Banks with which LPU has Tie-Ups and/ signed MOUs
Click on the Bank Name below to view the Guidelines for obtaining Educational Loan from that bank:

• CENTRAL BANK OF INDIA

  Criteria	Guidelines
  Eligibility	All courses offered by Lovely Professional University, Phagwara
  Amount of Loan	Need based (subject  to maximum of  `10.00 lacs)
  Margin	(For studies in India) Upto `4.00 lacs – NIL Above `4.00 lacs – 5%
  Interest as per Type of borrower	Type of Borrower Normal Male BPLR -2 ie 10% Female BPLR -2.50 ie 9.50% Special Concession to SC/ST/Minority Community BPLR -2.50% ie 9.50%
  Incentive	1% interest concession, if interest is serviced during study period when repayment holiday is specified for interest/repayment. IT will be given at the end of the financial year, i.e. 31st March. Interest is calculated at simple basis during Repayment Holiday/Moratorium Period
  Repayment	Repayment to commence 12 months after completion of studies or 6 months after securing job whichever is earlier. Maximum repayment period allowed -5 to 7 years. The accrued interest during the repayment holiday period shall be added to the principal and repayment in Equated Monthly Installments (EMI) shall be fixed.
  Security	Upto `4.00 lacs – co- obligation of parents/ guardians/parent in law/spouse Above `4.00 lacs – collaterals in the form of an acceptable third party Guarantee in addition to co-obligation of parents/guardian/parent in law/spouse.
  Disbursement	The loan shall be disbursed in stages as per the requirement / demand directly to the institution
  Other terms & conditions	All other terms & conditions shall be as per Bank's "Cent Vidyarthi" scheme.

• HDFC BANK

  Institute Name	Lovely Professional University
  Loan Amount	Maximum of `15 lacs
  Margin	NIL upto `4 lacs 5% for loans above `4 lacs
  Security	Collateral to be taken if loan amount is exceeding `7.5 Lacs i.e. Property or FD Students not meeting the HDFC Bank credit criteria may also be required to furnish additional security as acceptable to HDFC Bank.
  Interest	A special rate 13% p.a.
  Moratorium	The course period during which co-applicant will service simple interest only (for Management courses only) Repayment to start immediately for Tier -3/ part time courses.
  Repayment period	The borrower will have the choice of repayment in 12,24 or 36 Equal Monthly Installments after Moratorium The loan tenor will be based on the employment of the co-applicant and at the sole discretion of HDFC Bank.
  EMI /Lac/Month	12 Months 24 Months 36 Months `8932/- `4754/- `3369/-
  Processing Charges	NIL
  Co-borrower	Mandatory – Parent/Blood Relations / Spouse and the income documents of the co-applicant will be of primary consideration and must meet the required HDFC bank policy
  List of Documents required: From the Student: Completely Filled Application Form One self-attested photograph, attested across the photo and the application Form Confirmed Admission Letter Fee structure from the LPU Mark sheets of 10th /12th/ graduation / latest qualification acquired. KYC Document Proof Identity Proof Signature Verification Proof From Co applicants (If salaried): Application Form – Completely filled. One photograph signed across half on photo and balance half on the form. Salary slips for last 3 month Bank Statement for last 6 months, if HDFC Bank A/c holder, not required. KYC Document Address Proof Identity Proof Signature Verification Proof From Co applicant ( If self Employed)  ITR for last three years, CA certified. Balance Sheet & P& L statement, all CA certified Bank Statement for last 6 months, if HDFC Bank A/c holder, not required KYC Documents Address Proof Identity Proof Signature Proof All the documents are to be self-attested. Note: All the above mentioned requirements and details are subject to change as per the discretion of the concerned bank.

• PUNJAB NATIONAL BANK

  Eligibility	Should be an Indian National. Secured admission to Professional / Technical courses through Entrance Test / Selection process
  Courses eligible	Professional courses: Engineering, Medical, Agriculture, Veterinary, Law, Dental, Management, Computer, Etc. Computer certificate courses of reputed institutes accredited to Department of Electronics or institutes affiliated to university Post-Graduation courses: Masters & Ph.D.
  Expenses considered for loan	Fee payable to College / School / Hostel Examination / Library / Laboratory fee Purchase of books / equipment / instruments / uniforms. Secured admission to foreign University / Institutions. Caution Deposit / Building Fund / Refundable Deposit supported by Institution Bills / Receipts. Travel Expenses / Passage money for studies abroad. Purchase of computers - essential for completion of the Course. Insurance premium for student borrower .Any other expense required to complete the course - like study tours, project work, thesis, etc.
  Quantum of Finance	Need based finance, subject to repaying capacity of the parents / students with margin and the following ceilings:- For studies in India: Maximum ` 10.00lacs.
  Margin	Upto `4.00 lacs: Nil Above `4.00 lacs: 5%
  Security	Upto ` 4.00 lacs:  No Security. Above ` 4 lacs and Upto ` 7.5 lacs: 3rd party guarantee acceptable to the Bank. Above ` 7.5 lacs: Collateral Security of Suitable value or suitable 3rd party guarantee.
  Miscellaneous	The security can be in the form of land / building / Govt. Securities / Public Sector Bonds / Units of UTI, NSC, KVP, LIC Policy, Gold, Shares / Debentures, Bank Deposit in the name of the student parent / guardian or any other third party with suitable Margin. The document should be executed by both the student and the parent/guardian.
  Rate of Interest	Repayable in less than 03 years BPLR -0.50% (ie 11.00%) BPLR +.25% (ie 11.75%)	Repayable in 03 years or aboveBPLR -1.00 +.50% TP ( ie 11.00%) BPLR -.25% +.50% TP (ie 11.75%)
  	(BPLR as on date is 11.50%) Rebate of 0.5% in rate of interest to women beneficiaries w.e.f. 08.03.2009
  Repayment	Course period +1 year or 6 months after getting job, whichever is earlier The Principal and interest is 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.
  Insurance	Life Insurance policy on the students availing Educational Loan may be taken ( at the option of the student Borrower) from the approved Co. ( Presently Kotak Mahindra Old Mutual Life Insurance Co.) in terms of guidelines issued in this respect
  Follow up tracking	Banks to contact college/university authorities to send the progress report to the bank at regular intervals in respect of students who have availed loans.
  Processing charges / upfront fee	No Processing/upfront charges collected on education loans for studies in India.
  Documentation Charges	As prescribed from time to time be recovered ( Presently `300/- upto `4 lac and `500/ above `4 Lac )
  Minimum Age	There is no specific restriction with regard to the age of the students to be eligible for education.
  Check List While applying for the loan, the borrower is required to furnish the following information/papers: Loan application on Bank's format Passport size photograph Proof of Address (Permanent) / ID Proof Proof of Age Proof of having secured pass marks in last qualifying examination Letter of admission in professional, technical or vocational courses Prospectus of the course wherein charges like Admission Fee, Examination Fee, Hostel Charges etc. are mentioned Details of Assets & Liabilities of parents Any other document/information, depending upon the case and purpose of the loan (The above CHECKLIST is only illustrative, not exhaustive. For details, please contact our nearest Branch Office). Note: All the above mentioned requirements and details are subject to change as per the discretion of the concerned bank.

• ORIENTAL BANK OF COMMERCE

  Purpose	For higher education(after schooling)
  Items eligible for Finance	Admission fee/Monthly fee/Examination fee, Books, Stationery & equipment, Air fare for joining the course abroad, Boarding & lodging expenses of hostel/boarding houses, where charges are standardized and paid to the Management of the Boarding House. Any other expenses required to complete the course like study tours, project work, thesis etc.
  Eligibility	Indian nationals not above 45 years of age those who secured admission in a recognized course of an approved university (AICTE approved institutions) OR institutes recognized by a statutory body.
  Amount of Loan	Education in India - Max. `10.00 lacs. Education Abroad - Max. `20.00 lacs.
  Security	For Loans up to `4.00 lac No Collateral Security Co-obligation of parents/guardian is must. For Loans above `4 lacs and up to `7.50 lacs No Collateral Security required, Co-obligation of parents/guardian is must One satisfactory third party guarantee Above `7.50 lacs Co-obligation of parents/guardian is obligatory. Mortgage of immovable property or any other tangible security like pledge of NSC/UTI/LIC (Surrender Value)/Bonds/ Banks deposits (Except under tax saving scheme) etc. . having value at least equal to 100% of loan. Extension of charge on property already mortgaged with our Bank,subject to adequate residual value of security.
  Margin	Up to `4 lacs - NIL Above `4 lacs for education in India - 5% Education Abroad - 15%
  Education Loan Scheme Rate of Interest: w.e.f. 01.07.2010	For Loan up to ` 4.00 Lacs BR + 2.75%= 10.75 % per annum  For Loan above ` 4.00 Lacs BR + 3.50% =11.50 % per annum Education Loan to Serving Professionals / Executives and Defense Personnel for Part-time courses BR + 5.25%= 13.25% Education Loan Scheme for Rural / Semi-urban Populace BR +4.75%= 12.75%
  Concession on Rate of Interest	Simple Interest shall be charged during study &moratorium period. The concession of 1% in rate of interest to be allowed, if interest is serviced regularly during the study &moratorium period. This concession shall be allowed after expiry of moratorium. Concession in rate of interest of 1% for education loans to students of IIT's & IIM's can be permitted for loans up to ` 4.00 lacs. Concession in rate of interest of 0.50% for women beneficiaries/ SC/ ST/ physically challenged students can be permitted over the normal rate. Concession of 1% in rate of interest is to be allowed during the study/moratorium only if the interest is served during the period regularly.  After the completion of study and expiring of moratorium period, normal rate of interest shall be applied on compounding basis till the total repayment of loan. Total concessions in rate of interest are subject to floor rate of 10.50% for boys. However, the girl students can be permitted concessions below the floor rate but not below Base Rate. Simple rate of interest shall be charged on monthly basis during moratorium period (study period + Grace period) Special Rate: 0.50% concession to women beneficiaries, SC/ST s and disabled students.
  Process Fee	Up to `4 lacs -` 100/-. Above `4 lacs for education in India - ` 500/- Education Abroad - ` 1000/-
  Repayment	Within 84 EMIs commencing 12 months after course or 6 months after getting the job, whichever is earlier.
  Insurance	Free Personal Accident Insurance up to `20 lac.
  Note: All the above mentioned requirements and details are subject to change as per the discretion of the concerned bank.