Where and How to Apply for a Student Loan in Pakistan?
Here's everything you need to know!
Due to increasing educational expenses, it has become difficult for many students to continue their education. Subsequently, Student Loans in Pakistan can help students fulfill their dreams of getting a degree when they don’t have enough financial assistance.
Once students complete their education, they can start paying back the student loan to the relevant organization. Student loans are quite common among students of international countries, including America, Canada, and Germany. Similarly, organizations in Pakistan have started offering student loans to students who aspire to finish higher education.
Here’s a list of student loans/financial aid Pakistani students can apply for:
1. National Bank of Pakistan (NBP)
The Government of Pakistan has collaborated with prominent banks in Pakistan, including NBP, HBL, MCB, and UBL, to provide students financial assistance through a Student Loan Scheme (SLS). The NBP is currently in charge of SLS and provides student loans without any interest. Students who meet the requirements can apply for the loan, which will be paid to the students or the university.
The students who avail of the loan will have to repay it in a 10-year duration that will begin a year after they’ve graduated or six months into employment.
- Students must have at least 70% marks in their recent exams.
- The applying student must get admission to a public sector university that covers the following area of study, including Engineering, Electronics, Mathematics, Physics, Medicine, Computer Sciences, Natural Sciences, Business Studies, Chemical Technology, Agriculture, Chemistry, and Islamic Jurisprudence.
- The student who needs a loan must be 21 years old or younger for bachelor programs and 31 years or younger for master’s programs.
- The student must be 36 years old or younger to apply for Ph.D. programs.
Click here for more details about the NBP Student Loan
2. Ihsan Trust
Ihsan Trust is an NGO that offers support to people in need and operates in rural development, education, skill development, and orphan care. The organization also provides aid and assistance during natural disasters.
Student loans provided by the organization in Pakistan are called ‘Qarz-e-Hasana’, an interest-free loan that varies from student to student according to their needs. Students must pay a token repayment amount while they study; the repayment token is determined by the income of their parents or guardians. They will have to repay the total amount based on their monthly payment after they finish their studies.
Click here for more details about the Qarz-e-Hasna (Interest-free loan) by Ihsan Trust
3. Akhuwat Foundation
Akhuwat Foundation is a famous NGO in the country and offers assistance to citizens belonging to low-income groups in Pakistan. They provide student loans in Pakistan free of interest ranging from Rs. 10,000 to 50,000 to students in need.
Those from low-income backgrounds who have completed their matriculation can get a loan from this organization until their Masters’ education. The loan can be repaid to the foundation through installments either by the student or their parents.
Click here for more details about the Akhuwat Foundation Student Loan Process
4. Al Khidmat Foundation
Al Khidmat Foundations’ Mawakhat program offers interest-free loans to students who want to continue their higher education. Students can avail up to Rs. 35,000 loans and repay it in a time frame that will be given to them by the foundation.
Click here for more details about the Mawakhat by Al Khidmat Foundation
5. Professional Education Foundation
The Professional Education Foundation offers loans to students in need for Engineering, Business, IT, Management, Agriculture, and Medicine. The loans are given based on need and merit and will be provided directly to the universities that are part of the PED board.
The universities include:
- The University of Engineering and Technology
- The University of Peshawar
- National University of Sciences and Technology
- Fatima Jinnah Medical College
- Quaid-e-Azam Medical College
Students would have to pay Rs. 300-500 in 12 installments and start repaying the loan six months into employment.
Click here for more details about the PEF Loans
What are your thoughts on this? Please share with us in the comment section below.