mandatory Documents Checklist

Mark sheet of the last qualifying examination (Edu_Appl_f… p. 2).
Official proof of course admission and institutional expense schedule (Edu_Appl_f… p. 2).
2 passport-size photographs of each party involved (Edu_Appl_f… p. 2).
Latest salary certificates, Form 16 (for salaried persons), or IT Returns (Edu_Appl_f… p. 2).
Asset and liabilities declaration conforming to the bank’s Form No. 187 (Edu_Appl_f… p. 2).
PAN/Aadhaar missing? A formal undertaking letter must be appended (Edu_Appl_f… p. 2).

⚠️ Security & Binding Conditions

Collateral Requirement: Specific details of physical securities are mandatory for loans exceeding ₹4.00 lakhs (Edu_Appl_f… p. 2).
Direct Disbursements: The bank holds explicit authorization to transfer fees directly to the educational institution (Edu_Appl_f… p. 3).
Milestone-Based Funding: Original receipts must be shown sequentially. The bank will stall subsequent payouts until original receipts from previous tranches are verified (Edu_Appl_f… p. 3).
Lien & Right to Set-Off: The bank holds a legal right to adjust outstanding loan dues using funds from any other saving or deposit accounts you keep with them (Edu_Appl_f… p. 4).
Property & Life Insurance: Mortgaged properties or relevant life policies must stay fully insured at the customer’s expense throughout the loan tenure (Edu_Appl_f… p. 4).