EDUCATION FINANCING SCHEME (HEFS)
As you are aware, education plays a vital role for the development
of human resources which, in turn, helps in sustained economic
development of a country. Concerted efforts are needed to
accelerate the pace of improving the level and standard
of education for sustained economic development in order
to alleviate poverty. Commercial banks/DFIs, should play
a leading role, as a national priority, for development
of human capital. State Bank believes this can be done on
a commercially viable and sustainable basis. In order to
facilitate the banks/DFIs in this activity, State Bank has
devised guidelines for promotion of Higher Education which
are attached with the circular.
It may please be noted that attached are general guidelines
and banks/DFIs are required to keep them in view while framing
terms and conditions of their schemes.
The banks/DFI, are encouraged to develop their own products/scheme
based on the aforesaid guidelines, and get these approved
from their Board of Directors/competent authority (in case
of foreign banks), and launch this before 28th February,
2006 under intimation to State Bank of Pakistan.
This Higher Education Financing Scheme (HEFS) is in addition
to and separate from the existing Students Loan Scheme (formerly
Qarz-e-Hasna Scheme) for students administered by the National
Bank of Pakistan.
Please acknowledge receipt.