Applying for a student loan in Pakistan: What’s required

WEB DESK: In Pakistan, the pursuit of education is hindered for many bright minds due to financial constraints, particularly impacting students from low-income families and rural areas.

Recognising the significance of education, certain banks in Pakistan have stepped forward to bridge this gap.

These banks offer loans tailored for deserving and hardworking students enrolled in Higher Education Commission (HEC) recognised universities or institutions across the country.

The objective is to provide financial assistance, covering essential expenses such as scheduled fees, boarding, procurement of textbooks, and other related costs.

This loan facility is also open to civilians, ensuring that higher education expenses for applicants or their children are met. Notably, the loan may be approved regardless of the salary disbursement channel.

Eligibility criteria

To apply for the loan, students must meet the following criteria:

– Be a Pakistani national

– Possess a valid CNIC for both the borrower and co-borrower

– Attain at least 50 per cent marks in the last Board/University examination

– Hold valid admission in any HEC recognised educational/technical/professional institution

– Maintain a clean credit history for both the borrower and co-borrower

– The minimum age requirement is 21 years for both the borrower and co-borrower

Application process

If you are seeking a loan for your child’s education, the necessary documents required by banks include:

– Fully completed application form

– Copy of valid CNIC

– Salary slip/salary certificate

– Six-month bank statement

– Contract letter (for contractual employees)

– Proof of admission and other education-related documents

Loan details

The loan amount can be as high as PKR 1,500,000 (depending on the bank), ensuring that financial constraints do not limit educational aspirations. Importantly, the disbursed amount covers scheduled fees, boarding, and other allied expenses, as indicated in the fee challan.

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The disbursement is channeled directly to the educational institute or university through the applicant’s account.

By offering these tailored financial solutions, banks are not only investing in individuals’ futures but also contributing to the nation’s overall development.