For students: Committee approves Rs109m interest-free loans

KARACHI:

The Apex Committee for Student Loan Scheme, which is headed by State Bank of Pakistan (SBP) Deputy Governor Saeed Ahmad, has approved Rs109.22 million for interest-free loans to deserving students for their entire period of higher studies within Pakistan.

According to a statement released by the SBP on Friday, the approved amount will be given to 729 students of public-sector universities across the country, studying in different disciplines of undergraduate, graduate and PhD studies for 2013-2014 and 2014-15.

The Student Loan Scheme was introduced in the federal budget of 2001-02 with the objective to provide financial assistance to meritorious students having insufficient means. The loans are granted for a maximum repayment time of 10 years from the date of the disbursement of first instalment and repayable in monthly instalments after six months from the date of the first employment or one year from the date of completion of studies, whichever is earlier.

National Bank of Pakistan (NBP) is the administrator of the scheme and performs all functions, including receiving of the applications and scrutinising of them
for payment and recovery
of loans.

Published in The Express Tribune, February 27^th,  2016.

Like Business on Facebook, follow @TribuneBiz on Twitter to stay informed and join in the conversation.