The National Bank of Pakistan (NBP) established the NBP Student Loan Scheme 2023 to help students who are having trouble paying for their education. This program seeks to facilitate the educational process for gifted children who lack the funding to further their education.

While borrowing money for school and paying it back after graduation is popular in Western nations, there aren't many student loan programs like that in Pakistan. The expenditures associated with continuing one's education after matriculation can be onerous, which presents a substantial obstacle, particularly for low-income households.

The NBP has taken the initiative to assist students in realizing their aspirations of earning a degree through student loans after realizing the rising costs connected with education. Students are required to pay back the loan to the appropriate organization once they have finished their education. Students in nations including the United States, Canada, and Germany frequently use student loans. Similar to this, Pakistani groups have begun providing student loans to aid students in pursuing higher education.

In Pakistan, a large number of non-governmental organizations offer a range of loan schemes to help students achieve their academic objectives. These programs seek to eliminate the financial obstacles that frequently prevent students from pursuing further education. The NBP Student Loan Scheme 2023 and similar initiatives seek to empower students and give them access to the education they desire by offering financial aid.

FAST University Study Loan Scheme
The renowned FAST University in Pakistan, which is famed for its IT and computer science degrees, is aware that not all students can pay the tuition costs. The institution provides interest-free study loans that are renewed each semester based on academic performance to assist financially struggling students. These loans, however, are just for tuition and may be stopped if the student's CGPA drops below the required level.

The OSAF Financial Assistance Program at FAST University also offers loans to BS students at the Lahore Campus who are struggling financially. Each semester, loan recipients are chosen based on their financial needs during interviews.

Akhuwat Islamic Micro-Finance Student Loan
Amajd Saqib, a well-known philanthropist and the founder of the non-profit Akhuwat, has introduced an Islamic microfinance student loan program. This initiative offers zero-interest financial aid to qualified families in an effort to help them. Additionally, Akhuwat offers assistance to students who are unable to pay for their education through other means. This outstanding project significantly and laudably advances the field of student loan programs in Pakistan.

Ihsan Trust Loan Scheme
Ihsan Trust, an NGO with an emphasis on rural development, education, skill development, and orphan care, helps those in need. The group is also extremely important in offering help and assistance in times of natural disaster.

Ihsan Trust provides 'Qarz-e-Hasana' student loans in Pakistan, which are interest-free loans customized to meet the individual needs of each student. Students are forced to make small repayments during their education, the amount of which is dependent on their parents' or guardians' income. Students are required to repay the loan based on a monthly payment schedule after their studies are complete. Ihsan Trust's project is to empower students and give them the financial freedom to pursue their studies.

Pakistan's National Bank Student Loan Program

The National Bank of Pakistan (NBP) has introduced a student loan program to help people who find it difficult to pay for higher education costs. Students seeking undergraduate, graduate, and doctoral degrees under this program are allowed to apply if they received at least 70% on their prior exam. The program focuses especially on students attending public sector institutions.

Students can get interest-free loans through the NBP Student Loan Scheme, enabling them to further their studies without having to worry about paying back interest. Academically gifted people who lack the funds to pay for their further education have a great opportunity thanks to this program.

The NBP seeks to close the financial gap that can prevent worthy students from enrolling in higher education by providing interest-free loans. This program encourages students to pursue academic achievement and contribute to the general advancement of the country while also promoting educational diversity.

Loan-Giving Schemes at Other Universities

Universities outside of FAST, including IBA Karachi, provide financial aid through initiatives like Qarz-e-Hasana, which are tailored for students from underprivileged socioeconomic backgrounds.

Types of NBP Loan Schemes

1. Direct payment of the schedule fee to the university
2. Boarding costs (but not meal costs) Covered
3. Direct payment to the student for the purchase of textbooks

Approved Subjects for Pakistan's NBP Student Loan

Below Subjects are Approved for the NBP Student Loan.

1. Engineering
2. Electronics
3. Oil, Gas, and Petro-Chemical Technology
4. Agriculture
5. Medicine
6. Physics
7. Chemistry
8. Biology, Molecular Biology, and Genetics
9. Mathematics
10. Other natural sciences
11. DAWA and Islamic Jurisprudence (LL.B./LL.M. Sharia)
12. Computer Science/Information Systems and Technology (including hardware)
13. Economics, Statistics, and Econometrics
14. Business Management Sciences
15. Commerce

NBP Student Loan Program: Qualifications

Students that meet the requirements can apply for student loans through the National Bank of Pakistan.

Admission on Merit: The applicant must have been accepted on the basis of merit at a public institution of higher education after following the prescribed procedure.

The student's age must fall under one of the following groups at the time of admission:

• For Graduation, not older than 21
• For Post-Graduation, no older than 31 years
• For Ph.D, no older than 36 years

Academic Standing: The student must have received at least 70% on their most recent public exam.

No Other Scholarships: The student should not be receiving any further financial aid or scholarships.

Approved Subjects: The student must be studying the subjects listed in the program.

Financial Restrictions: The student must show that these restrictions prevent them from continuing their studies.

Students must fulfill these requirements in order to be eligible for the National Bank of Pakistan Student Loan Scheme.

How can I apply for the NBP Student Loan Program in 2023?

There are two ways to apply for the NBP Student Loan Scheme in 2023:

Visit the official website to download the application forms for the online application. Fill out the forms completely, making sure to include all the necessary details, and attach all required files. Before the deadline, deliver the application to the National Bank of Pakistan's main office.

Bank Visit

As an alternative, you can go straight to the designated banks listed in the terms of the scheme. Gather the bank's application forms, complete them completely, and be sure to include all necessary supporting documentation. Fill out the forms and turn them in at the bank.

Use the comment area or contact the appropriate authorities if you have any questions or need more information regarding the student loan program. They will respond quickly and help you with any questions you may have.

Application form for the student loan program

Students who are interested must fill out the National Bank of Pakistan's application form in order to apply for the NBP Student Loan Scheme. The application form is available at specific NBP branches or can be downloaded from this link. The completed form must then be sent to the Virtual University (VU) for validation. The form will be returned to the student with the required attestations after being examined in order to be submitted to the designated NBP branches.

Students should carefully read the application form's instructions and make sure that all necessary documents are attached in accordance with the bank's specifications. While the bank processes applications and decides whether to approve loans, the virtual institution's responsibility is to certify the student's enrollment in the institution.

Loan Repayment

The NBP Student Loan Scheme has a maximum 10-year repayment duration, beginning with the distribution of the first installment. After six months of finding a job or one year after finishing school, whichever comes first, the borrower starts paying back the loan through monthly installments. With the help of this repayment strategy, borrowers can properly manage their loan obligations while adjusting to their post-educational situation.