I have an educational loan with PUNB through Vidyalaxmi portal, which sanctioned on Feb 2023. Now I can to a need for increasing the loan ammount for my extra study expenses like books, instruments, mess meal and travel expenses. Can I top-up my loan ammount?
Hi @tani
Congrats for getting a sanction letter from Punjab National Bank.
Education loan top-ups are allowed only when you study for the second course after taking an education loan for a course. In your case what is possible is a modification of loan amount to meet your academic costs.
As per the information from Punjab National Bank, education loans are need based finance subject to repaying capacity of the student/parents with margin and individual merits are also considered in deciding the loan terms. It means that your chances of modifying the loan amount depends on your profile strength.
However, we can’t predict the bank’s decision since we are unaware of the crucial details like collateral value, co-applicant’s details, your course details, etc, that influence the loan terms. You can request the bank for an increase in loan amount with valid proof of additional expenses. The bank will analyze your profile and determine the eligibility for an increase in the loan amount.
Hope the answer helps. If you need any further help, reach out to us and provide your loan details. Good luck on your journey ahead!
Hi @tani
Thank you for reaching out to us. We request you delete the images of the sanction letter to maintain the document’s confidentiality.
In your sanction letter, there are no mentions regarding the loan amount being fixed or flexible. Therefore, you must contact the bank, request to increase the loan amount, and submit valid proof for added expenses. The bank will be considerate and let you know the next steps.
The bank will decide depending on your co-applicant’s income and additional factors. What you have to do right now is to contact the bank immediately and follow the steps they would instruct you to do.
Hope the answer helps you. If you need any further help, don’t hesitate to contact us. Wish you all the best.