Can I get an interest-free student loan?
An economic survey conducted in 2016 revealed that 39 percent of Pakistan’s population lives in multidimensional poverty, which means that they lack basic necessities. However, poverty in Pakistan is not a new discovery. Now is the time for corporate, social and government sectors to work together to reduce poverty in Pakistan. While the corporate and government sectors can financially support this vision, the social sector plays a vital role in making it happen.
Interest Free Student Loans in Pakistan
Poverty can be eradicated through many means, but education is the key to perpetuating it. Unfortunately, education in Pakistan has been the most neglected till date. While education can open doors of opportunity for many, poverty is the main reason they are not being approached. The use of time in the pursuit of education is seen as an opportunity cost. It is a vicious circle.
Ehsan Foundation was established to break this vicious circle through microfinance. Ehsan Trust (IT) is a non-profit organization based in Karachi that came up with the idea of interest-free education loan in 2010. Realizing the importance of higher education in reducing poverty, this microfinance focused on providing financial assistance to more disadvantaged students. While pursuing higher education. Partnering with more than 130 universities and professional organizations across Pakistan,
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Ehsan Trust’s model is such that IT transfers funds directly to institutions where its students pursue their higher education. In turn, students are required to repay the loan in monthly installments even during the period of study, which provides a convenient way for the student to pay off the entire loan and complete their education.
Universities affiliated to Ehsan Foundation are not only limited to big cities but universities in remote areas are also affiliated to Ehsan Foundation. Ehsan Foundation’s mission is to help students pursue higher education so that they can transform their financial situation. The mission of Ehsan Foundation is to uplift the standard of living of the backward, oppressed and neglected sections of Pakistan and enable their future generations to face the world.
Government loan for education
Primarily Ehsan Trust provides financial assistance to the unbanked population of Pakistan. Students from weak financial background are generally not supported by banks and other resources. Ehsan Foundation believes that we need to enable education to reduce poverty by providing financial support on the basis of “merit need”.
Students of universities in Azad Jammu and Kashmir, Balochistan, South Punjab and Interior Sindh are mostly from the lower income groups of Pakistan and providing them with higher education can do wonders for their finances. Ehsan Trust facilitates students studying in remote area universities affiliated to Ehsan Trust through Diya Pakistan, which also works for higher education. Ehsan Trust has partnered with Daya Pakistan to help such students so that geographical limitations do not stand in the way of our philanthropic work.
Student loan repayment headache?
Recently BT has signed an MOU with Las Bela University of Agriculture, Aquatic and Marine Sciences (LUAWMS) to facilitate Balochistan students to contribute equally to the economy. The aim of this collaboration was to enable higher education among the low-income sections of Balochistan so that they would become financially stable enough to support their future generations.
Similarly, Ehsan Trust provides funds for IBA’s National Talent Hunt programme. The IBA Ehsan Trust NTHP program carefully selects the best students from low-income communities and remote areas of Pakistan and enables them to reach their limits by studying in the most prestigious university, IBA.
Student Loan Meezan Bank
Ehsan Foundation has so far provided financial assistance to more than 2500 university students and professional organizations. Most of those who completed their studies are now in large multinational companies and Coca Cola Company, Draz, Unilever, Shell, Parco, IBM Canada etc. They hold good positions in local companies, including those that are now financially stable and contributing effectively and efficiently. Property of Pakistan
BT decided to offer interest-free loans instead of scholarships because interest-free loans are more sustainable than scholarships. To be a bridge for students to complete their higher studies, all they need to do is support them during their studies. After completing his studies, the individual is stable enough to return the invested amount to Mumtaz Ehsan Foundation to help more students in future.