Pakistan - Guidance To Apply Student Loan

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Procedure

1. In reviewing loan applications, banks will usually take into consideration the applicant's character, capacity to repay the loan and ability to comply with the bank's conditions. To help them evaluate your application, they might ask you to present some form of identification or evidence that you are currently enrolled in an educational institution.
2. For banks to know how much you will need to borrow, they will need a computation of your tuition fees, accomodation fees if there's any, school materials etc. Banks may also ask you to provide information about your income/parent's income.
3. Some banks may require you to present a guarantor to co-sign the loan agreement. Requirements for guarantors are usually someone of good standing, professional and with fix monthly income.
4. Search online for banks that offers student loans in Pakistan. Get in touch with the bank to inquire about their application process and which documents do they require their applicants to submit. Make sure you can present and submit all the required documents that the bank is asking for.
5. Check if you can start your application online. Some banks will ask applicants to complete a preliminary application online. After reviewing the application, a bank representative will contact the applicant to tell them where can they submit their application and what documents will they need to produce.

Notes:

• Before you apply for a loan, carefully take note of the interest rate, conditions and repayment scheme that the bank is offering. Look into several banks and do some research regarding the banks application process. One thing that you also need to consider in choosing where to apply for a student loan is the bank's customer service, since this type of loan can take years of continuous correspondence between you and your bank, it will be much better if your bank has a good and accommodating customer service, this will save you from a lot of stress in the future.
• You may not need to accept the entire loan amount the bank is offering you. Since you will be paying back the loan sometime in the future, it will be more ideal if you will only borrow what you need.

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Required Documents

• Completed application
• Check the bank's website or talk to a bank representative to inquire about documents you will need to submit to apply for a student loan

Office Locations & Contacts

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Eligibility

Student/Education Loans in Pakistan - Banks:

• Some banks requires applicants for a student loan to be a Pakistani National.
• Applicant has obtained admission on merit through normal course/procedure in an approved Universities/Colleges
• Applicant 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
• Applicant has secured 70% marks in the last public examination.
• Applicant has undertaken the study of the subjects given below:
  • 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 xiv) Business Management Sciences
  • Commerce
• Applicant is unable to pursue studies due to financial constraints.

Eligibility criteria may vary per bank, it will be better if you will get in touch with a bank representative to check.

Fees

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Validity

Students Loan Scheme : 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.

Documents to Use

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Sample Documents

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Processing Time

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Related Videos

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Instructions

Students Loan Scheme in Pakistan - Banks

The Students Loan Scheme (SLS) for Education was launched by the Government of Pakistan in collaboration with major commercial banks in the country pursuant to the announcement made by the Federal Finance Minister in his 2001-2002-budget speech. Under the Scheme, financial assistance is provided by way of Interest Free Loans to deserving students who faces financial constraints in pursuing their studies in Scientific, Technical and Professional education within Pakistan.

The Scheme is being administered by the Deputy Governor, State Bank of Pakistan, Presidents of commercial banks the Government has partnered with and representative of Ministry of Finance, Government of Pakistan.

Some banks offer Student Personal Loans to all MBA and Executive MBA students of universities that they have partnered with. Get in touch with a bank representative to inquire if they offer this specific type of loan.

The loan can be used to pay for tuition, boarding expenses excluding meal charges and procurement of books.

Required Information

• Applicant's name and other personal details
• Details about the applicant's guardian/parent(s): Name, profession, computerized N.I.C card no.
• Name of College/University
• Study program, date of admission
• Duration of study
• Purpose for which the loan is required
• Estimated loan required

Need for the Document

Designed to help students pay for university/college tuition, books, and living expenses, student loan differs from other types of loans with its interest rate substantially lower and repayment of the loan may be deferred while the student is still in school.

Some banks offers this specific type of loan to their customers. A student loan can also be obtained through a government student loan program, this may not be the case in all countries so it will be better to check first.

Following is a guide on how students can apply for a loan or seek financial aid in Pakistan.

Information which might help

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Other uses of the Document/Certificate

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External Links

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Others

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