The Student Loan Scheme 2021 will provide interest free student loans for deserving students for their studies in Pakistan. The Apex Committee for Student Loan Scheme having representation from State Bank of Pakistan (SBP), Finance Division (Government of Pakistan) and five major banks (NBP, HBL, UBL, ABL and MCB Bank) approved an amount of Rs. 82.6 million as interest free loans to deserving students.
By Ali Gulrez
The amount of Rs. 82.6 million will be disbursed as interest free student loan to 518 deserving students of public sector universities across the country, studying in different disciplines of under-graduation, graduation and PhD studies for the Session 2017-18, 2018-19 & 2019-2020.
About Student Loan Scheme 2021
The objective of the Student Loan Scheme is to provide financial assistance to the meritorious students having insufficient means. The loans are granted for a maximum tenor of 10 years from the date of the disbursement of 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 Student Loan Scheme 2021, performs all the functions like receiving and scrutinizing the loan applications, disbursement of loans and their recovery.
Eligibility Criteria
Under the Student Loan Scheme 2021, the following students are eligible to apply for interest free loans provided:
- The student has obtained admission on merit through normal course/procedure in the approved Universities/Colleges of the public sector (List Attached) mentioned hereunder.
- The student 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)
- The student has secured 70% marks in the last public examination.
- The student has undertaken the study of the subjects given below.
- The student is unable to pursue studies due to financial constraints.
How to Apply for Interest Free Student Loan?
You can apply for the interest free student loan under the Student Loan Scheme 2021 by getting the application form available at designated branches of mentioned banks or you can download the form.
Types of Interest Free Student Loans
The loan facility will be available for entire duration of the study for:-
- Schedule Fee (Paid directly to the university/college)
- Boarding expenses excluding meal charges (Paid directly to the university/college)
- Procurement of textbooks – Disbursed directly to the student
Loan Repayment
The maximum period of repayment of loan is 10-Years from the date of disbursement of first installment. The borrower shall repay the loan in monthly installment after six months from the date of first employment or one year from the date of completion of studies, which ever is earlier..
Approved Subjects
- Engineering
- Electronics
- Oil Gas & Petro-Chemical Technology
- Agriculture
- Medicine
- Physics
- Chemistry
- Biology, Molecular Biology & Genetics
- Mathematics
- 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
- Commerce
Other Information
- Students are advised to submit (2) two sets of Student Loan Applications Form.
- The students desirous of availing loan under the Scheme may apply on prescribed form for financial assistance subject to he or she has got admission on merit through normal procedure in the Universities/ Colleges afore-mentioned.
- Applicants are required to submit/send their applications on the prescribed form, duly completed in all respect, to the designated branches indicated against each University/College by the given date. Incomplete application shall not be entertained.
- Students who have already availed this facility in the last / previous year(s) need not to apply.
Originally published at Inc Pak