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NBP offers Interest Free Loan for Pakistani Students

First time in Pakistan; Government had taken step to help the students of Pakistan. Pursuant to the announcement made by the Federal Finance Minister in his 2001-2002-budget speech, a STUDENTS LOAN SCHEME (SLS) for Education was launched by the Government of Pakistan in collaboration with major commercial banks of Pakistan (NBP, HBL, UBL, MCB and ABL). Under the Scheme, financial assistance is provided by way of Interest Free Loans to the meritorious students who have financial constraints for pursuing their studies in Scientific, Technical and Professional education within Pakistan.

The Scheme is being administered by a high powered committee comprising Deputy Governor, State Bank of Pakistan, Presidents of the commercial banks and representative of Ministry of Finance, Government of Pakistan. National Bank of Pakistan will be the administrator of the scheme.

These interest free loans are aimed at helping students who need financial assistance to continue their education. The loan amount will cover educational fee, boarding charges and textbook expenses, but will not cover meals. Loans are provided to students enrolled in the disciplines of scientific, technical or professional education within Pakistan at graduation, post-graduation or PhD level.

Student will be required to repay the loan amount in a maximum of ten years starting for the date of loan disbursement. First loan installment will start one year after completion of education for which the loan was obtained or one year after getting first job, whichever comes earlier.

Student should already have secured admission in any of 71 approved colleges or universities (PDF, 93KB) in Sindh, Punjab, NWFP, Balochistan, Islamabad, Azad Kashmir and Northern Areas. It is is required the student should have received 70% or more marks in last public examination. There is also age restriction for applying for this interest free educational loan program.

It is is required the student should have received 70% or more marks in last public examination. There is also age restriction for applying for this interest free educational loan program.