How to Apply for Akhuwat Foundation Loan 2023
Akhuwat Loan Scheme is a financial program in Pakistan that aims to provide interest-free loans to deserving and poor people so that they can grow in their businesses or life.
Apart from this, you can take loans for your education, business, health care, housing, and establishing a welfare foundation. Akhuwat Loan is founded on the principles of unity and equality. Akhuwat Loan has become a catalyst for social and economic change in Pakistan and is playing an important role in society
Akhuwat Loan Foundation
Akhuwat Loan is an organization of a microfinance bank established in Pakistan. The aim is to provide interest-free loans to the near and deserving people in association with the microfinance bank. This organization was founded in 2001 with the mission of eradicating poverty in Pakistan and improving the lives of the most marginalized communities.
For all Pakistanis, the government of Pakistan has launched a free loan scheme. Which will be given by the government on simple terms to do business for the people inside.
The main target of Akhot Loan is the low-income section of society which is deprived of access to formal financial services. Are. So that they can meet their educational expenses or financial needs. To apply for the Akhuwat loan, you have to meet certain eligibility criteria to get a loan; if you meet these criteria, then you are provided an interest-free loan. Benazir Income Support Program
Eligibility Criteria For Akhuewat Loan.
- To apply for a loan, you have to fulfill certain eligibility criteria, which may be a source of income, or character certificate, or an assessment of the capacity of your guarantors.
- In order to apply, you have to fulfill some of the steps below, which are as follows.
- Identity card of the applicant
- The applicant should be in an area of two and a half kilometers where Akhut Microfinance Bank is required.
- The age should be around 18 to 62 years.
- You must have the ability to provide two sons and a bank check that does not belong to your family members.
- The tenant should have a good social and moral character in the society
- The applicant should not be involved in any criminal act or case
- Must have police clearance character certificate
Supporting Documents for Akhuwat Loan
- Below are the documents you need to submit for the loan application.
- Copies of CNIC
- Family member
- Household bills, e.g., gas or electricity
- Petitioner’s Marriage Certificate.
Types Of Akhuwat Loan
Akhuwat Loan is given in two ways; it includes two types of people.
- Group Landing
- Individual Landing
One of them is group landing, in which a group of three to six people is formed who live close to each other but are not all relatives. Group members will guarantee each other’s loans and credentials.
Individual Landing is distributed to individuals who meet the eligibility criteria and take the loan to meet their needs. To get a personal loan, the applicant has to provide two guarantors who guarantee that he will repay the loan on time.
Application Process Of Akhuwat Loan
To apply for Akhuwat Loan, you have to follow the following steps
- Find out about the loan and its services and the various loan programs that interest you.
- Documents to be provided in the loan process and any additional documents related to the type of loan.
- Find your nearest Akhuwat Loan Microfinance Bank and schedule an appointment.
- Obtain and complete the Application for Loan form provided by the Loan officer.
- Submit the Akhot loan application along with all your required supporting documents.
- Review your loan application before submitting it.
- The loan officer will review your application and check your eligibility based on the required documents and information.
- If you are eligible for the loan, you will get the money in your account within a few days or you will receive it as per the program.
What is the tenure of the loan?
The scheme was called Ikhwat Islamic Microfinance to provide financial assistance to poor and deserving families with up to 5,00000 in Shariah-compliant products. This scheme is designed to support the poor economically and socially. Its repayment period is from 13 to 60 months.