Product Description

The school loan product is designed for all Pakistani non-state schools (local private schools, technical educational institutions, and local school chains) to access affordable capital to help meet their schools’ financial requirements.

Eligibility:

  • Private Schools/Technical educational institutions registered with any authority permitted by the government
  • Schools that are franchise of renowned educational organizations, proof for franchise agreement and contract
  • Owner of School only
  • Age between 25-60 years (Max. 64 Years & 8 Months at the time of Maturity of Loan)
  • Experience of minimum of 3 Years of running of Schools / Technical Educational Institutes
  • Business premises may be owned or rented. However, in case of rented building the client must be operating the business at same location for the last 02 years.
  • Holding valid CNIC/SNIC
  • Not defaulter of any financial institutions & Public Utilities.
  • Residing or working in launching cities for at least 1 year in case of owned residence or Min. 02 years
  • Staff Strength shall be up to 25
  • Student Strength shall be minimum 100 students.

Loan Amount:

Rs. 350,001/- to Rs. 3,000,000/-

Loan Tenure:

12 Months to 120 Months (Equal Monthly Installments)

Basic Documentations:

  • Valid Computerized National Identity Card (CNIC/SNIC)
  •  Valid and Clean eCIB and NADRA Verisys
  • 1 recent passport size photograph of the Customer
  • Copy of last paid utility bill of School
  • Copy of School registration certificate
  • Valid rental agreement, if applicable (covering entire period of financing)
  • Franchise Agreement, if applicable
  • Copy of property documents offered as collateral
  • Legal Opinion on property documents (to be arranged by the bank)
  • Offered Property Valuation Report from PBA approved Valuator (to be arranged by the bank)
  • Bank Statement for last six months in case of School/Owner
  • Details of expected capital expenses in case of construction/renovation including details of costs to be borne by customer (Min. 20% of total expected expenses)

Security:

Mortgage of Property offered as collateral

Insurance:

  • Free Credit Life Insurance – Applicable on permanent disability and death of borrower
  • Customer paid Insurance of offered collateral

Pricing

As per SOC

Note:

*Terms & conditions applicable

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