How To Get Student Loan In Pakistan | Education Loan In Pakistan {Guide+Tips}

Students in Pakistan who are going to college and looking to fund their education do not exactly know how to get student loan in Pakistan with great ease.

No doubt there are financial assistance sections in the institutions available. Still, they don’t provide enough money to cover your expenses, so you may be left with just two choices—borrowing money from friends and family or taking out student loans.

Given the size of the loan that you’ll need, student loans can seem daunting, but there are plenty of government and private easy loan options available to help you pay for school. Here are 10 easy steps to get a student loan in Pakistan.

How To Get A Student Loan In Pakistan | Education Loan

10-Ways -To-Get-Student-Loans-In-Pakistan
10-Ways -To-Get-Student-Loans-In-Pakistan

Table of Contents

Plan Ahead

First, consider how much you’ll need. To estimate your cost of attendance, use an online calculator or a school’s financial aid office. Next, submit your financial assistance application to your college or university.

Last but not least, be prepared to take out a federal student loan if your other aid doesn’t cover all of your costs—it can be tough getting through college without one.

Check Your Eligibility Criteria

Student loans are an excellent way for students to pay for their tuition, books, and other education-related expenses.

But the process of getting student loans is much more complicated than it seems at first glance. Students need to consider a number of factors before they decide whether or not they want student loans.

For example, do you want your loan balance forgiven if you go into public service? What type of repayment plan do you prefer? Do you need a co-signer? Which lender will offer the best interest rate and terms? And so on.

Save Early And Often

The best way to ensure you have enough money for college expenses is by starting your savings early. The earlier you start saving, the more time your money has to grow—plus, your future self will thank you when it’s time to use those funds!

Set up a special bank account and make automatic deposits as often as possible until you reach your goal amount. If you’re like most students, though, it can be hard not to spend every last penny while you’re in school.

Gather Your Documents

Gather your documents to apply for the student loan and to avoid rejection of the loan application: If you are going to apply for a student loan, it is essential that you have the following documents and information on hand:

Proof of citizenship and residence: Passport, driver’s license, green card, birth certificate.

Proof of financial need: most recent income tax returns (if available) or letter from the employer about annual salary.

A complete list of your assets and liabilities: This includes checking accounts, savings accounts, real estate holdings (both rental and owned), the amount of debt on any credit cards that you have open as well as any other loans that may be owed.

Calculate All Your Study Expenses

Calculate all your study expenses before applying for a student study loan: One of the most important aspects of getting a student study loan is understanding how much money you will need.

You might be tempted to apply for any amount, but it’s best to calculate your living expenses, tuition, and other required costs before applying.

Be as specific as possible, so that you will have a clear idea of how much money you need. If you are unclear about your budget, then speak with the school’s financial aid office or an accountant for assistance.

Apply For Scholarships

In order to make your study expenses in Pakistan less expensive, you can apply for scholarships to help pay your way. The first place to start is with the study loan in Pakistan.

Scholarships provide aid for education expenses which would otherwise not be possible for students of lower-income families.

There are many local and national scholarships available for students who want to pursue higher education.

It is easier than it sounds and maybe a more practical solution to the situation than obtaining a study loan from a private institution.

Tap Into Student Loan Programs

Tap into student loan programs such as the Pakistani Student Study Loan Program. This is a government-sponsored program that offers loans to students enrolled in specific fields of study.

The loan can be used for tuition, books, and other related expenses. Students are also eligible for interest-free monthly installments through an automatic deduction from their bank account.

The program offers loans up to Rs. 5,00,000 as long as certain criteria are met. For instance, you must be between 18 and 35 years old;

Your family income must not exceed Rs 1.2 million annually, and you must be enrolled in a 2-year diploma or 4-year bachelor’s degree program at a college or institute of higher education approved by HEC.

If you meet these requirements, file an application with your bank branch nearest campus and submit a copy of your student card.

After approval, funds will be deposited directly into your account on a monthly basis until the completion of studies.

Apply For Federal Loans Offered By the Government Of Pakistan

Consider federal loans Offered by the government of Pakistan: When you’re studying at a university in Pakistan as an undergraduate or postgraduate student, the government offers federal loans which are typically low-interest and need-based.

Other types of loans from the Pakistani government can include scholarships or grants for students who come from lower-income families and need financial assistance.

Federal loans offered by the government of Pakistan can help make higher education more affordable.

Consider Low-Interest Private

In Pakistan, students can apply for study loans with interest rates that range from 2% to 12%. The best option for new graduates is a private low-interest loan.

With this type of loan, the interest rate varies between 2-5%. This percentage is much lower than what the government offers and requires less paperwork.

Private lenders also have special rates for professional degrees and postgraduate education.

Get Your College Degree Online

If you’re not a fan of traditional classrooms, consider getting your degree online. If a local college or university doesn’t offer what you need, there are plenty of other options.

Take advantage of programs offered by major institutions like Virtual University Pakistan, which both have online bachelor’s degrees for interested students.

Best of all, these programs are accredited and accepted at most traditional colleges and universities.

Student Loan In Pakistan FAQs

What is a student loan in Pakistan?

A student loan in Pakistan is a type of financial assistance provided to students who are unable to pay for their education expenses such as tuition fees, books, and other related expenses. The loan is offered by different organizations such as banks and financial institutions.

Who is eligible for a student loan in Pakistan?

Students who are enrolled in a government-approved university or college in Pakistan and have a valid admission letter are eligible for a student loan in Pakistan. Additionally, the student must be a Pakistani national and should have obtained at least 70% marks in their last examination.

What is the maximum amount of a student loan in Pakistan?

The maximum amount of a student loan in Pakistan varies depending on the lending institution. Generally, banks offer loans up to Rs. 2,000,000 for higher education in Pakistan and Rs. 10,000,000 for higher education abroad.

What is the interest rate on a student loan in Pakistan?

The interest rate on a student loan in Pakistan varies depending on the lending institution. Generally, banks offer loans at a lower interest rate for higher education in Pakistan compared to higher education abroad.

What is the repayment period for a student loan in Pakistan?

The repayment period for a student loan in Pakistan varies depending on the lending institution. Generally, banks offer repayment periods of up to 10 years for higher education in Pakistan and up to 15 years for higher education abroad.

Do I need a guarantor for a student loan in Pakistan?

Yes, most lending institutions require a guarantor for a student loan in Pakistan. The guarantor must be a Pakistani national, with a stable source of income, and must have a good credit history.

How can I apply for a student loan in Pakistan?

You can apply for a student loan in Pakistan by visiting the nearest branch of a lending institution that offers student loans. You will need to provide the required documents such as an admission letter, academic certificates, ID card, etc. You can also apply online through the website of some lending institutions.

Can I apply for a student loan in Pakistan for a degree program outside of Pakistan?

Yes, you can apply for a student loan in Pakistan for a degree program outside of Pakistan, provided the institution is recognized by the Higher Education Commission (HEC) of Pakistan.

Can I apply for a student loan in Pakistan if I am already employed?

Yes, you can apply for a student loan in Pakistan if you are already employed, provided you meet the eligibility criteria of the lending institution.

What happens if I am unable to repay my student loan in Pakistan?

If you are unable to repay your student loan in Pakistan, the lending institution may take legal action against you or your guarantor, which may include filing a case in court, seizing your assets, or blacklisting your name with the Credit Bureau.

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