These Rules, which have been framed in pursuance of Clause 13 of WAH ENGINEERING COLLEGE STUDENT FUND-TRUST DEED, may be called the “WAH ENGINEERING COLLEGE STUDENT FUND RULES”.
These Rules shall come into force with immediate effect.
The eligibility criteria are determined on the basis of following aspects:
- Merit Based
Under the scheme the students are eligible to apply for loans provided:
- He/she has obtained admission on merit through normal course/procedure at Wah Engineering College “WEC”.
- He/she has secured 80% marks in the last public examination.
- He/she is not more than 22 years old.
- He/she is unable to pursue studies due to financial constraints.
The Loan facility will be available for entire duration of the stay on successfully maintaining CGPA 3.0 or above. The facility at later stages will also cover besides schedule fees; boarding expense less meal charges and allowance for books (the fees and boarding expense will be directly paid to the College).
- Need Based
While evaluating the need of the applicant, following factors will be considered
- Type of (family) Accommodation
- Number of Family Members
- Educational Annual Expenses
- Annual Family Income
- Utility Expenses
Students with following attributes are ineligible to avail the Loan:
- Has been involved in any disciplinary cases / subversive activities.
- Has been drawing any other scholarship(s) even from other institution(s).
- Has failed in any subject/ course.
- Incorrect / false/ not verifiable/ information provided on Application Form.
- Defaulter of University dues
Students who withdraw from University/migrate while receiving scholarship/ financial aid will be subject to a Return of Funds they have received.
5. REFUND OF LOAN
Every beneficiary shall be required to submit a guarantee acceptable to the Executive Committee for the return of the loan as per agreed mode and schedule. The guarantor shall undertake to pay the amount to the WEC in case of default by the beneficiary.
6. MODE OF REPAYMENT OF LOAN
The maximum period of repayment of loan is 10-Years from the date of disbursement of first installment. The beneficiary shall be encouraged to repay the loan as early as possible. Latest should be in monthly installments (minimum of Rs 10,000/-) after six months from the date of first employment or one year from the date of completion of studies, whichever is earlier.
To ensure no undue burden is placed on the recipients of this assistance, repayment plan can also be strictly income based (25% of the pre-tax income of initial seven years after graduation). The only evidence required from beneficiaries of the programs shall be copies of their national income tax returns. However, any balance payable due at 12-years from initial payment has to be refunded in full as the last installment.
7. EXECUTIVE COMMITTEE
The constitution and the functioning of the executive committee has been laid down in “TRUST DEED” under “Duties of the Trustees” para 5 sub para (v). The executive committee comprises of the following members:
- Principal WEC, Wah Cantt Convener
- Managing Director POFs Welfare Trust, Wah Cantt. Member
- Director Administration POFs Wah Cantt Member
- Director Student Affairs, WEC, Wah Cantt. Member
- Senior Faculty Member WEC, Wah Cantt. Secretary
- A seat each (as long as the strength of such members is less than 66% of the ex officio members) in the Executive Committee shall be provided to major donors donating Rs. Six million or more. Such membership will be for a period of two years.
The Executive Committee will function on behalf and under the direction of the Board of Trustees. The committee will be responsible for the management of all aspects of the Fund. The committee will also guide, supervise and explore various activities for raising funds. The committee is responsible for preparing and presenting the budget, progress reports of the activities at-least once a year. To institute, conduct, defend or abandon any legal proceeding by or against the Fund or its officers or otherwise, concerning the affairs of Fund. The committee decisions will be made on majority vote. The committee can recommend any amendment, addition or deletion of any rule, to the Board. The Board can approve or disapprove any recommendation and the decision will be referred back to the Executive Committee for reconsideration in case of any disagreement by the Board.
Meeting of the Executive Committee
- The Committee shall meet as often as necessary for carrying out the objectives of this Fund and shall conduct their affairs according to their mutual agreement. The Committee members shall decide on the management of the funds.
- The decision of the Committee shall be taken with the consent of the majority of the members present in the meeting.
- The Annual Meeting of the Executive Committee of the Fund may be called after giving 7 days’ notice, however in case urgent meeting is required, that may be called in 3 days’ notice in writing.
- The regular books of accounts should be maintained according to the Generally Acceptable Accounting Principles as adopted and should be accessible to all interested members of the public without any hindrance during normal office hours.
- As a guideline, the bank accounts shall be maintained on the pattern of the WEC’s accounts, and shall be jointly operated by two designated Officers nominated by the Board of Trustee from time to time. Principal WEC, Secretary Executive Committee and Finance Manager WEC will be the first account holders and the account can be operated from signatures of any two of them.
- The financial year of the Fund shall be from first day of July to the 30th day of June.
The Fund accounts shall be audited each year by the WEC’s appointed auditors. The latest audited report shall also be displayed on the website of the fund.