In case you are planning to pursue your tertiary education and cannot afford the financial burden on your own, the National Bank of Pakistan (NBP) has come up with an excellent opportunity for students. This leading bank has launched a student loan program that will help you finance your higher education and get ready to excel in this domain. The new scheme is called NBP Student Loan Scheme, which was launched in January 2018.
The scheme will make it easier for students to pursue their higher education without worrying about the cost of studying. It is a special credit facility that enables eligible applicants to take loans at affordable interest rates for tertiary education from any recognised institution throughout the country.
What Is the NBP Student Loan?
It is a loan that is offered to students to pursue their higher education. This loan has a low-interest rate and flexible repayment terms. The main purpose of this loan is to make it easier for students to study without having to worry about the cost. You can use this loan for a variety of purposes including tuition, housing, books, and living expenses. This loan is a great option for students who need financial help to pay for their education. Once you are approved for the loan, you can receive the money in a few days.
Eligibility Requirements for NBP Student Loan
The eligibility criteria for NBP Student Loan are: You must be a Pakistani National/PR. Minimum Age
Requirement for NBP Student Loan: The applicant must be at least 16 years of age and not more than 35 years of age. A regular student with valid enrollment at any Recognized Institution. Not have any adverse credit history.
How to Apply for the NBP Student Loan?
STEP 1: Visit the National Bank of Pakistan’s official website and download the application form.
STEP 2: Fill in the application form with accurate information and upload your scanned images.
STEP 3: Take a printout of the application form and visit your nearest NBP branch to submit the form along with the required documents.
For online application (NBP student loan online apply), Kindly download the NBP student loan form from this link ===> https://www.nbp.com.pk/SLFiles/ApplicationForm.pdf
Important Conditions of NBP Student Loan
The conditions of the NBP Student Loan are: The loan will be disbursed in two instalments. First, you will get a lump-sum amount that will be equal to two times your annual tuition. Second, you will get an instalment that will be equal to 10% of your annual tuition. The cumulative amount of the loan cannot exceed 67% of the total tuition. The loan tenor is usually up to the duration of the program or five years, whichever is earlier. The loan can be repaid in five equal instalments.
Disadvantages of NBP Student Loan
– The loan comes with a fixed interest rate of 8%. Since it is not a standard loan, it is not available at a lower interest rate.
– The loan has a high processing fee. The fee has been set at 2% of the total loan amount.
– The loan is offered to graduate students only. There are no options for undergraduate students.
– The loan is a relatively new product. Therefore, there is no track record to evaluate its performance.
– The loan amount is limited. You may not be able to get a sufficient amount to finance your higher education.
– The loan application process is tedious and time-consuming. You will have to visit a branch and wait in a long queue.
Final Words: Is NBP Student Loan Worth It?
The NBP Student Loan is a valuable option for students seeking financial assistance to cover the cost of their education. You can get the loan and complete your studies without having to worry about money. We recommend that you take advantage of this loan and complete your education without having to worry about money. If you have any queries, feel free to write to us in the comments section below. We will be happy to help you!