NBP Student Loan Scheme 2023 in Pakistan
NBP Student Loan Scheme 2023, introduced by the National Bank of Pakistan (NBP), is designed to assist students who face financial difficulties in paying for their education. This program aims to make the educational journey easier for talented students who lack the necessary funds to pursue their studies.
While it is common for students in Western countries to take out loans for their education and repay them after graduation, such student loan programs are not widely available in Pakistan. This poses a significant challenge, especially for low-income families, as the costs of education beyond matriculation can be overwhelming.
Realizing the escalating expenses associated with education, the NBP has taken the initiative to support students in achieving their dreams of obtaining a degree through student loans. Upon completion of their studies, students are expected to repay the loan to the relevant organization. Student loans are widely used by students in countries like the United States, Canada, and Germany. Similarly, organizations within Pakistan have also started offering student loans to help students pursue higher education.
Numerous non-governmental organizations in Pakistan provide various loan programs to enable students to fulfill their academic goals. These initiatives aim to remove the financial barriers that often hinder students from continuing their education. By providing financial assistance, the NBP Student Loan Scheme 2023 and similar programs aim to empower students and enable them to access the education they aspire to achieve.
![Student Loan in Pakistan [National Bank] NBP Scheme 2023 Apply](https://ehsaas-programs.pk/wp-content/uploads/2023/07/3-20.jpg)
FAST University Study Loan Scheme
FAST University, a well-known institution in Pakistan recognized for its IT and computer science programs, understands that not all students can afford tuition fees. To support financially disadvantaged students, the university offers interest-free study loans, renewable each semester based on academic performance. However, these loans only cover tuition fees and may be discontinued if the student’s CGPA falls below the specified minimum.
FAST University also has the OSAF Financial Assistance program, providing loans to BS students at the Lahore Campus who face financial constraints. The loans are allocated based on financial need and determined by interviewers each semester.
Akhuwat Islamic Micro-Finance Student Loan
Akhuwat, a non-governmental organization led by the well-known philanthropist Dr. Amajd Saqib, has launched an Islamic Micro-Finance student loan scheme. This program aims to assist deserving families by providing them with financial aid at a zero percent interest rate. Moreover, Akhuwat extends its support to students who are unable to afford education through alternative sources. This remarkable initiative makes a substantial and praiseworthy contribution to the realm of Student Loan Programs in Pakistan.
Also visit: Akhuwat Scholarship Program 2023 Online Apply Pakistan
Ihsan Trust Loan scheme
Ihsan Trust is an NGO dedicated to supporting individuals in need and focuses on rural development, education, skill development, and orphan care. The organization also plays a crucial role in providing aid and assistance during natural disasters.
In Pakistan, Ihsan Trust offers student loans known as ‘Qarz-e-Hasana,’ which are interest-free loans tailored to each student’s specific needs. During their studies, students are required to make token repayments, with the amount determined based on their parents’ or guardians’ income. After completing their studies, students are expected to repay the loan based on a monthly payment plan. This initiative by Ihsan Trust aims to empower students and enable them to pursue their education without financial burdens.
National Bank of Pakistan Student Loan Scheme
The National Bank of Pakistan (NBP) has launched a student loan scheme to provide financial support to those who struggle to afford higher education expenses. Under this program, students pursuing Undergraduate, Postgraduate, and Ph.D. degrees are eligible to apply if they have obtained a minimum of 70% marks in their previous examination. The scheme specifically targets students from Public Sector Institutions.
Through the NBP Student Loan Scheme, students can access interest-free loans, allowing them to pursue their educational goals without the burden of interest charges. This initiative presents a valuable opportunity for academically talented individuals who lack the necessary financial resources to fund their higher education.
By offering interest-free loans, the NBP aims to bridge the financial gap that may hinder deserving students from accessing higher education. This program not only promotes educational inclusivity but also encourages students to strive for academic excellence and contribute to the overall development of the nation.
Also visit: Kamyab Jawan Program Loan NBP Online Apply 2023-24
Loan Programs from Other Universities
Universities beyond FAST, like IBA Karachi, offer financial assistance through programs like Qarz-e-Hasana, specifically designed for students with low socio-economic backgrounds.
NBP Loan Scheme Types
| Loan Facility | Covered Expenses |
|---|---|
| Schedule Fee | Paid directly to the University |
| Boarding Expenses (excluding meal charges) | Covered |
| Procurement of Textbooks | Disbursed directly to the student |
Approved Subjects for NBP Student Loan in Pakistan
| Approved Subjects for NBP Student Loan |
|---|
| 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 Systems and Technology (including hardware) |
| Economics, Statistics, and Econometrics |
| Business Management Sciences |
| Commerce |
NBP Student Loan Scheme: Eligibility Criteria
To be eligible for the National Bank of Pakistan Student Loan Scheme, students must meet the following criteria:
Admission on Merit: The student must have obtained admission on merit through the standard procedure in approved public sector universities/colleges.
Age Bracket: At the time of admission, the student’s age must fall within the following brackets:
- For Graduation: Not exceeding 21 years
- For Post-Graduation: Not exceeding 31 years
- For Ph.D.: Not exceeding 36 years
Academic Performance: The student must have achieved a minimum of 70% marks in their last public examination.
No Other Scholarships: The student should not be availing of any other scholarship or financial assistance.
Approved Subjects: The student should be undertaking studies in the subjects specified by the scheme.
Financial Constraints: The student must demonstrate an inability to pursue studies due to financial constraints.
Meeting these eligibility criteria is essential for students to be considered for the National Bank of Pakistan Student Loan Scheme.
![Student Loan in Pakistan [National Bank] NBP Scheme 2023 Apply](https://ehsaas-programs.pk/wp-content/uploads/2023/07/2-53.jpg)
How to Apply NBP Student Loan Scheme in 2023?
To apply for the NBP Student Loan Scheme in 2023, you have two options:
- Online Application: Visit the official website and download the application forms. Fill out the forms carefully, ensuring you provide all the necessary information and attach the required documents. Submit the completed application to the National Bank of Pakistan headquarters before the specified deadline.
- Bank Visit: Alternatively, you can go directly to the designated banks mentioned in the scheme’s details. Collect the application forms from the bank, fill them out accurately, and make sure to attach the required documents. Submit the completed forms at the bank.
If you have any questions or need further information about the student loan scheme, you can use the comment section or reach out to the relevant authorities. They will provide prompt responses and assist you with any queries you may have.
Also visit: Prime Minister Youth Loan Scheme 2023 Program Form Apply
Student Loan Scheme Application Form:
To apply for the NBP Student Loan Scheme, interested students must complete the application form provided by the National Bank of Pakistan. The application form can be downloaded from this link or obtained from designated NBP branches. After filling out the form, it should be submitted to the Virtual University (VU) for verification. Once verified, the form will be returned to the student with necessary attestations for onward submission to the designated NBP branches.
It is important for students to carefully read the instructions provided with the application form and ensure that all required documents are attached as per the bank’s requirements. The role of the Virtual University is to certify the student’s enrollment at the university, while the bank will process the application and make a decision regarding loan approval.
Repayment
Repayment of the NBP Student Loan Scheme is scheduled over a maximum period of 10 years, starting from the disbursement of the first installment. The borrower begins repaying the loan through monthly installments after six months of securing employment or one year after completing studies, whichever comes first. This repayment plan allows borrowers to manage their loan obligations effectively while adjusting to their post-education circumstances.
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