Education is a dream for many in Pakistan, but the cost makes it a struggle. 

No student should have to give up on their future because of financial constraints.

To support your journey, there are multiple student loans in Pakistan to fund your education without draining your savings.

But with so many options, how do you choose the right one? 🔎

🔹 Which banks offer low-interest student loans?
🔹 What are the eligibility criteria for these loans?
🔹 Are there interest-free Islamic financing options?

In this guide, we'll break down every option available so you can make an informed decision and focus on what matters—your education! 🎓

Let’s dive in! 🚀

Government-Sponsored Loan Schemes in Pakistan

Pakistan’s government provides several loan programs to help students finance their education locally and abroad. 

These loans typically have lower interest rates and longer repayment periods, making them an excellent option for students who need financial assistance.

NBP Student Loan Scheme

🏦 Offered by: National Bank of Pakistan (NBP)

The NBP Student Loan Scheme covers tuition fees, textbooks, and boarding expenses (excluding meals) for students enrolled in approved public sector universities. 

To qualify, applicants must be Pakistani nationals who have secured at least 70% marks in their last public examination. 

The age limit is 21 years for graduation, 31 years for post-graduation, and 36 years for Ph.D. programs. 

This loan is specifically for students who cannot afford education due to financial constraints.

Repayment begins six months after securing employment or one year after graduation, with a tenure of up to 10 years. 

The repayment is structured in monthly installments to ensure easy financial management. 

To apply, students must submit their applications through NBP-designated branches before the yearly deadline. 

Application forms can be downloaded from the NBP official website.

State Bank of Pakistan (SBP) Higher Education Financing Scheme (HEFS)

🏦 Offered by: All commercial banks under SBP guidelines

The SBP HEFS loan provides up to PKR 300,000 in financing, covering tuition fees, books, and boarding expenses for students pursuing higher education. 

According to the circular, to be eligible, students must be Pakistani citizens who scored at least 50% in their last public examination. 

The age limit is 25 years for graduation, 35 for post-graduation, and 40 for Ph.D. programs. 

The loan applies to students enrolled in approved universities, both locally and internationally.

The maximum repayment period is seven years, with an option to extend by two additional years in special cases. 

There are no penalties for early repayment, ensuring students can clear their loans without extra financial burden. 

However, misuse of funds results in immediate repayment and students who drop out must start repaying the loan immediately.

Private Banks Offering Student Loans

Several private banks in Pakistan offer student loans to help finance tuition fees, living expenses, and study-abroad costs. 

These loans offer flexible repayment options and varying interest rates, so comparing different banks before applying is essential.

HBL Student Loan for Study Abroad

🏦 Offered by: Habib Bank Limited (HBL)

The HBL Student Loan for Study Abroad provides financial assistance to students pursuing higher education abroad. 

It covers tuition fees, living expenses, travel costs, and academic-related expenses. 

Applicants must be Pakistani nationals who have received an admission offer from a recognized foreign university to be eligible. 

The loan also requires a co-signer, usually a parent or guardian, to guarantee repayment.

Repayment starts after graduation, with a flexible tenure of up to seven years. 

The interest rate varies depending on the financial market and loan agreement. 

Students can apply through HBL branches or via the HBL online banking portal. 

Required documents include proof of admission, tuition fee structure, CNIC copies of the student and co-signer, and the co-signer’s proof of income and bank statements.

Askari Bank Education Loan

🏦 Offered by: Askari Bank

The Askari Bank Education Loan is designed for students seeking financing in Pakistan. 

It covers tuition fees and academic-related expenses for students enrolled in Higher Education Commission (HEC)- recognized institutions. 

Loan amounts range from PKR 50,000 to PKR 4,000,000, making it suitable for partial and complete tuition financing.

To qualify, applicants must be Pakistani citizens with a valid CNIC and provide a guarantor as part of the approval process. 

Repayment terms are flexible, allowing students to repay in monthly installments suited to their financial capacity. 

Applications can be submitted at any Askari Bank branch, and forms are available on the official Askari Bank website.

Islamic & Interest-Free Student Loan Options

Many students in Pakistan prefer Shariah-compliant education financing that follows Islamic banking principles. 

Several institutions offer interest-free student loans (Qarz-e-Hasna) to help students pursue higher education without financial burden. 

These loans are often based on merit and financial need, ensuring that students who require assistance can continue their education without taking on conventional debt.

Ihsan Trust – Qarz-e-Hasna (Interest-Free Loan)

🏦 Offered by: Ihsan Trust (Non-Profit)

The Ihsan Trust Qarz-e-Hasna loan provides interest-free financing to deserving students. 

It covers tuition fees, hostel expenses, and academic supplies for students enrolled in HEC-recognized universities. 

Applicants must demonstrate financial need and strong academic performance to qualify.

Repayment starts after graduation, with a flexible schedule based on income to ensure easy financial management. 

Students can apply online through the Ihsan Trust official website, submitting their university admission letter, financial documents, and academic records.

Akhuwat Foundation – Qarz-e-Hasna for Students

🏦 Offered by: Akhuwat Foundation (Microfinance)

The Akhuwat Foundation offers Qarz-e-Hasna loans to underprivileged students who cannot afford tuition fees. 

This loan is entirely interest-free and covers full tuition costs at eligible universities. 

Applicants must come from low-income backgrounds and provide proof of financial need and university admission.

Repayment begins after graduation and is structured in small, manageable monthly installments. 

Students can apply by visiting the nearest Akhuwat Foundation branch and submitting their CNIC, proof of enrollment, and financial need documents.

Microfinance & Private Student Loan Options 

Microfinance institutions and private lenders in Pakistan offer flexible student loan solutions for those who might not meet the strict criteria of traditional banks or government programs. 

These loans are designed to support students from low-income backgrounds or those who need quick financial assistance for tuition fees and other academic expenses.

Kashf Foundation – Education Loans for Low-Income Students

🏦 Offered by: Kashf Foundation (Microfinance)

The Kashf Foundation Education Loan provides financial support to students who need assistance with tuition fees for school, college, or university. 

It also covers the fees for professional and vocational training courses, making it an excellent option for those pursuing specialized skills. 

Loan amounts range from PKR 60,000 to PKR 300,000, providing enough flexibility to meet different education costs.

To qualify, applicants must come from low-income families and provide a valid CNIC and proof of student enrollment. 

The repayment period is 12 to 18 months, and the manageable monthly installments are designed to match borrowers' financial capacity. 

Students can apply by visiting the nearest Kashf Foundation branch and submitting their proof of income and admission letter.

Taleem Finance Company Limited – Private Education Loans

🏦 Offered by: Taleem Finance Company Limited

Taleem Finance offers private institutions and universities student loans, covering tuition fees and professional training programs. 

This loan benefits students not enrolled in public universities and who need financial assistance for private education costs. 

The loan amount ranges from PKR 50,000 to PKR 2,000,000, giving students access to financing for both short-term and long-term educational expenses.

Eligibility criteria require students to be enrolled in a registered private institution and provide a valid CNIC and proof of admission. 

Repayment terms range from 12 to 18 months, and structured installment plans are available. 

Students can submit the necessary documents and apply through Taleem Finance’s official website.

Study Now, Pay Later (SNPL) Models in Pakistan 

Innovative "Study Now, Pay Later" schemes are reshaping education financing in Pakistan. 

They make it easier for students to pursue higher education without immediate financial burdens.

Students can enjoy:

🔹 Manageable installments, reducing upfront costs.
🔹 Access to specialized courses for better career prospects.
🔹 Simplified repayment structures that reduce financial stress during studies.
🔹 Broader access to educational opportunities for students from diverse financial backgrounds.

Here are some standout solutions:

KalPay Taleem – Interest-Free Installments for Education

🏦 Offered by: KalPay

KalPay Taleem provides students with a flexible installment-based tuition payment solution. 

This model allows students to split their semester fees, admission test costs, and professional exam charges into three to six equal monthly payments without interest. 

The financing follows Shariah-compliant principles, ensuring students can manage their education expenses ethically.

Students must be enrolled in a KalPay-partnered institution and provide a valid CNIC and student ID. No co-signer or collateral is required, making the process simple. 

To apply, students can visit the KalPay Taleem website, choose an installment plan that suits their budget, and submit the necessary details.

Oraan’s Education Plan – Riba-Free Financing for Students

🏦 Offered by: Oraan

Oraan’s Study Now, Pay Later (SNPL) model allows students to pay their university fees in easy monthly installments. 

Unlike traditional student loans, Oraan directly pays the university upfront, and the student repays the amount in structured payments without interest.

To be eligible, students must be enrolled in a university partnered with Oraan and provide a CNIC and proof of enrollment. 

The application process is simple and entirely online. 

Students can then select a customized repayment plan that works for them on the Oraan website.

EduFi – Flexible Financing for Education

🏦 Offered by: EduFi

EduFi provides Shariah-compliant, interest-free financing for students who need help covering their tuition fees. 

Instead of issuing loans directly to students, EduFi pays the tuition fees directly to the university, allowing students to focus on their studies without worrying about large upfront payments.

Students must be enrolled in an EduFi-affiliated university and provide a valid CNIC and proof of admission.

Repayment begins after graduation, giving students time to find employment before they start paying back their tuition fees. 

Applications can be submitted online through EduFi’s website. Students can then choose an installment plan that fits their financial situation.

Loans for Vocational & Technical Education in Pakistan

Not all students pursue traditional university degrees—many opt for technical certifications and diplomas in IT, healthcare, mechanics, and hospitality. 

The government offers specialized student loans for vocational learners to support skill-based education. 

These financing options help students gain practical skills without the stress of paying hefty tuition fees upfront.

TEVTA Punjab – Subsidized Loans for Technical Education

🏦 Offered by: Technical Education & Vocational Training Authority (TEVTA) Punjab

The TEVTA Punjab loan supports students enrolling in technical and vocational diploma programs. 

It covers tuition fees for TEVTA-affiliated institutions, allowing students to gain industry-relevant skills without financial worries. 

This loan benefits students pursuing mechanical, IT, or hospitality certifications.

The program is run in partnership with the Bank of Punjab (BOP) and First Women Bank (FWB), ensuring students can access affordable financing. 

To qualify, students must be enrolled in a TEVTA-recognized program, be between 18 and 35 years old, and come from a low-income family. 

Applications are submitted through the TEVTA official website, along with proof of enrollment and CNIC.

NAVTTC Interest-Free Loans for Skills-Based Courses

🏦 Offered by: National Vocational & Technical Training Commission (NAVTTC)

The NAVTTC loan program provides interest-free financing for students pursuing skills-based healthcare, IT, and engineering training. 

The loan covers tuition fees for NAVTTC-affiliated institutions, helping students gain employment-focused skills without financial stress.

Students must be between 18 and 35 years old to be eligible and have a monthly family income below PKR 30,000. 

Applicants must also be enrolled in a NAVTTC-recognized institution. 

Repayment terms are flexible, and students can start repaying once they secure a job. 

Applications can be submitted online through the NAVTTC website, with proof of income and student enrollment.

International Student Loan Options for Pakistanis 🌍 

International education can be costly, with tuition fees, living expenses, and travel costs adding up quickly. 

Many Pakistani students struggle to meet the financial requirements for studying in countries like the US, UK, Canada, and Australia. 

Fortunately, international lenders offer student loans that help Pakistani students study abroad without needing collateral or a co-signer.

Prodigy Finance – No-Collateral Loans for Graduate Degrees

🏦 Offered by: Prodigy Finance

Prodigy Finance provides collateral-free student loans for Pakistani students pursuing graduate degrees abroad. 

These loans are available for students enrolling in top-ranked business schools and universities for master’s programs such as MBAs, MSs, and finance-related degrees. 

Unlike traditional loans, no co-signer or collateral is required, making it easier for students to access funding.

The loan covers tuition fees and living expenses, depending on the university and program costs. 

Repayment begins six months after graduation, with flexible tenure ranging from 7 to 10 years. 

Students can apply through the Prodigy Finance website, submitting proof of admission, financial records, and identity documents.

MPower Financing – Student Loans for U.S. & Canadian Universities

🏦 Offered by: MPower Financing

MPower Financing specializes in student loans for international students enrolling in universities in the United States and Canada. 

Unlike most loans, it does not require collateral, but some applicants may need a co-signer for approval. 

The loan covers tuition fees and living expenses for undergraduate and graduate programs.

Repayment starts six months after graduation, with fixed interest rates and structured monthly installments. 

Students can apply through the MPower Financing website by submitting their university admission letter, CNIC, and proof of financial need.

University-Specific Student Loan Programs in Pakistan 

Many top universities offer students interest-free loans and financial aid based on merit and need. 

These programs help students cover tuition fees without going through banks or external lenders. 

University-specific student loans often have flexible repayment options, allowing students to focus on their education without financial stress.

LUMS Interest-Free Student Loans

🏛 Offered by: Lahore University of Management Sciences (LUMS)

LUMS offers interest-free student loans to help students afford tuition without relying on conventional bank loans. 

The program covers up to 100% of tuition fees for eligible students. 

Unlike bank loans, there are no hidden charges or interest payments, making it an excellent choice for students who need financial assistance.

To qualify, students must be enrolled in undergraduate or graduate programs at LUMS and demonstrate financial need and academic merit. 

Repayment starts six months after graduation. The flexible monthly installment plan is designed to be manageable for students as they transition into the workforce. 

Applications can be submitted through the LUMS Financial Aid Office with proof of academic records and financial need.

IBA Karachi – Student Support Loan Program

🏛 Offered by: Institute of Business Administration (IBA) Karachi

IBA Karachi provides a Student Support Loan Program for students needing financial assistance. 

This program includes subsidized loans in partnership with HBL and other financial institutions to help students cover partial or complete tuition fees.

To qualify, students must be enrolled in IBA Karachi, have a strong academic record, and provide proof of financial need. 

Repayment is structured in flexible installments, ensuring students can repay their loans without excessive financial burden. 

Applications can be submitted through the IBA Financial Aid Office, where students must provide the necessary financial documents.

Smart Borrowing Habits for Students

Borrowing wisely can pave the way for a secure financial future while you pursue your academic goals. Follow these key practices:

🔹 Assess multiple lenders to find the most favorable terms for your situation.
🔹 Carefully review the repayment schedule, interest rates, & any penalties for delays.
🔹 Don’t borrow more than your immediate educational needs to minimize debt burden.

Taking these steps ensures you stay financially secure while focusing on your education.

Take Charge of Your Financial Journey

Your education is your biggest investment—don’t let financial barriers hold you back!

But a loan is just a tool—the key is how you manage it! 💡

Smart financial planning is essential to repay loans easily and avoid financial stress.

That’s where SadaPay comes in! 🚀

For students seeking reliable, modern financial solutions, platforms like SadaPay offer unmatched convenience and simplicity.

Ready to take control of your financial future? Discover more here.

FAQs – Your Questions Answered

Here are some of the most commonly asked questions on this topic. 

1️⃣ Is there any loan for students in Pakistan?

Yes! Pakistani students can apply for government-backed loans (NBP, SBP HEFS), private bank loans (HBL, Askari Bank), interest-free financing (Ihsan Trust, Akhuwat Foundation), and Study Now, Pay Later (SNPL) options (EduFi, Oraan, KalPay). 

2️⃣ Which bank is the best for a student loan?

It depends on your needs! HBL is excellent for loaning students abroad, while Askari Bank provides loans for students in Pakistan. Islamic options like Ihsan Trust and Akhuwat Foundation offer the best interest-free financing.

3️⃣ Is HBL student loan interest-free?

No, HBL charges interest on its study abroad loans, but it offers flexible repayment options. Consider Ihsan Trust, Akhuwat Foundation, or EduFi’s SNPL model if you want an interest-free loan.

4️⃣ Does Meezan Bank offer a student loan?

No, Meezan Bank does not provide direct student loans. However, it offers Shariah-compliant financing alternatives, such as Murabaha and Ijarah, which students can use for educational expenses.

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