Interest Free Loans

Interest Free Loans

The Leadership of Wise Education Society is not only providing free education & skills training to its all orphan, deserving & talented students it is also facilitating hundreds of educated unemployed from other Universities and also provides them interest-free loans for students and their families. Wise Interest-Free Loan Provider enter has been established since 2016. The mechanism of this center is that our many donors & Sponsors contribute specially for this project to support these deserving students for their Self-Earning. The center collects all the donations & gives the amount to the applicant as per his/her business proposal. In this way Center rotates all of its funds for many deserving students. Self-earning or business startups. This loan scheme is totally different scheme from the conventional loan system prevailing in our country. The unique feature of this scheme is that we provide interest-free loans to our skillful students & their parents. This scheme is based on very easy installment plan with mutual understanding of the parties (Wise + Students). The beneficiaries of the scheme are the following:

  • Wise College Students
  • Skills Students belong to other Institutes
  • Parents of all Students
Wise has been providing this interest free loan scheme since 2016. The amount of loan depends upon the business proposal of the borrower (student or parent) with the help of this easy installments interest free loan scheme, many students & their families have started their self-earning and now they are the earning members of the society.

Loan scheme Eligibility Criteria (for Students)

  • The applicant should have a valid CNIC.
  • Having the ability to run/initiate business activity.
  • Age between 18 to 36 years for students.
  • Applicant should not be back defaulter.
  • The applicant should not be Convicted of any criminal offence for which proceedings are in progress.
  • Applicant should have the capacity to provide two (2) guarantors other than family members.
  • Applicant should have a good social and moral character in the community

Interest Free Loan Scheme Steps

  • Business proposal submission to Wise Loan Provider Center.
  • Application submission process.
  • Laon will be approved by Loan Provider Center / Directors & CEO Wise.
  • Laon will be sanctioned by the recommendations of applicant’s Instructor & (for parent’s academic performance of their children should be up to mark as per Wise policy).
  • Finalization of installments with the consent of the applicant.
  • Loan disbursement to applicant.
  • Loan recovery on monthly basis.
  • Follow ups for loan recovery.

Loan scheme Eligibility Criteria (for parents)

  • The Primary criteria for parents depend upon the academic performance of his/her children at Wise College. (The student must score minimum 70% marks in all college monthly tests & Board/University Exam).
  • Maximum age limit is 60 years.
  • The applicant should have a valid CNIC.
  • Having the ability to run/initiate business activity
  • Applicant should be economically active.
  • The applicant should not be Convicted of any criminal offence for which proceedings are in progress.
  • Applicant should have the capacity to provide two (2) guarantors other than family members.
  • Applicant should have a good social and moral character in the community

Documents Required for Loan Scheme (for Students)

  • 3 Copies of CNIC.
  • Latest Utility bills.
  • Latest photographs.
  • Two guarantors.
  • Personal Responsibility.
  • Postdated Cheques.
  • Copy of Nikah Nama (if married).
  • Additional documents might be asked if needed.