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Rs51.87m interest-free loans for meritorious students approved

Rs51.87m interest-free loans for meritorious students approved

ISLAMABAD: The apex committee for Student Loan Scheme, having representation from State Bank of Pakistan, finance division and five major banks (NBP, HBL, UBL, ABL and MCB), has approved Rs51.987 million as an interest-free loan to deserving students for their current year of studies within Pakistan.

According to the central bank, the amount, approved by apex committee, will be given nationwide to 966 deserving students of public sector universities, studying in different disciplines of under-graduation, graduation and PhD studies for the session 2016-2017.

The objective of the 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 installment after six months from the date of first employment or one year from the date of completion of studies, whichever is earlier.

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