The following Student Loan programs include tuition fees, accommodation, textbooks, and other educational expenses, enabling students to focus on their studies without worrying about financial burdens while studying abroad.
We will explore the top 5 banks of Pakistan that have the specialty and are authorized by SBP to grant student loan in Pakistan for study abroad.
Our list includes the following banks in Pakistan:
- Student Loan from the National Bank Of Pakistan
- Student Loan from Habib Bank Limited
- Student Loan from Bank Alfalah
- Student Loan from MCB Bank Pakistan
- Student Loan from Askari Bank.
We will explore the eligibility criteria, maximum loan amounts, document requirements, application processes, and repayment terms of student loan in detail. Let’s get started!
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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]
How To Get A Student Loan From The National Bank Of Pakistan
Eligibility Criteria:
- Admission is obtained solely on merit through the standard procedure in approved public sector universities or colleges.
- For Graduation: Applicants must not exceed 21 years of age upon admission.
- For Post-Graduation: Applicants must not exceed 31 years of age upon admission.
- For Ph.D.: Applicants must not exceed 36 years of age upon admission.
- Attainment of a minimum of 70% marks in the latest public examination.
- Enrollment in one of the designated subjects.
- Financial incapacity hinders the pursuit of studies.
Loan Limit:
- Coverage extends throughout the entire study duration, encompassing:
- Direct payment of scheduled fees to the university/college.
- Boarding expenses (excluding meal charges).
- Procurement of textbooks, disbursed directly to the student.
Repayment:
- Maximum repayment duration: 10 years from the initial disbursement date.
- Commencement of repayment in monthly installments after six months from the first employment date or one year from completion of studies, whichever comes first.
Approved 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 are available at designated branches or downloadable from the National Bank of Pakistan website.
- Submission of two sets of the Student Loan Application Form is required.
- Admission is obtained solely on merit through the standard procedure in specified universities/colleges.
- Completed application forms are to be submitted to designated branches assigned to each university/college by the specified deadline. Incomplete applications will not be entertained.
- Previous beneficiaries within the last year(s) are not required 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.
Recommended Reading: Student Loan In Pakistan (60K-3Lakh) | Student Loan Scheme 2023
How To Get A Student Loan From HBL (Habib Bank Limited)
Provides financial assistance for various needs, supporting aspirations, and during challenging times.
Eligibility Criteria:
- Applicant must be a salaried individual with a 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 loan maturity.
Features:
- The financing limit ranges from PKR 25,000 to PKR 3,000,000.
- Repayment tenure(s) range from 12 to 48 months.
- A top-up facility is available after every 12 months.
- Life insurance coverage included.
Loans via Mobile App:
Access HBL PersonalLoan through the HBL Mobile App for a quick and hassle-free process.
- Benefits:
- Simple application process with quick and easy steps.
- Paperless procedure, eliminating the need for forms, document submissions, or verification processes.
- Apply from the comfort of your home using the HBL Mobile App.
- Swift evaluation of loan application via SMS on your registered mobile number.
- Criteria: Service is available to selected customers maintaining a salary account with HBL.
- How to Avail the Offer: Log in to the HBL Mobile App to apply for an HBL Personal Loan.
Application Process:
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.
How To Get A Student Loan From Bank Alfalah
Eligibility Criteria:
Available to all Bank Alfalah Limited customers aged 18 to 65.
Features and Benefits:
- All premiums invested 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.
Recommended Reading: Student Loan In Pakistan (60K-3Lakh) | Student Loan Scheme 2023
How To Get A Student Loan From MCB Pakistan
Offered in partnership with Lahore University of Management Sciences (LUMS) for MBA and Executive MBA students.
Eligibility Criteria:
- Pakistani Nationality is required.
- Minimum age: 21 years, maximum age: 45 years at the time of loan/first tranche approval.
- Minimum 50% marks (or equivalent) in the last public examination, verified by LUMS.
- Valid admission and admission acceptance to LUMS, confirmed by LUMS.
- Maximum 80:20 coverage for Admission, Registration, Tuition, On-Campus Residence, and other upfront fees payable to LUMS.
- Excludes any amount refundable to the student later on.
Tenure:
- Maximum repayment tenor: 7 years from the date the loan becomes repayable, including a 6-month grace period for all programs.
Pricing:
- Pricing is based on 6M KIBOR for all programs.
Loan Amount:
- Maximum loan amount: PKR 1 million.
Application Process:
All loans are subject to processing and approval at the sole discretion of MCB Bank Limited, as per regulations and the bank’s approved policies and procedures.
Terms and conditions apply.
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.
How To Get A Student Loan From Askari Bank
Designed for deserving and hardworking students in HEC-recognized universities or institutions within Pakistan.
Covers various education-related expenses, ensuring access to quality education.
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.
- Applicants 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 details.
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.
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FAQs | Student Loan In Pakistan
What are the eligibility criteria for the Askari Education Loan?
The loan is available to Pakistani nationals aged 21 to 45 years at the time of loan approval, with a minimum of 50% marks in the last public examination. Applicants must have valid admission to an HEC-recognized university or institution and must not have any amount refundable to them later on.
What expenses does the Askari Education Loan cover?
The loan covers up to 80% of the scheduled fees, boarding expenses, procurement of textbooks, and other upfront fees payable to LUMS.
What is the maximum repayment tenor for the Askari Education Loan?
The maximum repayment tenor is 7 years from the date the loan becomes repayable, including a grace period of 6 months for all programs.
What is the pricing structure for the Askari Education Loan?
The pricing for all programs is based on 6M KIBOR.
What documents are required to apply for the Askari Education Loan?
Applicants need to provide a verified copy of CNIC, a verified copy of the salary slip, a 6-month bank statement, and a contract letter (for contractual employees). They also need to submit proof of admission and education-related documents.
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