How to Apply for Student Loan in Pakistan
If you are a student, you must already know that studying in the country is not a piece of cake. Rising school costs have made it difficult for many students to continue their studies. Student loans in Pakistan can help students achieve their dreams of getting a degree when they don’t have enough financial support. After completing their education, students can gradually repay the loan to the institution that received it. Some organizations require students to pay a small amount while studying.
Student loans are very common among students from international countries such as the United States, Canada, and Germany. Organizations in Pakistan have started providing loans to students who want to complete their higher education.
Student Loan Providers in Pakistan
Here is a list of several organizations that provide financial assistance to students to pursue a national or international university degree.
National Bank of Pakistan (NBP)
Government of Pakistan has collaborated with major banks of Pakistan including NBP, HBL, MCB and UBL to provide financial assistance to students through Student Loan Scheme (SLS).
NBP is currently responsible for SLS and provides interest-free student loans. Students who meet the requirements can apply for a student or university loan.
Students availing the loan have to repay it within 10 years, whichever begins after one year or 6 months after graduation.
Students must have secured at least 70% in their final examination.
The candidate must be admitted to a public sector university covering the following fields of study, including Engineering, Electronics, Mathematics, Physics, Medicine, Computer Science, Natural Sciences, Business Studies, Chemical Technology, Agriculture, Chemistry and Islamic Law.
A student in need of a loan must be 21 or younger for undergraduate programs and 31 or younger for graduate programs.
To apply for a Ph.D., a student must be 36 years of age or younger. Program
You can view more loan details or download an application form here: RBA Student Loans
Ehsan Foundation is a non-governmental organization working in the areas of rural development, education, skill development and orphan care and providing support to the needy. The organization also provides aid and assistance during natural calamities.
This organization offers student loans in Pakistan called “Qarad Hasna” which is an interest-free loan that varies from student to student depending on the needs of the student.
Students have to pay a refund token amount during their studies, the refund token is determined by the income of their parents or guardians. After completing the education they have to repay the entire amount according to their monthly income.
To know more about Ehsan Trust Student Loan Scheme, read here: Qarad Hasna (Interest Free Loan) by Ehsan Trust.
Akhot Foundation is a popular NGO of the country and provides assistance to citizens belonging to low income groups in Pakistan. They offer interest free student loans ranging from PKR. 10,000 to 50,000 students are needed.
People from disadvantaged backgrounds who have completed matriculation can earn credits up to a master’s degree. The loan can be repaid in installments to the Foundation by the student or his parents.
Learn more about the Akhut Foundation Student Loan Program: Akhut Foundation Student Loan Process
Al-Khidmat Foundations Muwahat Program provides interest-free loans to students seeking higher education.
Students can get credits up to Rs 35,000 and repay them within the time limit given by the foundation.
For more information on the Muwakhat program, visit: Muwakhat by Al-Khidmat Foundation
Vocational Education Foundation
The Foundation for Vocational Education provides loans to needy students in the fields of engineering, business, computer science, management, agriculture and medicine.
Credits are awarded on the basis of need and merit and will be awarded directly to universities that are part of the PED Board. Universities include:
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