educational loan
In a developing country like Pakistan, whose internal and external economy is dependent on loans, you can get a loan for every job but if you can't get it for education.
educational institutions
With the exception of a few educational institutions in Pakistan that are built for the same features and the public cannot even think of getting admission there, the monthly fee in other government educational institutions can be up to Rs 3,000 while on self-financed seats it The fee is up to six thousand rupees.
But there are some government agencies whose monthly fee is Rs 12,000 or more. There are subjects that are in high demand, such as multimedia and IT. A large number of Pakistanis are unable to pay this price for education.
Banks
The Federal Minister of Finance in his budget speech for the years 2001-2002 announced interest-free education loans for students. In this regard, instructions were issued to National Bank, Habib Bank, United Bank, Muslim Commercial Bank, and Allied Bank of Pakistan to provide scholarships to deserving students of all medical colleges and selected fields of Engineering, Agriculture, and other universities in Pakistan. Have a good record, provide educational loans.
Although students of most of the non-government and government educational institutions of the country are not able to benefit from this scheme, those who can benefit from it are also not able to benefit from it.
In fact, only a few branches of these banks are involved in providing loans and the general public is completely unaware of this fact. But if it is just a matter of the public, the solution is simple. Even the banker does not know if there is such a scheme. How can he tell the public where the forms are available and which branches are authorized to accept these applications? ۔
For example, if you go to any of the major branches of these banks in Lahore and talk about education loans, a staff member will tell you that there is no such scheme.
departments
The only exception to this behavior is the National Bank, which also provides loans to only a few departments of King Edward Medical College, University of Engineering Lahore, and Punjab University. And the maximum loan that the National Bank has given so far is worth Rs. 36,000 which was paid in the form of a medical student's fee.
Another financial institution is Picnic, which provides educational loans. According to their method, the fee of the educational institution is paid by the bank and the student starts repaying the amount to the bank in equal installments from the same month. In case of non-payment, the bank will not pay the next quarterly fee. Only students of educational institutions who are on the bank's panel can take loans from them.
education loan
Standard Chartered Bank has introduced a unique education loan system. They are willing to lend, not to you, but to your next generation. This means that according to their scheme, you can set up a committee with the bank for the higher education of your children between the ages of five and ten, which will be paid to you in the form of millions of rupees after ten or fifteen years.
Why can't banks, which make billions from account holders' money, give educational loans to the children of those account holders? A representative of Askari Bank says that an education loan is not one of the bank's priorities yet. While other scheduled banks have the same answer in this regard, since such loans are not usually repaid and the SBP does not give any assurance in this regard, why should they sink their money?
The position of foreign banks is that even if the State Bank of Pakistan returns the sunken amount after two or three years, they will still be at a loss.
So know that if you have lakhs of rupees, you can borrow crores from these banks, but if you only have a dream of higher education, then no loan will give you any satisfaction in return.