Introduction:
If you are thinking of applying for a student loan in Pakistan and it's your first time going to apply for it, then firstly you need to know that there are different eligibility criteria for student loans. Let's take a look at some details about the eligibility criteria for a student loan in Pakistan so as to get a better idea of its benefits and limitations. Student loans are the lifeline of all college students in Pakistan, who want to pursue higher education and get a better job.
But getting a student loan is not easy at all. It is especially difficult if you come from a non-middle-class background. There are many eligibility criteria for a student loan in Pakistan which vary according to different institutions. Student loan eligibility criteria in Pakistan is a new trend that must be understood by all. If you are a student in the country, you should know about the documents required for student loan payments.
Eligibility for Study Loan
To get a student loan, you need to meet certain eligibility criteria. You can apply for this loan if you have been enrolled in any of the following institutions:
* University or College
* Private University or College
* Government University or College
* Technical Institute
A student loan is offered by the government or private sector banks to help students in pursuing higher education. Student loans are made available to those who have completed their matriculation, intermediate, or bachelor's degree.
In order to be eligible for a student loan, you should be:
A Pakistani citizen or a legal resident of Pakistan
Enrolled in degree/diploma program at least for six months
Have passed the 10+2 examination
Have a minimum GPA of 2.5 on a CGPA basis (Cumulative Grade Point Average).
Eligibility criteria for a student loan in Pakistan:
You have to be a citizen of Pakistan, who holds a valid Pakistani ID card and has completed the prescribed academic requirements.
If you are between 18 and 22 years of age, you can apply for a student loan if you are enrolled in a course at a university, college, or another educational institute that is recognized by the Higher Education Commission (HEC).
You must be an undergraduate student or graduate student studying in any field including liberal arts, engineering, or medical disciplines. You must have good academic records before applying for a loan because this helps you to get approved easily.
To be eligible for a study loan in Pakistan, you must have studied at an officially recognized university or college and earned a degree.
You’ll need to provide proof that you’ve completed your coursework and graduated with a degree. You can use your own diploma or transcript as proof of graduation if you have one. If not, you can ask your school to send you one.
A copy of your passport or Pakistani identity card
A recent bank statement showing the name of the school where you studied (or an academic transcript).
Academic qualifications
The most common reason for student loans is academic qualification. If you have completed your degree and are looking for a job, the best way to get hired is through your CV and portfolio.
It’s important to note that your academic qualifications are not the only thing that matters when it comes to getting a student loan in Pakistan. There are many other factors that come into play when determining whether or not you should qualify for one.
For example, your financial situation may make it impossible for you to afford higher education without help from the government or private institutions such as banks and lenders. The eligibility criteria for a student loan in Pakistan is a Bachelor's degree, preferably in any discipline of science, commerce, or humanities.
The minimum required academic qualification for this loan is a Bachelor's degree from a recognized university with at least 50% marks (45% for SC/ST students).
1. Students who have been awarded a Graduation degree by the any University of Pakistan, or by any other university recognized by the Higher Education Commission (HEC) of Pakistan can apply for a student loan for a higher degree such as Masters's and Ph.D.
2. Students who have completed their bachelor’s degree with a minimum CGPA of 3 and CGPA of 3 (A) in any subject they opt for can also apply for student loans without further qualification.
3. Students who have passed their final year exams with good marks can also apply for student loans without further qualification but they need to submit proof that they would like to pursue a higher degree after graduation i.e. masters or Ph.D. degree.
Age Limit
The age limit for student loans in Pakistan is 18 years. You can apply for a student loan if you are above 18 years of age and studying full-time at any educational institution of your choice in Pakistan or abroad. The maximum duration for taking a student loan is 10 years.
The age limit for student loans in Pakistan is 18 years. If you are above the age of 18, then you can apply for a loan on your own. However, if you have not completed your graduation, then getting a loan is not possible.
The minimum amount you can borrow is Rs.50000 and the maximum amount is Rs.3000000.
The age limit for a student loan in Pakistan is 18 years to 40 years. The maximum age limit for student loans in Pakistan is 40 years.
However, there are some exceptions to this rule. For example, a person below 18 can apply for a student loan if he/she will be attending college or university and the course of study will take at least two years to complete and he/she has attained the age of 18.
The government has also introduced a new scheme where students between the ages of 18 and 20 can avail of affordable loans from their parent’s bank accounts by applying online through a mobile app called “Shahlaan”.
You will have to be between 18 and 40 years of age, in order to apply for a student loan. The minimum age limit is 19 years, but if you are below 21 years of age, then your parents will have to be the guarantors for the loan.
You can get a loan as early as you want, but you cannot get any loan before getting your degree or any other proof of completion.
Conclusion:
In order to get a student loan, you should fulfill all the eligibility criteria. If you are a resident of Pakistan and want to study abroad then this loan program was introduced specially for you. The applicants should have a BA/BSc or higher degree and also they should be pursuing further education or training in eligible programs.
Another eligibility criterion is that the applicant must not have availed of any other educational loan previously.ESN is a unique and special program as it provides you ample opportunities to gain experience and grow your career.
You can get all the details about the program online. In other words, the student should be enrolled in a graduate program, or undergraduate courses combined with one year of master's level coursework. There are other restrictions as well, and it's important to note that you should check with your local Finance Ministry to determine whether you're eligible for this type of loan.
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