NBP-Student-Loan-Scheme

NBP Student Loan Scheme | Interest-Free Loans For Students {Updated}

The NBP Student Loan Scheme is a program initiated by the National Bank of Pakistan (NBP) to provide financial assistance to students pursuing basic and higher education in Pakistan.

The scheme aims to support students who face financial constraints and cannot afford to pay for their education expenses.

Interest-free loans are provided to cover tuition fees, boarding and lodging expenses, and other academic-related expenses.

The NBP Student Loan Scheme has made it possible for deserving students to continue their education and pursue their career goals without worrying about financial constraints.

This loan scheme has helped thousands of students in Pakistan to fulfill their dreams of higher education and secure a better future for themselves and their families. Let’s discuss its details!

NBP Student Loan Scheme | Student Loan Scheme In Pakistan

NBP-Student-Loan-Scheme
NBP-Student-Loan-Scheme

Table of Contents

NBP Student Loan Eligibility Criteria

NBP-Student-Loan-Scheme-Eligibility-Criteria
NBP-Student-Loan-Scheme-Eligibility-Criteria

The NBP Student Loan Scheme provides financial assistance to students pursuing higher education in Pakistan. However, to be eligible for the loan, students must meet certain criteria.

The eligibility criteria for the NBP Student Loan Scheme are as follows:

  • Citizenship: The student must be a Pakistani citizen.
  • Age: The student must be between the ages of 18 and 35 years.
  • Academic Qualifications: The student must have obtained admission to a public or private sector university, college, or institute recognized by the Higher Education Commission (HEC) of Pakistan (criteria for higher studies).
  • Academic Performance: The student must have a minimum GPA of 2.5 or above in their last academic degree (criteria for higher studies).
  • Loan Amount: The loan amount may vary depending on the category of study (e.g., engineering, medical, etc.) and the type of degree program (e.g., undergraduate, graduate, etc.). The maximum loan amount for local studies is PKR 2.5 million, and for studies abroad, it is PKR 7.5 million.
  • Guarantor: The student must provide a guarantor who is a government employee of at least grade 17 or above..

NBP Student Loan Loan Types And Repayment Period

NBP Student Loan Types

NBP-Student-Loan-Scheme-Loan-Types -and-Repayment
NBP-Student-Loan-Scheme-Loan-Types -and-Repayment

The NBP Student Loan Scheme offers two types of loans:

  • Local Studies Loan: This loan is for students who are studying at a public or private sector university or college in Pakistan. The maximum loan amount for local studies is PKR 2.5 million.
  • Studies Abroad Loan: This loan is for students who have obtained admission to a foreign university or college for higher education. The maximum loan amount for studies abroad is PKR 7.5 million.

The student loan can be used to cover various education-related expenses, including:

  • Tuition Fees: The loan can cover the tuition fees charged by the university or college.
  • Boarding Expenses: The loan can cover the expenses related to boarding and lodging, excluding meal charges.
  • Textbooks: The loan can cover the expenses related to the procurement of textbooks and other academic-related materials.
  • Other Academic Expenses: The loan can also cover other academic-related expenses, such as laboratory fees, examination fees, and other such charges.

Repayment Period

Repayment: The student must start repaying the loan six months after the completion of their studies. The loan must be repaid in a maximum of 10 years

The repayment schedule of the loan is designed to be flexible and affordable for the borrower. The borrower can choose to repay the loan in monthly or quarterly installments.

The installment amount will depend on the loan amount and the repayment period chosen by the borrower. The borrower can also make early repayments without incurring any penalty charges.

NBP Student Loan Approved Universities

The scheme supports students who are enrolled in universities, colleges, and institutes recognized by the Higher Education Commission (HEC) of Pakistan.

Here are some of the approved universities and institutions for the NBP Student Loan Scheme:

  • Quaid-i-Azam University, Islamabad
  • Lahore University of Management Sciences (LUMS), Lahore
  • National University of Sciences and Technology (NUST), Islamabad
  • Karachi Institute of Economics and Technology (KIET), Karachi
  • Ghulam Ishaq Khan Institute of Engineering Sciences and Technology (GIKI), Topi
  • Institute of Business Administration (IBA), Karachi
  • National College of Arts (NCA), Lahore
  • Government College University (GCU), Lahore
  • University of Peshawar, Peshawar
  • International Islamic University (IIU), Islamabad

This is not an exhaustive list, and there are many other universities, colleges, and institutes recognized by the HEC that are eligible for the NBP Student Loan Scheme.

The complete list of approved universities and institutions is given below:

NBP Student Loan Online Application Process

The National Bank of Pakistan (NBP) provides an online application process for the NBP Student Loan Scheme. Here are the steps for the NBP Student Loan Online Apply:

  • Visit the NBP website: The first step is to visit the official website of the National Bank of Pakistan (www.nbp.com.pk).
  • Click on the “Student Loan Scheme” option: On the homepage, you will find an option for the “Student Loan Scheme.” Click on this option to access the application process.
  • Read the instructions: Before you start the online application, it is important to read the instructions provided on the webpage carefully.
  • Click on “Apply Now”: Once you have read the instructions, click on the “Apply Now” button to start the application process.
  • Fill in the application form: The next step is to fill in the online application form with your personal, educational, and loan-related information. Make sure that all the information you provide is accurate and complete.
  • Upload required documents: You will also need to upload the required documents, such as your CNIC, educational documents, admission letter from the university or college, and proof of income from the guarantor.
  • Submit the application: After completing the application form and uploading the required documents, review your application thoroughly and submit it.
  • Receive confirmation: Once your application is submitted, you will receive a confirmation message on your registered email address or phone number.
  • Wait for the loan approval: The NBP will review your application and the documents provided. If your application is approved, the NBP will contact you for further processing.

It is important to note that the online application process is only available for students who are pursuing their education in Pakistan.

Students who are applying for loans for foreign studies will have to apply through the manual application process at an NBP branch.

NBP-Student-Loan-Scheme-Registration
NBP-Student-Loan-Scheme-Registration

NBP Student Loan Registration Form

The NBP Student Loan Scheme registration form is given below or can be obtained from any NBP branch.

Here is the information that you will be required to provide in the registration form:

  • Personal Information: This section requires the student’s personal information, such as name, date of birth, and gender.
  • Contact Information: This section requires the student’s contact information, such as an address, telephone number, and email address.
  • Educational Information: This section requires the student’s educational information, such as the name of the university or college, the course of study, and the duration of the course.
  • Loan Information: This section requires the student to provide information about the loan, such as the loan amount, the purpose of the loan, and the repayment plan.
  • Guarantor Information: This section requires the student to provide information about the guarantor, such as name, occupation, and contact information.
  • Declaration: This section requires the student to sign a declaration stating that the information provided in the registration form is accurate and complete.

Once the registration form is complete, it must be submitted along with the required documents to the nearest NBP branch.

The required documents include the student’s CNIC, educational documents, an admission letter from the university or college, and proof of income from the guarantor.

It is important to note that the NBP Student Loan Scheme has a limited number of loans available, and not all applicants may be approved for the loan.

The loan approval is subject to the NBP’s policies and procedures, and the decision of the NBP is final.

NBP Student Loan Documents Required

Here are the documents required for the NBP Student Loan Scheme:

  • Student’s CNIC: A copy of the student’s Computerized National Identity Card (CNIC) is required to verify the student’s identity.
  • Educational Documents: Copies of educational documents, such as matriculation certificate, intermediate certificate, and bachelor’s degree (if applicable), are required to verify the student’s educational background.
  • Admission Letter: An admission letter from the university or college where the student is enrolled is required to verify the student’s admission.
  • Fee Structure: A fee structure provided by the university or college is required to calculate the loan amount.
  • Guarantor’s CNIC: A copy of the guarantor’s CNIC is required to verify the guarantor’s identity.
  • Income Proof: Proof of income of the guarantor, such as salary slips or income tax returns, is required to determine the guarantor’s ability to repay the loan.
  • Property Documents (Optional): Property documents, such as title deeds or ownership documents, can be provided as collateral security for the loan.

NBP-Student-Loan-Scheme-Approved-Subjects
NBP-Student-Loan-Scheme-Approved-Subjects

NBP Student Loan Pros And Cons

Pros Of The NBP Student Loan Scheme:

  • Easy Accessibility: NBP Student Loan Scheme is easily accessible to students pursuing higher education in Pakistan.
  • Interest-free loans: The NBP Student Loans are completely interest-free.
  • Flexible Repayment Options: The repayment options of the NBP Student Loan Scheme are flexible and can be customized according to the student’s needs.
  • No Collateral Required: NBP Student Loan Scheme does not require any collateral or security, making it easier for students to apply for the loan.
  • Multiple Loan Types: The NBP Student Loan Scheme offers multiple types of loans, such as tuition fees, boarding expenses, and textbooks.

Cons Of The NBP Student Loan Scheme:

  • Limited Universities: The NBP Student Loan Scheme is only available for students who are enrolled in approved universities and colleges.
  • Limited Loans: The NBP Student Loan Scheme has a limited number of loans available, and not all applicants may be approved for the loan.
  • Guarantor Requirement: The NBP Student Loan Scheme requires a guarantor, which can be difficult for students to arrange.
  • Time-Consuming Process: The loan application process for the NBP Student Loan Scheme can be time-consuming and may require several visits to the bank.

Overall, the NBP Student Loan Scheme is a good option for students who need financial assistance to pursue their higher education in Pakistan.

However, students should carefully consider the pros and cons of the loan scheme before applying for it.

NBP Student Loan FAQs

What is the maximum loan amount offered under the NBP Student Loan Scheme?

The maximum loan amount offered under the NBP Student Loan Scheme is up to PKR 2.5 million.

Is there any age limit to apply for the NBP Student Loan Scheme?

Yes, applicants must be between the ages of 18 and 35 years to apply for the NBP Student Loan Scheme.

Can I apply for the NBP Student Loan Scheme if I am studying abroad?

No, the NBP Student Loan Scheme is only available for students who are pursuing higher education in Pakistan.

How can I repay the NBP Student Loan?

The NBP Student Loan can be repaid through equal monthly installments (EMIs) or bullet repayment, as per the repayment plan agreed upon with the bank.

Do I need a guarantor to apply for the NBP Student Loan?

Yes, a guarantor is required to apply for the NBP Student Loan Scheme.

Can I apply for multiple types of loans under the NBP Student Loan Scheme?

Yes, you can apply for multiple types of loans, such as tuition fees, boarding expenses, and textbooks, under the NBP Student Loan Scheme.

What is the interest rate on NBP Student Loans?

There Is no interest on these loans, NBP Student Loans are completely interest-free.

How long does it take to get the loan approved?

The loan approval time can vary and depends on factors such as the completeness of the application, the accuracy of the information provided, and the bank’s internal procedures. Generally, it can take up to two to four weeks to get the loan approved.

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