The government of Pakistan has introduced Rs82.6 million worth of loans for students in Pakistan, a statement released by the State Bank of Pakistan revealed.
The Apex Committee for Student Loan Scheme having representation from State Bank of Pakistan, Finance Division (Government of Pakistan), and five major banks (NBP, HBL, UBL, ABL, and MCB Bank) has approved Rs 82.6 million as interest-free loans to deserving students for their studies within Pakistan.
The amount, approved by Apex Committee, will be disbursed to 518 deserving students of public sector universities across the country, studying in different disciplines of under-graduation, graduation, and Ph.D. studies for the Session 2017-18, 2018-19 & 2019-2020.
The objective of the Student Loan Scheme is to provide financial assistance to meritorious students having insufficient means.
The loans are granted for a maximum tenor of 10 years from the date of the
disbursement of the first installment and repayable in monthly installments after six months from the date of first employment or one year from the date of completion of studies, whichever is earlier.
National Bank of Pakistan, being the administrator of the Scheme, performs all the functions like receiving and scrutinizing the loan applications, disbursement of loans, and their recovery.
The SBP has also released the first list of the students who have successfully availed of this offer.
This scheme offers assistance to the deserving students who have financial constraints for pursuing their studies in Scientific, Technical, and Professional education within Pakistan’s borders.
The Scheme is being administered by a high-powered apex committee comprising the Deputy Governor, State Bank of Pakistan, Presidents of the commercial banks, and representatives of the Ministry of Finance, Government of Pakistan.
The approved subjects are:
- Oil Gas & Petro-Chemical Technology
- Biology, Molecular Biology & Genetics
- Other Natural Sciences
- DAWA and Islamic Jurisprudence (LL.B/LL.M Sharia)
- Computer Science/Information System and Technology including hardware.
- Economics, Statistics, and Econometrics
- Business Management Sciences
Under the scheme the students are eligible to apply for loans provided:
- He/She has obtained admission on merit through normal course/procedure in the approved Universities/Colleges of the public sector (List Attached) mentioned hereunder.
- He/She falls at the time of admission within the age bracket of:-
- For Graduation Not exceeding 21 Years
- For Post-Graduation Not exceeding 31 Years
- For Ph.D. Not exceeding 36 Years
- He/She has secured 70% marks in the last public examination.
- He/She has undertaken the study of the subjects given below.
- He/She is unable to pursue studies due to financial constraints.
Types of Loan
The loans are of three types and shall be available to the students for the entire duration of their study.
“Schedule Fee” and “Boarding Expenses excluding meal charges” shall be paid directly to the university/college.
On the other hand loans for the procurement of textbooks shall be disbursed directly to the student.