Mobilink Microfinance Bank Limited MMBL has introduced a student loan in Pakistan to support the schools in Pakistan, including local private schools and technical educational institutions.
Mobilink Microfinance Bank Limited is providing Student loans in Pakistan under its program, offering amounts ranging from Rs. 350,001 to Rs. 3,000,000.
In this article, we will explore:
- What is the Mobilink Bank student loan scheme?
- It’s eligibility criteria
- How to apply for the Mobilink Bank student loan? (step-by-step guide) & many more.
Having said that, let’s get started with our guide!
Recommended Reading: Student Loan In Pakistan (60K-3Lakh) | Student Loan Scheme 2023
Student Loan In Pakistan | Study Loan In Pakistan {PKR 3-30 Lakh}
Table Of Contents
What is a Study Loan In Pakistan?
Mobilink Microfinance Bank Limited has introduced a student loan in Pakistan to help non-state schools in Pakistan, including local private schools and technical institutions.
Student loan in Pakistan, available through MMBL’s branches nationwide, provides up to PKR 3 million, assisting schools in rural, semi-urban, and urban areas with various financial needs, such as staff development, building projects, labs, and purchasing equipment.
MMBL’s goal is to make it easy for schools to access funds, ensuring they can continue providing quality education for children throughout the country.
Recommended Reading: Student Loan In Pakistan (60K-3Lakh)
Student Loan Details
Student Loan Amount | School Loan Amount
Mobilink Microfinance Bank Limited MMBL has a student loan in Pakistan that offers amounts ranging from Rs. 350,001 to Rs. 3,000,000. This loan is designed to help schools with their financial needs, making it easier for them to provide quality education.
Loan Duration
Mobilink Microfinance Bank Limited School Loan or student loan in Pakistan with a repayment period of 12 to 120 months, which you can pay back in equal monthly installments.
Interest Rate | Markup Rate
Mobilink Microfinance Bank Limited (MMBL) offers the School Loan or student loan with a Markup Rate of 34.00%. This is the interest rate you’ll pay on the loan amount.
Insurance Charges On Loan
For the 3 million student loan in Pakistan or a school loan from Mobilink Microfinance Bank Limited, there’s an insurance charge of PKR 4,100 for the first year. This insurance is paid annually and depends on how long you have the loan.
Recommended Reading: Student Loan In Pakistan (60K-3Lakh) | Student Loan Scheme
Student Loan Eligibility Criteria
Eligibility Criteria for MMBL Student Loan in Pakistan:
- School Type: Private Schools/Technical educational institutions registered with any government-approved authority.
- Franchise Proof: Schools affiliated with renowned educational organizations must provide evidence of the franchise agreement and contract.
- Ownership: Only the owner of the school is eligible to apply.
- Age Range: Age should be between 25 and 60 years at the time of application (Max. 64 Years & 8 Months at the time of Loan Maturity).
- Experience: Minimum 3 years of experience in running schools or technical educational institutes.
- Business Premises: Business premises can be owned or rented. For rented buildings, the client must have operated the business at the same location for the last 2 years.
- Identification: Must hold a valid CNIC/SNIC.
- Financial Record: Should not be a defaulter of any financial institutions & public utilities.
- Residency/Work Requirement: Must have resided or worked in launching cities for at least 1 year in case of owned residence or a minimum of 2 years.
- Staff and Student Strength:
- Staff strength should be up to 25.
- Student strength should be a minimum of 100 students.
Documents Required For Student Loan In Pakistan
These are the following Documents Required For Student Loan In Pakistan:
- ID Proof: Valid Computerized National Identity Card (CNIC/SNIC).
- Financial Records: Valid and clean eCIB and NADRA Verisys.
- Customer Photo: One recent passport-size photograph of the customer.
- Utility Bill: Copy of the last paid utility bill for the school.
- Registration Certificate: Copy of the school registration certificate.
- Rental Agreement: Valid rental agreement, if applicable (covering the entire financing period).
- Franchise Proof: Franchise agreement, if applicable.
- Collateral Documents: Copy of property documents offered as collateral.
- Legal Opinion: Legal opinion on property documents (arranged by the bank).
- Property Valuation: Offered property valuation report from a PBA-approved valuator (arranged by the bank).
- Bank Statement: Bank statement for the last six months in the case of the school/owner.
- Capital Expenses Details: Details of expected capital expenses for construction/renovation, including costs to be borne by the customer (minimum 20% of total expected expenses).
How To Apply For Student Loan From Mobilink Bank?
To apply for a student loan from Mobilink Bank, follow these steps:
- Prepare all the required documents: This typically includes identification documents, proof of enrollment in an educational institution, proof of income or financial status (for co-signers if applicable), academic transcripts, and any other documents required by the bank.
- Visit the nearest branch of Mobilink Bank: Find the nearest branch of Mobilink Bank and visit during business hours. You may want to call ahead to inquire about their student loan application process and schedule an appointment if necessary.
- Fill out the application form and attach necessary documents: Once you’re at the bank, ask a bank representative for a student loan application form. Fill out the form completely and accurately, providing all requested information. Attach all the required documents to your application.
- Wait for approval: After submitting your application and documents, the bank will review your application and determine whether to approve your loan request. This process may take some time, so be patient. You may be contacted by the bank if they require any additional information or documentation.
School Loan In Pakistan Calculator
Mobilink Bank Helpline
Phone: 051 2817070
Helpline Number: 051 – 111 962 962
Email: info@mobilinkbank.com
Address: 3-A/2 F-8 Markaz Islamabad
Recommended Reading: Student Loan In Pakistan For Abroad Study [Get 5-50Lakh Study Loan]
FAQs | Student Loan In Pakistan
What is a Student or School Loan In Pakistan?
Mobilink Microfinance Bank Limited (MMBL) introduced a student loan in Pakistan to support non-government schools, including local private schools and technical institutions, in rural, semi-urban, and urban areas. This financial initiative helps these schools with tasks like staff development, building construction, lab setup, and asset purchase. MMBL’s School Loan, available through its widespread branch network in Pakistan, provides up to PKR 3 million with easy terms.
How much loan amount offered by Mobilink Banks and how much interest rate on the loan?
Mobilink Microfinance Bank Limited (MMBL) provides a student loan in Pakistan ranging from Rs. 350,001 to Rs. 3,000,000 to support schools financially. The loan duration is 12 to 120 months with equal monthly installments. The Markup Rate is 34.00%, representing the interest on the loan. Additionally, for a 3 million student or school loan, there’s a yearly insurance charge of PKR 4,100, varying with the loan duration.
What are the eligibility criteria required for a Mobilink Banks student loan in Pakistan?
MMBL School Loan Eligibility Criteria:
School Type: Private/Technical schools registered with government-approved authority.
Franchise Proof: Affiliated schools must show franchise agreement evidence.
Ownership: Only school owners can apply.
Age Range: 25-60 years at application (max. 64 at loan maturity).
Experience: Minimum 3 years running schools/technical institutes.
Business Premises: Owned or rented, with 2 years at the same location for rentals.
Identification: Valid CNIC/SNIC required.
Financial Record: No default on financial institutions & public utilities.
Residency/Work: 1 year in owned residence or 2 years in launching cities.
Staff and Students: Staff up to 25, minimum 100 students.
Which documents are required for an MMBL School Loan?
To apply for the MMBL School Loan, provide a valid CNIC/SNIC, clean eCIB, NADRA Verisys, and a recent passport-size photo. Also, submit the last school utility bill, registration certificate, and a valid rental agreement if applicable. For franchises, include the franchise agreement. Collateral documents and a bank-arranged legal opinion on them are necessary. Include a property valuation report from a PBA-approved valuator and the last six months’ bank statement. Provide details on expected construction/renovation expenses, with at least 20% covered by the customer. Submitting these ensures a smoother loan application with Mobilink Microfinance Bank Limited.
What is the Helpline number of the Mobilink Bank?
The helpline number of the Mobilink Bank:
Phone: 051 2817070
Helpline Number: 051 – 111 962 962
Email: info@mobilinkbank.com
Address: 3-A/2 F-8 Markaz Islamabad
Recommended Reading: Student Loan In Pakistan (60K-3Lakh) | Student Loan Scheme
If you like this article, please comment and share this article with others on Facebook, WhatsApp, or any other platform.
Should you have any questions or need further details, please don’t hesitate to reach out to us at Governmentschemes.pk@gmail.com | Info@governmentschemes.pk! We’re here to assist you!
Add a Comment