Brief About Student Loan Scheme MCB Loan For Student

Brief About Student Loan Scheme   

Pursuant to the announcement made by the Federal Finance Minister in his 2001-2002-budget speech, a STUDENTS LOAN SCHEME (SLS) for Education was launched by the Government of Pakistan in collaboration with major commercial banks of Pakistan (NBP, HBL, UBL, MCB and ABL). Under the Scheme, financial assistance is provided by way of Interest Free Loans to the meritorious students who have financial constraints for pursuing their studies in Scientific, Technical and Professional education within Pakistan. 

MCB Loan
Student Personal Loan

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Customer Segment

This product has been developed to offer financial assistance to students enrolled in Higher Education Programs. Currently, MCB has formed a partnership with Lahore University of Management Sciences (LUMS) and is offering Student Personal Loans to all MBA and Executive MBA students of the University.
Age

Minimum 21 years and maximum 45 years at the time of loan/first trance approval
General Criteria

Generally, the student meeting the following criteria shall be eligible for the loan:
Be a Pakistani National.
Has got at least 50% marks (or equivalent) in the last public examination (i.e. other than admission tests, e.g. GMAT, SAT, LMAT, etc.) The same must be confirmed by LUMS in writing.
Must have a valid admission in and has provided admission acceptance to LUMS. Confirmation of finalized admission must be provided by LUMS in writing.

Maximum 80:20 of only Admission, Registration, Tuition, On-Campus Residence, and any other part/head/item of the fees that is payable in advance by the student to LUMS

Moreover, the loan shall not cover any amount that is refundable to the student later on.
Loan Amount

Maximum PKR 1 million only