CAS SUPPORT FUND FOR HIGHER EDUCATION LOAN
1. PAF is making all possible endeavors to provide quality education to wards of serving as well as retired PAF personnel. However, a large number of PAF personnel, serving or retired officers, airmen & civilians, find it extremely hard to afford higher education of their children in professional colleges / universities due to their financial constraints, even though their children are able to get admission on merit. Although Shaheen Foundation awards merit-based scholarships to 300-500 such students every year, yet there are large numbers of such wards (more then 60%) who are left out in the list.
2. In order to facilitate PAF personnel in educating their children for Higher education (Graduate level), PAF / SF has started a "CAS" Support Fund for Higher Education” loan scheme for the wards of PAF personnel. For this purpose Dte of Welfare Accts, AHQ has opened a special account "CAS Support Fund for Education" with a seed money of Rs 1.0 Million allocated by CAS, Rs 1.0 Million collected through donations and another Rs 10 Million committed by the CAS.
3. To provide financial assistance in the shape of Interest Free Loan (IFL) to talented needy wards of serving as well as retired PAF Officers, Airmen and Civilians for Higher education in HEC recognized inland public or private institutions.
Chain of Approval
4. Following will be the chain of approval for this loan.
(c) DCAS (Admin)
(d) DCAS (Trg)
Sources of Fund
5. The refund of loan is planned from 5th year onward; there is thus a need to maintain a running balance in this fund. The sources of fund will be as follows:-
(a) Initial seed money of Rs 12 Million.
(b) Deduction of Rs 50/- per month from serving officers.
(c) Donations volunteered by PAF personnel and from other sources.
Scale of loan
6. The loan facility will be provided only for graduation level courses and for the entire duration of the study / courses. The applicants will be granted a maximum loan of Rs 400,000/- for the entire course, to be disbursed semester wise.
7. An applicant applying for this loan must have obtained admission in any inland HEC recognized university, in any discipline.
8. Applicants will apply for the loan through Shaheen Foundation. Applications will be invited every year by SF in the month of May through advertisement in leading newspapers and SF Website from the students who have obtained admission in HEC approved universities. Application form (Appendix "A") will be made available at SF Website and PAF Intranet.
9. Applicants will submit their applications to SF through courier / mail at the SF address. Alternately, candidates may apply on-line and attach the scanned images of the following documents:-
(a) Photocopies of all educational certificates, including that of Equivalence Certificate in case of 'O' and 'A' level students.
(b) Wards of PAF retired personnel must attach photocopy of discharge / pension book of father / mother.
(c) Certificate of admission from the institution (Appendix "B").
(d) Breakdown of fee structure duly signed by the university authority (Head of Department / Registrar).
(e) Undertaking certificate duly signed by the student and countersigned by the parent (Appendix "C").
10. The merit will be based on marks obtained by applying 40% weight-age to SSC marks and 60% weight-age to HSSC marks. The merit of 'O' & 'A' level students shall be determined on the basis of equivalence certificate.
Categories of Applicants and Quota Allocation
11. For the first academic year 25 candidates shall be extended the loan facility to a maximum limit of Rs 100,000/- each per annum, and not exceeding Rs 2.5 Million in total. For subsequent years the number of beneficiaries shall be determined in view of the amount available in the Fund. The allocated amount shall be distributed among the four categories of applicants for which separate merit lists will be prepared. The order of preference and the quota for each category will be as following:-
(a) Category-I : Children of Shuhada / deceased PAF personnel : 20%
(b) Category-II : Children of serving and less privileged PAF personnel : 40%
(c) Category-III : Children of disabled / terminally sick PAF personnel : 20%
(d) Category-IV : Children of retired PAF personnel :20%
(In case there are not enough candidates in any of the four categories, the balance amount of that category shall be evenly distributed among the remaining categories).
12. All applications are to be processed by Head Office Shaheen Foundation. After approval by the CAS, the case will be referred back to SF which will inform the applicant as per Appendix-D. SF will also inform Directorate of Welfare AHQ, which in turn, will authorize HBL (E-9 Islamabad) to disburse the loan amounts as per the instructions issued by SF.
Mechanism & Mode of Payment
13. On receipt of approval intimation from SF, the applicant will be required to open an account in any of the HBL Branches in Pakistan and intimate the account particulars to SF. The applicant will be required to apply for release of loan tranche along with the fee bill. The loan amounts will be transferred on-line into the applicant’s bank account, on instruction of SF to HBL (E-9 Islamabad).
14. (a) Recovery of loan from retired and serving parents shall be as follows:-
(i) From the Retired Personnel: After completion of six months of obtaining the degree for which the loan had been sanctioned. The entire loan is to be repaid in equal monthly installments spread over four years.
(ii) From the Serving Personnel: After completion of six months of grant of the first tranche of the loan @ Rs 1000/-PM till SOS date of the parent. Beyond SOS date payback schedule as specified for the retired personnel shall apply.
(b) The student or parent is to give post-dated cheques to SF in advance, covering the entire loan.
(c) However, if the parent is willing to start paying some additional amount as monthly installment on regular basis, or some amount lump-sum during the study course, he may do so.
15. SF will present these cheques to HBL (E-9 Islamabad) with standing instruction to credit them into CAS Support Fund for Education account on monthly basis (date-wise) with intimation to SF.
16. (a) Students undertaking non regular courses.
(b) Students already receiving scholarship from any other Foundation. Paying Cadets (PCs) of NUST Institutions, selected against PAF reserved seats will not be considered for this Scheme. However, Additionally Selected Cadets (ASCs) and Nustian Cadets (NCs) would continue to be eligible.
(c) Student having availed one loan.
(d) Student availed a partial loan and dropped / discontinued studies due to any reason.
(e) Wards of personnel who left service under following provisions:-
(i) Dismissed under Rule-15 PAF Act.
(ii) Terminated under Rule-16 PAF Act.
(iii) Removed from service under Rule-17 PAF Act.
(iv) Compulsory Resignation / Retirement under Rule-18 (1) PAF Act.
(v) Pre-mature compulsory Retirement under Rule-18 (2) PAF Act.
(vi) Voluntary Resignation / Retirement under Rule 20 PAF Act.
Default in Pay-back of loan
17. If a cheque of any loan recipient is bounced due to any reason, the HBL will inform SF, who will issue a two weeks’ notice to the loan recipient for ensuring / confirming the availability of amount in his / her account .If the same is not done within one month, SF will inform Directorate of Welfare AHQ, who will issue another notice of two weeks. If the loan recipient continues not to pay the installment for another one month, the case will be considered as 'Default' and referred to AHQ for further decision. In case of serving personnel loan installment being received by the defaulting ward may be stopped by SF until decided by the AHQ.
Discretionary Powers of CAS
18. CAS may waive off any of the provisions / limitations set forth in this policy, in order to cater for any special case.