How to Get Education Loan for Engineering

Introduction:
Education has become a very important factor for the development of any country and Engineering has his own worth. Education loan is the amount provided to the student from different banks or companies for the completion of their degree. In Pakistan, National bank of Pakistan is providing interest free loan in collaboration with several others large commercial banks. The loan amount covers the tuition fee, textbooks charges and boarding charges. And the re-imbursement of this amount to the bank will start after the 1 year of completion of degree or 1 year after getting the job, whichever comes first.
Banks providing student Loan:
There are numbers of banks in Pakistan which are providing interest free loan to the students to continue their studies. These loans are provided at graduate, post-graduate, M-Phil and PhD level. The names of banks which are providing this loan are:

• National bank Of Pakistan
• Habib Bank Limited
• United Bank Limited
• Allied Bank Limited
• Muslim Commercial Bank Limited
• Meezan Bank Limited
• Standard Chartered Bank Limited

Opportunity:
It is a great opportunity for all those students who want to pursue higher degrees but could not because of their financial problems. Now banks are giving them a chance to pursue the degree they want by providing them interest free loan. These loans are provided after some simple documentation by the above mentioned banks on simple clauses which are to be fulfilled by the students before getting the loan.
Clauses:
There are some clauses which are to be convened by the students before getting the loan and these are:

• The student should pass his or her last degree with 70% marks.
• This loan will be provided only for higher degrees i-e graduation, post graduation, M-Phil and PhD.
• The loan will be provided after proper investigation that the student is financially poor and will not eligible to continue his education with his or her family income.
• After provision of loan the first installment will be given after one year of the completion of degree or one year after getting the first job, depending on which comes first.
• The loan will be pay back within 10 years starting from the date of receiving of first installment.
• The loan will be interest free and there will be no interest charges when pay back.

Interest Free Loan:
Along with all others banks, First Women Bank is also providing interest free loan specifically for women and helping them in pursuing their higher degrees at the same clauses and conditions. If the candidate is fulfilling the eligibility criteria he or she will not provided the amount of loan.
Pakistan Bait-ul-Mal:
On the other hand Pakistan bait-ul-Mal is also facilitating the students in their studies by providing them Qarz-E-Hasna but they have a panel of universities which include all government universities. The candidate has to take the admission in any one of the university to get this loan. The amount will be paid directly to the institute and not to the students and if any student fails during his study he or she will not be able to get this again.
Conclusion:
In Pakistan many banks are providing interest free loan for higher studies including in the field of engineering. These loans cover tuition fee, textbook expense and boarding charges but not include any kind of meals etc.