Banking on Education
Education plays a significant role in the socio-economic development of a country. It contributes to the development of human capital and sets the foundations for the nation’s future. Cognizant of the need to contribute to the education sector in Pakistan,FMFB-P endeavors to establish a financially inclusive ecosystem under its vision of Banking on Education. Under Banking on Education, the first two initiatives launched are Private Institution Finance and Student Finance.
Private Institution Finance
This product facilitates educational institutions to develop capacities, academic as well as logistics, for imparting quality education and help empower students and their parents to become financially inclusive. A package of services is offered:
- Loans up to Pkr 500,000 for Educational Institution to enhance their staff capacity, school outlook or academic outreach.
- School Fee Collections – The institutions will issue fee challans that can be deposited at FMFB-P branch counter and in return get the facility of managing fee collections seamlessly.
- Staff Salary Disbursements – Salaries of all employees of the educational institution are automatically managed in their individual accounts at FMFB-P branch;
- Staff Loan Facilities– Employees of the educational institution are eligible to access short and medium term loan facilities from FMFB-P;
- Individual Finance for Parents of Students – Low cost and easy installment, short term loan facilities can be accessed by parents of the students.
- Health Insurance for Staff and Parents of Students – A cashless insurance product, providing coverage for hospitalization expenses under two types of plans is available for staff and parents of the students.
- Child Savings Account for Students – High return savings account for students to promote Savings habit from a young age.
- Bancassurance for Parents and Staff – Investment Plans for medium and long term financial goals of every householdi.e. children’s higher education and marriage, as well as protection for the bread-earner in old age.
Student Finance is a specialized loan product developed to meet the expenses of tertiary (Bachelors and Masters Degree) and technical education. Financial facilities are available to meet tuition and other educational institutional expenses on semester or academic year basis. Loans can be repaid over short term by the parent of the student, or over medium to long term by both parent and student. Click here to go to the Student Finance page