KARACHI: The State Bank of Pakistan (SBP) has approved Rs109 million interest-free loans for the deserving students of different disciplines of under-graduation, graduation and PhD studies for the sessions 2013-14 and 2014-15.
Apex Committee for Student Loan Scheme, headed by SBP Deputy Governor Saeed Ahmad, at its meeting on Friday, sanctioned the loan amount to 729 deserving students of the public sector universities.The loan scheme was announced in federal budget 2002 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.
