Interest-free loans approved for meritorious students

Web DeskWeb Editor

20th Aug, 2021. 02:38 pm
State Bank

KARACHI: The Apex Committee for Student Loan Scheme having representation from the State Bank of Pakistan, Finance Division and five major banks National Bank of Pakistan (NBP), Habib Bank Limited (HBL), United Bank Limited (UBL), Allied Bank Limited (ABL) and MCB Bank Limited have approved Rs82.6 million as interest-free loans to deserving students for their studies within Pakistan.

The amount, approved by the Apex Committee, will be disbursed to 518 deserving students of public sector universities across the country, studying in different disciplines of under-graduation, graduation and PhD studies for the Session 2017/18, 2018/19 and 2019/20.

The objective of the Student Loan Scheme is to provide financial assistance to the meritorious students having insufficient means. The loans are granted for a maximum tenor of 10 years from the date of the disbursement of the first installment and repayable in monthly installments after six months from the date of first employment or one year from the date of completion of studies, whichever is earlier.

The National Bank of Pakistan, being the administrator of the scheme, performs all the functions like receiving and scrutinising the loan applications, disbursement of loans and their recovery.

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