In this article, we will explore the top 5 banks that provide student loan in Pakistan for abroad study, exploring eligibility criteria, maximum loan application processes, and repayment terms.
Before discussing these banks in detail, here is a brief overview of the student loan programs of these banks to provide you with a quick overview at a glance:
| Bank/Institution | Loan Limit | Repayment Terms | Contact Details |
|---|---|---|---|
| National Bank of Pakistan (NBP) | Covers scheduled fees, boarding expenses, procurement of textbooks | Maximum repayment period of 10 years Monthly installments start after employment or completion of studies | Phone: 021-99220026, 021-99220100 Address: Head Office NBP Building, I.I. Chundrigar Road, Karachi, Pakistan |
| HBL (Habib Bank Limited) | PKR 25,000 to PKR 3,000,000 | Repayment tenure ranges from 12 to 48 months Availability of top-up facility Life insurance coverage | Phone: +92-111-111-425 |
| Bank Alfalah Limited | Depends on customer’s needs | Premiums can be paid annually, semi-annually, quarterly, or monthly Minimum term: 10 years Maximum term: 57 years | Phone: 111-225-226 Address: Bank Alfalah Ltd.6th Floor, State Life (SLICO) Building, I.I Chundrigar Road, Karachi, Pakistan |
| MCB Bank | Maximum PKR 1 million | Maximum repayment tenor of 7 years Pricing based on 6M KIBOR | Phone: +92 42 36041998-9 Email: info@mcb.com.pk Address: MCB Building, 15 – Main Gulberg, Jail Road, Lahore, Pakistan |
| Askari Bank | Up to PKR 1,000,000 | Monthly equal installments through Direct Debit Loan tenor from 1 to 7 years | Phone: 051-8092000, 051-2857424-39 Address: Third Floor, Plot No. 18, NPT Building, F-8 Markaz, Islamabad |
Now you have an overview of these banks. Let’s discuss their loan offerings in detail!
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Student Loan In Pakistan For Abroad Study 2024 [Get 5-50Lakh Study Loan]
Table Of Contents
- Student Loan In Pakistan For Abroad Study 2024 [Get 5-50Lakh Study Loan]
NBP Student Loan
Eligibility criteria:
To be eligible for a student loan under the scheme, applicants must meet the following criteria:
- Have secured admission on merit through the normal course/procedure in approved public sector universities or colleges.
- For Graduation: Not exceeding 21 years of age at the time of admission.
- For Post-Graduation: Not exceeding 31 years of age at the time of admission.
- For Ph.D.: Not exceeding 36 years of age at the time of admission.
- Have obtained at least 70% marks in the last public examination.
- Be studying one of the approved subjects.
- Be unable to pursue studies due to financial constraints.
Loan Limit:
The loan facility covers the entire duration of study for:
- Scheduled fees are paid directly to the university/college.
- Boarding expenses excluding meal charges.
- Procurement of textbooks, disbursed directly to the student.
Repayment
- The maximum repayment period for the loan is 10 years from the date of the first disbursement.
- Repayment begins 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.
Approved Subject
The loan scheme covers studies in the following subjects:
- 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
How to apply for a student loan:
- Application forms can be obtained from designated branches or downloaded from the National Bank of Pakistan website.
- Students should submit two sets of the Student Loan Application Form.
- Applicants must have obtained admission on merit through the normal procedure in the universities/colleges mentioned.
- Completed application forms should be submitted to the designated branches indicated for each university/college by the given deadline. Incomplete applications will not be considered.
- Students who have previously availed of this facility in the last year(s) do not need to reapply.
Contact Details:
- Website: https://www.nbp.com.pk/
- Phone Number: 021-99220026, 021-99220100
- Address: Head Office NBP Building, I.I. Chundrigar Road Karachi, Pakistan.
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HBL Student Loan For Study Abroad
The loan facility provides financial assistance for various needs, supporting both your dreams and during difficult times.
Eligibility criteria:
- Applicant must be a salaried individual with their salary credited to an HBL account.
- Applicant must be 21 years or older at the time of loan application and 60 years or younger at the time of loan maturity.
Features:
- The financing limit ranges from PKR 25,000 to PKR 3,000,000.
- Repayment tenure(s) ranging from 12 to 48 months.
- Availability of top-up facility after every 12 months.
- Life insurance coverage.
Loans via Mobile App:
Get an HBL PersonalLoan through the HBL Mobile App, offering a quick and hassle-free process.
- Benefits:
- Easy application process through quick and simple steps.
- Paperless procedure, with no forms, document submissions, or verification process required.
- The convenience of applying from home through the HBL Mobile App.
- Quick Evaluation: Your loan application through the HBL Mobile App is swiftly evaluated, and you will be informed of the status via SMS on your registered mobile number.
- Criteria: The service is available to selected customers who maintain a salary account with HBL.
- How to avail of the Offer: Simply log in to the HBL Mobile App to apply for an HBL Personal Loan.
Application Process:
Applicant must provide a verified copy of CNIC, a verified copy of the salary slip, and a letter from the employer (if applicable). Terms and conditions apply.
Contact Details:
- Website: https://www.hbl.com/
- Phone Number: +92-111-111-425
- Address: HBL | Habib Bank Limited – IBB, NEW Garden Town, 31 Main Boulevard Garden Town, Ali Block Garden Town, Lahore, Punjab.
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Bank Alfalah Study Abroad Loan
Education is a right, not a privilege. The Roshni Education Plan ensures that your child’s education is secure even in the event of an untimely death.
Bank Alfalah Limited, in partnership with Jubilee Life Insurance Company Limited, offers the Roshni Education Plan.
Eligibility Criteria:
Available to all Bank Alfalah Limited customers aged 18 to 65.
Features and Benefits:
- All invested premiums are secure, with the entire cash value accumulated during the plan’s term paid out at maturity.
- Flexibility to select the sum assured according to your needs.
- In case of the life assured’s demise during the plan’s term, beneficiaries receive the sum assured or the cash value, whichever is higher.
- Contributions are invested in funds of your choice managed by expert investment managers, ensuring optimized returns with manageable risk exposure.
Payment Frequency
- Premiums can be made annually, semi-annually, quarterly, or monthly.
Term of Plan
- Minimum term: 10 years
- Maximum term: 57 years
Contact Details:
- Website: https://www.bankalfalah.com/
- Phone Number: 111-225-226
- Address: Bank Alfalah Ltd.6th Floor, State Life (SLICO) Building, I.I Chundrigar Road, Karachi, Pakistan.
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MCB Student Loan Scheme
MCB Bank, in partnership with Lahore University of Management Sciences (LUMS), offers Student Personal Loans to MBA and Executive MBA students.
Eligibility Criteria:
- Applicant must be a Pakistani National.
- Minimum age: 21 years and maximum age: 45 years at the time of loan/first tranche approval.
- Must have obtained at least 50% marks (or equivalent) in the last public examination, confirmed in writing by LUMS.
- Must have a valid admission and provided admission acceptance to LUMS, confirmed in writing by LUMS.
- Maximum 80:20 coverage of only Admission, Registration, Tuition, On-Campus Residence, and any other upfront fee payable to LUMS.
- The loan does not cover any amount refundable to the student later on.
Tenure
Maximum repayment tenor: 7 years from the date the loan becomes repayable, including a grace period of 6 months for all programs.
Pricing
The pricing for all programs is based on 6M KIBOR.
Loan Amount:
Maximum loan amount: PKR 1 million.
How to apply for a student loan:
All loans are subject to processing and approval at the sole discretion of MCB Bank Limited, by regulations and the bank’s approved policies and procedures.
Contact Details:
- Website: https://www.mcb.com.pk/
- Phone Number: +92 42 36041998-9
- Email: info@mcb.com.pk
- Address: MCB Building, 15 – Main Gulberg, Jail Road, Lahore, Pakistan.
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Askari Bank Student Loan In Pakistan For Abroad Study
Askari Education Loan is designed for deserving and hardworking students studying in HEC-recognized universities or institutions within Pakistan, covering various education-related expenses.
The loan provides financial assistance for scheduled fees, boarding, procurement of textbooks, and other allied expenses, ensuring students receive the best education for their success.
Eligibility Criteria:
Available to civilians for higher education expenses of the applicant or their children, regardless of salary disbursement through AKBL or any other bank.
- Students must:
- Be Pakistani nationals.
- Have valid CNICs for both borrower and co-borrower.
- Have obtained at least 50% marks in the last Board/University examination.
- Have valid admission in any HEC-recognized educational/technical/professional institution.
- Have a clean credit history for both borrower and co-borrower as per eCIB of SBP.
- Minimum Age: 21 years for both borrower and co-borrower.
Product Features:
- Repayment: Monthly equal installments through Direct Debit on the 1st of every month after loan disbursement.
- Pricing:
- Salaried individuals:
- Branch Customer: 31% Fixed
- Non-Branch Customer: 33% Fixed
- Salaried individuals:
- Loan Tenor: 1 year to 7 years or as per prevailing SBP Prudential Regulations.
- Bank’s Schedule of Charges:
- Processing Fee: Nil
- Balloon Payment Charges: Nil
- Early Termination Charges: Nil
- Late Payment Charges (LPC): As per prevailing SOC
- Insurance Charges: As per prevailing SOC
- Legal & Documentation Charges: At actual or as updated in prevailing SOC.
- Maximum Loan Amount: Up to PKR 1,000,000.
Required Documents:
- Application form duly filled.
- Copy of valid CNIC.
- Salary Slip/Salary Certificate.
- 6-month bank statement.
- Contract letter (For contractual employees).
- Proof of Admission and education-related documents.
How to Apply:
Visit Askari Bank branches or call the 24-hour Voice & Virtual Center at 111-000-787 for assistance in completing the loan application form and other formalities.
Contact Details:
- Website: https://askaribank.com/
- Phone Number: 051-8092000, 051-2857424-39
- Address: Third Floor, Plot No. 18, NPT Building, F-8 Markaz, Islamabad.
Comparison Of Student Loan Programs
The following is a comparative analysis of student loan options offered by different banks including NBP, HBL, Bank Alfalah, MCB, and Askari Bank:
| Criteria | NBP Student Loan Scheme | HBL Student Loan For Study Abroad | Bank Alfalah Roshni Education Plan | MCB Student Personal Loans | Askari Education Loan |
|---|---|---|---|---|---|
| Eligibility Criteria | – Secured admission on merit – Age limits: Graduation: ≤21 years Post-Graduation: ≤31 years Ph.D.: ≤36 years – 70% marks in last exam – Unable to pursue studies due to financial constraints | – Salaried individual with HBL account – Age: ≥21 years at application, ≤60 years at maturity | – Available to Bank Alfalah customers aged 18 to 65 | – Pakistani National – Age: 21 to 45 years | – Pakistani nationals – Valid CNIC – ≥50% marks in last exam – Valid admission in HEC-recognized institution |
| Loan Limit | – Covers scheduled fees, boarding, textbooks – Maximum repayment period: 10 years – Repayment begins 6 months after employment or 1 year after completion of studies | – Financing limit: PKR 25,000 to PKR 3,000,000 – Repayment tenure: 12 to 48 months – Top-up facility available – Life insurance coverage | – Secure premiums, cash value paid at maturity – Flexibility in sum assured – Life coverage in case of demise – Invested in funds for optimized returns | – Maximum loan amount: PKR 1 million – Repayment tenor: 7 years – Pricing based on 6M KIBOR – Covers specific fees at LUMS | – Repayment: Monthly installments – Loan tenure: 1 to 7 years – Fixed interest rates – Maximum loan amount: PKR 1,000,000 |
| Repayment Terms | – Maximum repayment period: 10 years – Repayment begins 6 months after employment or 1 year after completion of studies | – Repayment tenure: 12 to 48 months – Top-up facility available | – Repayment at maturity | – Maximum repayment tenor: 7 years – Grace period of 6 months for all programs | – Repayment: Monthly installments – Loan tenure: 1 to 7 years |
| Interest Rates | – based on KIBOR | – based on KIBOR | – based on KIBOR | – Pricing based on 6M KIBOR | – Fixed interest rates |
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FAQs | Student Loan In Pakistan
What are the eligibility criteria for obtaining a student loan in Pakistan?
Students must:
Be Pakistani nationals.
Have obtained admission on merit in approved universities/colleges.
Fall within the specified age brackets for different education levels.
Have secured at least 70% marks in the last public examination.
Be unable to pursue studies due to financial constraints.
What are the types of expenses covered by the student loan?
The loan covers expenses such as scheduled fees, boarding excluding meal charges, procurement of textbooks, and other related expenses.
What is the maximum repayment period for the student loan?
The maximum repayment period is 10 years from the date of disbursement of the first installment.
Can students apply for a student loan for all education levels?
Yes, students can apply for loans for Graduation, Post-Graduation, and Ph.D. studies, subject to meeting the eligibility criteria.
How can students apply for a student loan?
Students can obtain application forms from designated branches or download them from the National Bank of Pakistan website. They must submit the completed forms to the designated branches along with the required documents.
Is there a limit to the amount of loan that can be availed?
Yes, the maximum loan amount is PKR 1 million for the entire duration of the study, covering specified expenses.
Are there any additional charges or fees associated with the student loan?
No, there are no processing fees, balloon payment charges, or early termination charges. However, late payment charges may apply as per prevailing SOC.
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