Pursuing higher education from abroad is the dream of many Pakistani students. However, it comes with a hefty price tag that not everyone can afford from their own means. This is where taking a study abroad loan in Pakistan comes into play. Educational loans enable aspirants to study their desired programs overseas without worrying about fees.
With the help of financing options like study abroad loans, Pakistani students can gain admission into top universities of their choice in countries like the UK, Canada, Australia, New Zealand, Ireland, Germany and more. Let’s explore how to apply for a study loan and requirements for securing one:
Eligibility Criteria for Study Abroad Loan
To qualify for an education loan, applicants must meet the below criteria:
– Pakistani citizenship
– Admission acceptance in a recognized foreign institute
– Minimum 1 year/6 months program duration
– No criminal record
– Monthly income documents of guarantor
– Property documents for collateral
Popular Banks Offering Study Loans
Some of the major banks providing study abroad loans in Pakistan include:
– Habib Bank Limited
– United Bank Limited
– Bank Alfalah
– Meezan Bank
– Faysal Bank
– Bank Islami
– Bank Al Habib
Loan Amount and Interest Rate
Loan amounts range between PKR 500,000 to 10 million depending on course fees and duration. Interest rate charges 3-6% above 1 year T-bill. Some offer fixed rates for tenure.
Repayment Timeline
Loans are payable in 1-10 years in monthly/quarterly installments after 6-12 months grace period post-graduation.
Documents Required
Students must submit admission offer letter, visa appointment letter, fee receipt, CNIC/passport copies, income proofs, property/bank guarantee along with application form.
Streamlined approval process makes it easier for students to secure financing. Consulting competent Study Visa Consultants in Lahore can help navigate loan application efficiently. Their expertise comes handy amid intricate documentation work.
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