According to a press release by State Bank of Pakistan (SBP), the approved amount 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 2014-2015.
The release stated that the 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”, the release added.
“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”, SBP stated.
It was also stated that the 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