Student Loan Program 2021 to Provide Interest-Free Student Loans –
The Student Loan Scheme 2021 offers interest-free student loans to deserving students for their studies in Pakistan. The Apex Committee for Student Loan Scheme, made up of representatives from the State Bank of Pakistan (SBP), the Finance Division (Government of Pakistan) and five major banks (NBP, HBL, UBL, ABL and MCB Bank) approved an amount of Rs. 82.6 Millions as interest-free loans to deserving students.
By Ali Gulrez
The amount of Rs. 82.6 million will be paid out as an interest-free student loan to 518 deserving students from public sector universities across the country studying in various disciplines of undergraduate, graduate and PhD studies for the 2017-18 session, 2018- Study 19 & 2019-2020.
About the student loan program 2021
The aim of the student loan program is to provide financial support to performance-oriented students with insufficient funds. The loans are granted for a maximum term of 10 years from the date of payment of the first installment and are payable in monthly installments after six months from the date of first employment or
As the administrator of the Student Loan Scheme 2021, the National Bank of Pakistan takes on all functions such as receiving and checking loan applications, disbursing loans and reclaiming them.
As part of the Student Loan Program 2021, the following students can apply for interest-free loans:
- The student has received a performance-based admission through a normal course of study / a normal procedure at the recognized universities / colleges of the public sector listed below (list attached).
- At the time of admission, the student falls into the age group of: –
- For graduation (not older than 21 years)
- For postgraduates (not older than 31 years)
- For Ph.D (not older than 36 years)
- The student achieved 70% of the points in the last public exam.
- The student has studied the subjects listed below.
- The student cannot start studying for financial reasons.
How do I apply for an Interest Free Student Loan?
You can apply for the interest-free student loan as part of the student loan program 2021 by receiving the application form in the relevant branches of the banks mentioned or by downloading the form.
Types of Interest Free Student Loans
The loan facility is available throughout the study period for:
- Schedule fee (to be paid directly to the university / college)
- Meal costs without meal costs (will be paid directly to the university / college)
- Textbook Procurement – Paid directly to the student
The maximum term of the loan is 10 years from the date of payment of the first installment. The borrower has the loan in monthly installments after six months from the date of the first employment or
- mechanical engineering
- Oil-gas and petrochemical technology
- Biology, Molecular Biology & Genetics
- Other science
- DAWA and Islamic Law (LL.B / LL.M Sharia)
- Computer science / information
- System and technology including hardware.
- Economics, Statistics and Econometrics
- Business administration
- Students are advised to submit (2) two sets of the Student Loan Application Form.
- Students wishing to take out a loan under the program can apply for financial assistance using the prescribed form, provided that they have been admitted through the normal procedure at the universities / colleges mentioned above.
- Applicants are obliged to submit / send their applications to the branches designated for each university / college by the specified date using the prescribed form, filled out in full. Incomplete applications will not be considered.
- Students who have already made use of this option in the previous year (s) do not need to apply.
Originally published at Inc Pak