In a bid to encourage education among students; the State bank of Pakistan, the Finance Division (Government of Pakistan) along with Pakistan’s five major banks including HBL, UBL, MCB, NBP, and ABL have approved interest-free loans with Rs. 82.6 million to be granted to 518 deserving students. The students must be enrolled in any of the approved lists of public sector universities in Pakistan. They may be enrolled in either an undergraduate, graduate, or a Ph.D. program in the session of 2017-18, 2018-19, or 2019-2020.
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Eligibility Criteria
The detailed eligibility criteria for the students to receive this loan is as follows:
- Students who apply for the loan must have secured their admission on a merit basis in the list of approved universities.
- Students must not exceed the given age bracket
- Graduates – must not be more than 21 years old
- Post Graduates – must not be greater than 31 years
- Ph. D students – must not be greater than36 years
- The student must have obtained 70% marks in their last exam
- The student is unable to pursue education due to financial issues
- The student must be enrolled in the program of the approved subject list
About Student Loan Scheme
The purpose of the Student Loan Scheme is to provide financial aid to those students who are unable to continue their studies due to financial issues. The loans are issued for a period of 10 years from the day they have been granted. They need to be paid every month after six months of the student being employed or one year after the student has completed his/her studies.
The National Bank of Pakistan is responsible for receiving and scrutinizing all loan applications along with successful disbursements and recovery of said loans.
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