Rs109.22m ap­proved un­der Stu­dent Loan Scheme

The Pak Banker - - NATIONAL -

Apex Com­mit­tee for Stu­dent Loan Scheme, headed by Deputy Gov­er­nor, State Bank of Pak­istan, Saeed Ah­mad, has 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, will be given to 729 stu­dents of pub­lic sec­tor univer­si­ties across the coun­try, study­ing in dif­fer­ent dis­ci­plines of un­der-grad­u­a­tion, grad­u­a­tion and Ph. D stud­ies for the ses­sions 2013-2014 and 2014-15, ac­cord­ing to spokesman of State Bank of Pak­istan on Fri­day. It may be re­called that Stu­dent Loan Scheme was an­nounced in Fi­nan­cial Year 2002 fed­eral bud­get with the ob­jec­tive to pro­vide fi­nan­cial as­sis­tance to the mer­i­to­ri­ous stu­dents hav­ing in­suf­fi­cient means.

The loans are granted for a max­i­mum re­pay- ment 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 first em­ploy­ment or one year from the date of com­ple­tion of stud­ies, whichever is ear­lier.

Na­tional Bank of Pak­istan, 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. The scheme is man­aged by an Apex Com­mit­tee un­der the chair­man­ship of Deputy Gov­er­nor, State Bank of Pak­istan. Func­tions of the Com­mit­tee in­clude Sanc­tion­ing of loans; deal­ing with all pol­icy mat­ters re­lat­ing to the Scheme; ap­proval/al­lo­ca­tion of funds for each year of stud­ies; as­sis­tance in rais­ing funds and re­view­ing the au­dit re­ports of the scheme. The lat­est meet­ing was at­tended by the rep­re­sen­ta­tives of State Bank of Pak­istan, Na­tional Bank of Pak­istan, MCB Bank Lim­ited, Al­lied Bank Lim­ited, Habib Bank Lim­ited and United Bank Lim­ited.

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