Hundreds more were injured as as the quake shook a swathe of the subcontinent, sending thousands of frightened people rushing into the streets in Afghanistan, Pakistan and India.
It was centred near Jurm in northeast Afghanistan, 250 kilometres from the capital Kabul and at a depth of 213.5 kilometres, the US Geological Survey said.
"Initial reports show a big loss of life, huge financial losses in Badakhshan, Takhar, Nangarhar, Kunar and other regions, including the capital Kabul," said Afghanistan's chief executive Abdullah Abdullah.
"Exact numbers are not known because phone lines are down and communication has been cut off in many areas," Abdullah said, adding that the government has asked aid agencies for relief.
"The quake wrecked huge devastation in some districts," said the governor of Badakhshan province, Shah Wali Adib. "So far 1,500 homes are reported to be damaged or destroyed."
The epicentre was just a few hundred kilometres from the site of a 7.6 magnitude quake that struck in October 2005, killing more than 75,000 people and displacing some 3.5 million more, although that quake was much shallower.
"The students rushed to escape the school building in Taluqan city (capital of Takhar), triggering a stampede," Takhar education department chief Enayat Naweed told AFP.
"Twelve students, all minors, were killed and 35 others were injured."
At least 31 people were killed in Afghanistan including the 12 schoolgirls, officials said.
Gul Mohammad Bidar, deputy governor of Badakhshan in Afghanistan, told AFP lines were down and it was difficult to reach stricken communities.
"The earthquake was very powerful -- buildings have been damaged (in Faizabad) and there are possible casualties," he said.
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