SBP apex body approves Rs 109.22m for student loans
KARACHI: State Bank of Pakistan Apex Committee for Student Loan Scheme, approved Rs 109.22 million as interest-free loans to deserving students for their entire period of higher studies within Pakistan. The amount, approved at a meeting of the Apex Committee, State Bank of Pakistan (SBP) headed by its Deputy Governor Saeed Ahmed will be given to 729 students of public sector universities across the country, studying in different disciplines of undergraduation, graduation and Ph.D studies for the sessions 2013-2014 and 2014-15. It may be recalled that Student Loan Scheme was announced in FY-02 federal budget with the objective to provide financial assistance to the 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 installment and repayable in monthly installments after six months from the date of first employment or one year from the date of completion of studies, whichever is earlier. National Bank of Pakistan (NBP), being the administrator of the Scheme, performs all the functions from receiving of the applications and scrutiny of the applications to payment and recovery of loans.