Currently, Pakistan is passing through a period where Education is considered to be an integral part for the advancement for the future of this country, but thinking about getting and actually getting are two entirely different matters. Due to the increasing inflation for most people, higher education is only becoming a dream as they don’t have the financial background or support to continue their studies. However, a ray of hope is still present, and it is in the shape of student loan schemes. Loan schemes were first introduced in 2001-2002, and were conducted by some of the major banks like that of National Bank of Pakistan (NBP). From its opening to the current time, there have been many changes which have led to latest student loan schemes in Pakistan 2013.
Though student loan schemes are a blessing for the student around Pakistan, there are however some requirements that have to be met for a student to become eligible to apply for a student loan. These certain requirements were created by all of the major contributors of this scheme which include that of HBL, UBL, MCB and ABL; whereas NBP acts as an administrator of this whole scheme. The purpose of these requirements was to create a constraint so that only that student will be able to apply who are financially poor. Some of these requirements are discussed as follows:
- First and foremost is that the student must be financially poor when applying for this loan.
- The second requirement is that the student must have attained at least 70% marks in their last academic qualification.
- Thirdly, the student is applying for one of the subjects available in current and the latest student loan schemes in Pakistan 2013.
In the last 10 years or so, a lot of changes have been made to the student loan schemes and the government has tried its very best to extend the possibilities of this scheme so that more and more students can apply for it. One of the most recent changes in the latest student loan schemes in Pakistan 2013 was the approval of Rs.105.849 million worth of interest free loans to students would be provided. In accordance with the calculation with this budget, a total of 744 students would be able to continue with higher education studies in Masters and PhD.
Another change that was bought in the latest student loan schemes in Pakistan 2013 was done by the government who formally announced a budget of up to 2 million Rupees in loan for all those students who are trying to complete professional studies. The best part of this scheme is that it would be paid by the Federal government and it would entirely for those students who reside in less developed areas of Baluchistan, Punjab and Sindh. According to the government, up to 2 million loans will be provided on 8% markup to the students who are getting technical education and hoping to start their own business through the help of regular banks. The main difference between the previous loan schemes and the latest student loan schemes in Pakistan 2013 is that the 8% markup will be covered by the Federal Government.