In order to enhance the scope of scheme, Government of Pakistan has added a new tier (as ‘Tier-4’) to provide financing for laptops.
Financing for laptops to students of HEC recognized institutions, freelancers and young entrepreneurs at 0% markup rate.
| S. No | Particulars | Laptop |
| 1 | Purpose | To provide laptops to students of HEC recognized institutions and freelancers and young entrepreneurs |
| 2 | Eligibility Criteria | · Citizen of Pakistan aged between 18 and 30 years.
· Studying in educational institutions recognized by HEC. · An MOU may be signed between universities and banks interested in extending laptop financing. The university will refer the students to banks through PMDYH portal and banks will provide laptops to those against undertaking of university, however, undertaking of university/educational institution is not a mandatory requirement. · Financing may be extended directly to the students as well, without engaging their educational institutions. · The instalments of laptop financing may be added in the fee by the universities which should be collected through ABL; ABL will deduct due instalments and will remit the remaining part to respective university. · Students availing financing without the involvement of their educational institutions, will be responsible for making repayments by ensuring availability of monthly installment amount, as per Repayment Schedule, in their main account maintained with ABL, on the payment date. |
| 3 | Loan Size | · Basic laptops @ Rs. 150,000 or actual cost whichever is lower
· Medium laptops @ Rs 300,000 or actual cost whichever is lower · Advance laptops @ Rs 450,000 or actual cost whichever is lower |
| 4 | Loan Tenor | Up to 4 years |
| 5 | Debt: Equity Ratio | 80:20 |
| 6 | Customer Rate | 0% |
| 7 | Insurance | · Comprehensive Insurance, from Insurance companies on ABL’s Panel, will be mandatory throughout the term of loan |
| 8 | Early Payments/Balloon Payment | · Borrower may make full prepayment before maturity any time during the tenor of financing.
· Borrower may exercise the right to partially pay off the financed amount after completing minimum six months of financing. Balloon payment should not be less than the amount of 3 installments. |
| 9 | Documents to be Attached with Application | · Application Form (printout or photocopy of Application Form, each page duly signed by the applicant verified by the branch, is also acceptable)
· Clear copy of valid National Identity Document · Declaration of Schedule of Charges (SOC) duly singed by applicant · Reference Letter / Undertaking of university through PMYP portal (for university students only) |