Akhuwat New Loan Scheme 2023 | Apply Online

Akhot Foundation interest free loan program is for Pakistani citizens and can apply all over Pakistan. The amount limit of different loan products varies though it ranges from Rs 50000 to Rs 150000. Application fee is 200 except agriculture which has no application form. The first step for a loan, a person gets an interest free loan from Qard Hasan Akhot Foundation loan application form. And after downloading write the required material and send it to your nearest AIM branch. The Unit Manager verifies your loan application and reviews any additional information that may be required and verifies that all documents were required for loan approval.

Introduction

Legislature of Pakistan, in a joint effort with Pakistan Destitution Mitigation Asset (PPAF) and Accomplice Associations (Po's) has sent off an Interest Free Credit conspire under which low pay families whose Neediness score card up to 40 will be given interest let loose advances to Rs.50, 000.There is a controlling council which is outlining the entire Venture. Under Top state leader's Sans advantage Credit (PM-IFL) Plan, an aggregate sum of Rs. 3.5 billion has been given to PPAF and PPAF has dispensed that asset to Accomplice Associations. In such manner, Akhuwat Islamic Microfinance (Point) has been chosen as an Accomplice Association by PPAF.

Eligibility Criteria:

• The applicant has a suitable business plan.
• The applicant has a poverty score card of up to 40.
• Whose age is between 18 to 60 years.
• Applicant must have valid CNIC.
• Applicant should be economically active.
• The applicant must not have been convicted of any criminal offense for which proceedings are pending.
• The applicant should have good social and moral character in his community.
• The applicant should have the ability to provide two guarantors other than family members.

Salient features of the project:

Interest free credit office is just for explicit UC's dispensed according to NFC rules.

Greatest Credit size will be PKR. 50,000.

Credits will be given to individual having Neediness Score Card 0-40.

Credits are dispensed in mosques/places of worship to guarantee straightforwardness and support.

There is no increase or interest on these credits.

Advances are given after due investigation and examination as per a qualification rule, on the early bird gets the worm premise.

Main objectives of the project:

Providing interest-free loans to the poor, vulnerable and marginalized on a scale of 0-40 on the Poverty Scorecard.

To ensure that loans are used for productive purpose to increase the income of borrowers/households.

Allocation of 50% loans to women for inclusion in economic activities.

To encourage behavioral change among beneficiaries of the scheme.

LOAN PRODUCTS OFFERED

There are different items through which Point gives interest free advances which are custom fitted to address explicit issues of the borrower. These items are framed underneath:

Products

• Family Enterprise Loan
• Agricultural credit
• Liberation Loan
• Housing loan
• Education loan
• Health Loan
• Marriage Debt
• Emergency Loan

Akhut Family Enterprise Loan 2023

• Range: Rs.10,000 to Rs.50,000
• Duration: 10-36 months
• Profit Rate: 0%
• Interest Rate: None.
• Initial Application Fee: Up to Rs. 200
• Application Fee After Approval: None.
• Mutual Support Fund Contribution: Optional 1% of loan amount

Akhut Agriculture Loan 2023

• Range: Rs.10,000 to Rs.50,000
• Duration: 4-8 months
• Profit Rate: 0%
• Interest Rate: None.
• Initial Application Fee: None.
• Application Fee After Approval: None.
• Mutual Support Fund Contribution: Optional 1% of loan amount

Brotherhood Liberation Loan 2023

• Limit: Rs.10,000 to Rs.100,000
• Duration: 10-36 months
• Profit Rate: 0%
• Interest Rate: None.
• Initial Application Fee: Up to Rs. 200
• Application Fee After Approval: None.
• Mutual Support Fund Contribution: Optional 1% of loan amount

Akhot Housing Loan 2023

• Range: Rs.30,000 to Rs.100,000
• Duration: Up to 36 months
• Profit Rate: 0%
• Interest Rate: None.
• Initial Application Fee: Up to Rs. 200
• Application Fee After Approval: None.
• Mutual Support Fund: Optional 1% of loan amount

Akhut Education Loan 2023

• Education Level: Post Matric to Masters
• Limit: Rs.10,000 to Rs.50,000
• Duration: 10-24 months
• Profit Rate: 0%
• Interest Rate: None.
• Initial Application Fee: Up to Rs. 200
• Application Fee After Approval: None.
• Mutual Support Fund Contribution: Optional 1% of loan amount

Brotherhood Health Loan 2023

• Limit: Rs.10,000 to Rs.50,000
• Duration: 10-24 months
• Profit Rate: 0%
• Interest Rate: None.
• Initial Application Fee: Up to Rs. 200
• Application Fee After Approval: None.
• Mutual Support Fund Contribution: Optional 1% of loan amount

Akhot Marriage Loan 2023

• Range: Rs.10,000 to Rs.50,000
• Duration: 10-24 months
• Profit Rate: 0%
• Interest Rate: None.
• Initial Application Fee: Up to Rs. 200
• Application Fee After Approval: None.
• Mutual Support Fund Contribution: Optional 1% of loan amount

Brotherhood Emergency Loan 2023

• Limit: Rs.10,000 to Rs.50,000
• Duration: 10-24 months
• Profit Rate: 0%
• Interest Rate: None.
• Initial Application Fee: Up to Rs.200
• Application Fee After Approval: None.
• Mutual Support Fund Contribution: Optional 1% of loan amount

Eligibility Criteria for Loans

1. Applicant must have valid CNIC.
2. Ability to run/start a business activity between the ages of 18-62 years.
3. Applicant should be economically active.
4. The applicant must not have been convicted of any criminal offense for which proceedings are pending.
5. The applicant should have good social and moral character in his community.
6. The applicant should have the ability to provide two guarantors other than family members.
7. The applicant should be a resident of the operational area of the branch office which may be around 2-2.5 km radius.
8. Note:- Project specific eligibility criteria may vary.

Application Submission

The advance cycle will begin with the accommodation of utilization. The application charge might differ from one plan to another. The unit supervisor will then assess the application through qualification rules. In this way, these credits will be given out on friendly guarantee. The accompanying advances will be continued in application accommodation.

Candidate will visit closest Point branch alongside his/her important records (referenced beneath) for accommodation of credit application.

Unit supervisor will talk about with the candidate to check whether candidate falls under qualification rules of the plan.

Potential up-and-comer will submit advance application on endorsed structure. Advance application will be given and filled by Point staff in branch office.

Unit supervisor will check records and application will be handled after consummation of required reports.

1. Personal Liability

2. Two sureties

3. Post-dated cheques

4. Any additional guarantee in special case.

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