Lahore University of Management Sciences (LUMS) offers a variety of financial assistance options to its students, including personal student loans and financial aid. This blog post provides an overview of the LUMS Student Personal Loan and the financial aid program with the aim of guiding prospective and current students through the application process.
Table of Contents
LUMS Student Personal Loan
The LUMS Student Personal Loan is a financial assistance program designed for students enrolled in MBA/MPHIL ELM and Executive MBA/Executive ELM programs at LUMS. Here are the key points:
Eligibility Criteria
- Applicants must be Pakistani nationals who have secured at least 50% marks (or equivalent) in their last public examination.
- The minimum age for loan approval is 21 years and the maximum age is 45 years.
Loan Details
- The maximum loan amount is PKR one million.
- The loan will be disbursed in a maximum of 4 tranches/modules.
- Repayment period begins six months after the completion of the study period and does not exceed 7 years.
- The markup rate of the facility is Six-month KIBOR + 0%.
Fees and Charges
- A one-time non-refundable processing fee of PKR 5,000/- applies.
- There are no pre-payment charges for partial or full prepayments.
Other Conditions
- The loan requires personal guarantees from parents/guardians and/or any third party.
- In case of overseas employment or failure to complete the program, the entire loan and associated amounts become immediately repayable.
LUMS Financial Aid
For those who may not qualify for the student loan, LUMS offers a financial aid program. Here’s what you need to know:
Application Process
- Shortlisted applicants who have indicated their intention to apply for financial aid during their online admission application must submit the complete online financial aid section along with all required supporting documents within the specified deadline.
Required Documents
Sure, here are the documents required for applying to the LUMS Financial Aid program in a bullet-point format:
- Income certificates of all earning family members
- Latest Income Tax Returns and Wealth Statement
- Bank Statements for the last 12 months
- Latest Utility Bills
- Rental Lease Agreement (if applicable)
- Loan Affidavit/Document(s) of outstanding loans
- Medical Bills/expenditure documents (if applicable)
- Property Ownership Documents
- Vehicle(s) Registration Documents
- Latest Fee Receipts & Fee Concession (Scholarship/Loan) documents
- Domicile Certificate of the applicant
- Copies of CNIC/ B – Form of Applicant and Parents/ Guardian
- Complete Photocopy of Passport of Applicant and Parents/ Guardian
- Any other document(s) demonstrating financial need
Assessment Process
- The Financial Aid Committee assesses financial need based on submitted documentation and makes decisions based on need.
- Interviews may be conducted for selected cases.
- The decision is communicated to students through an official Letter of Financial Arrangement.
Other Conditions
- LUMS reserves the right to amend, cancel, or terminate Financial Aid in case of misrepresentation or incorrect information.
- Financial aid for current students is reassessed every year and must be applied for annually by specified dates.
Conclusion
LUMS provides various financial assistance options in the form of student personal loans and a financial aid program. While these programs have their unique requirements and processes, they share a common goal: to make quality education more accessible. For the most accurate and updated information, it’s advisable to contact LUMS directly.
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