The Akhuwat Loan Scheme is a financial initiative operating in Pakistan, dedicated to extending interest-free loans to individuals in need. These loans serve as a stepping stone for recipients to enhance their businesses and improve their quality of life.
Akhuwat Loan Scheme offers financial support to address a variety of needs. Many individuals have achieved success through loans obtained from Akhuwat. The scheme covers education, business ventures, healthcare, housing, and the establishment of welfare foundations. Rooted in principles of unity and equality, the Akhuwat Loan Scheme has emerged as a catalyst for social and economic transformation in Pakistan, playing a pivotal role in society.
About Akhuwat Loan Foundation
Akhuwat Loan Foundation operates as a microfinance institution established in Pakistan, collaborating with microfinance banks to provide interest-free loans to deserving individuals. Founded in 2001, its mission is to combat poverty in Pakistan and uplift the lives of marginalized communities.
The government of Pakistan has also introduced a loan scheme, offering free loans to Pakistani citizens to facilitate business ventures under straightforward terms.
Eligibility Criteria for Akhuwat Loan
To apply for an Akhuwat Loan, applicants must meet specific eligibility criteria, which may include a stable source of income, character references, or assessments of guarantor capacity. Here are the steps to apply:
- Possession of a valid identity card.
- Residence within a two-and-a-half-kilometer radius of an Akhuwat Microfinance Bank branch.
- Age ranging from 18 to 62 years.
- Ability to provide two guarantors unrelated to the applicant by blood.
- Demonstrated good social and moral character.
- No involvement in criminal activities or cases.
- A valid police clearance character certificate.
Supporting Documents for Akhuwat Loan
Applicants are required to submit the following documents when applying for a loan:
- Copies of CNIC (Computerized National Identity Card) for the applicant, guarantor, and family members.
- Household bills (e.g., gas or electricity bills).
- Marriage certificate for married applicants.
Types of Akhuwat Loan
Akhuwat Loan is available in two categories:
- Group Lending: This option involves forming groups of three to six individuals who live in proximity to each other but are not related by blood. Group members collectively guarantee each other’s loans.
- Individual Lending: Individual loans are provided to eligible individuals who meet the criteria and require the loan for personal needs. To secure a personal loan, the applicant must provide two guarantors who vouch for timely repayment.
Application Process for Akhuwat Loan
To apply for an Akhuwat Loan, follow these steps:
- Familiarize yourself with the loan offerings, services, and programs that align with your needs.
- Gather the necessary documents for the loan application, including any specific requirements based on the loan type.
- Locate your nearest Akhuwat Loan Microfinance Bank and schedule an appointment.
- Acquire and complete the Loan Application form provided by the Loan officer.
- Submit the Akhuwat Loan application along with all required supporting documents.
- Review your loan application before submission.
- The loan officer will assess your eligibility based on the provided documents and information.
- If eligible, the approved loan amount will be credited to your account within a few days or as per the program’s terms.
The Akhuwat Islamic Microfinance scheme, designed to economically and socially support disadvantaged families, offers Shariah-compliant products with a repayment period ranging from 13 to 60 months. Recipients can receive up to 500,000 PKR in financial assistance under this scheme.