akhuwat loan | how to get akhuwat loan | akhuwat loan application
form online |
akhuwat loan is a process of get loan
by akhuwat in Pakistan. I n this article, we are going to discussed about the
akhuwat loan. Most of the peoples are searching about the akhuwat loan in Pakistan
and its procedures. In this article, we will try to covered all the relevant
questions about akhuwat loan.
Akhuwat is a Pakistan-based
non-profit, non-governmental organization that provides interest-free
micro-financing to low-income households, with a mission to reduce poverty by
providing access to financial services. Founded in 2001 by Dr. Amjad Saqib,
Akhuwat has grown to become the largest microfinance institution in Pakistan and
one of the largest in the world. Akhuwat provides interest-free loans to more
than 1.4 million families, with a loan portfolio of over $1.3 billion. Akhuwat
also provides financial education, mentoring, and other services to its
clients. Akhuwat has a network of over 1,400 branches and offices throughout
Pakistan, and a staff of more than 5,000. Akhuwat has become a model for other
microfinance organizations around the world, and has been recognized for its
innovative approach to poverty alleviation.
What is loan?
A loan is a sum of money that is
borrowed and must be repaid with interest. It is typically provided by a bank,
credit union, or other financial institution. Loans can be used for a variety
of purposes, such as financing a vehicle purchase, financing a business, or
paying for college tuition.
akhuwat loan
Qarz-e-hasana (also known as
Khidmat-e-Khalq) is a form of interest-free loan provided by Al-Khidmat
Foundation Pakistan (AKFP). It is an Islamic form of loan, which is provided to
those in need with no interest, security, or collateral. The loan is given to
help people in need and to reduce poverty, with a focus on providing a helping
hand to those who cannot access other financial means. The loan amount can
range from Rs. 5,000 to Rs. 500,000, depending on the individual’s financial
circumstances and creditworthiness. The loan is repaid in monthly instalments
and the repayment period can range from 2 to 6 years. This form of loan has
helped many people in need, by providing them with a financial lifeline and
giving them the opportunity to improve their lives and move forward.
What kind of loan offered by akhuwat?
Akhuwat offers interest-free
loans to low-income families to help them meet their basic needs. They also
provide microfinance services and small business loans to help people launch
and grow their businesses.
kinds of akhuwat loan
Akhuwat loan is a unique
microfinance system that provides interest-free loans to low-income individuals
and families. It offers several types of loans including:
1. Emergency Loans: These are short-term loans
that provide immediate financial assistance to borrowers in need.
2. Education Loans: These are loans that help
borrowers pay for their educational expenses such as tuition fees, books, and
other educational materials.
3. Investment Loans: These are loans that help
borrowers start or expand small businesses.
4. Medical Loans: These are loans that help
borrowers pay for medical expenses.
5. Home Improvement Loans: These are loans
that help borrowers make improvements to their homes.
6. Agriculture Loans: These are loans that
help farmers purchase seeds, fertilizers, and other agricultural inputs.
7. Women's Empowerment Loans: These are loans
that help women entrepreneurs start and grow their businesses.
what are the procedures to get akhuwat loan
1. Check Your Eligibility: The first step to
getting an Akhuwat loan is to check if you are eligible for the loan. To be
eligible for the loan, you must be a Pakistani citizen with a valid CNIC, have
a stable source of income, and have a good credit history.
2. Apply for the Loan: Once you have
determined that you are eligible for the loan, you can apply for the loan by
visiting an Akhuwat branch or filling out an online application form on the
Akhuwat website.
3. Submit Necessary Documents: Once your
application is received, you will need to submit the necessary documents such
as your CNIC, bank statements, income verification, and other documents as
required by Akhuwat.
4. Wait for Approval: Once all the documents
have been submitted, Akhuwat will review them and decide whether you are
eligible for the loan. If approved, you will be issued a loan agreement and a
loan amount.
5. Repayment: Once the loan is issued, you
will be required to make regular repayments as per the loan agreement. Akhuwat
loans are usually interest-free, but you may be charged a nominal processing
fee.
who can get akhuwat loan
Akhuwat offers interest-free
loans to those in need, regardless of their background. To qualify for the
loan, you must have a steady source of income, a good credit score, and a plan
for how you will use the loan funds. Akhuwat also offers microfinance loans to
small businesses in order to help them start, grow, or expand.
what is the detail of akhuwat loan centers
Akhuwat Loan Centers are part of
Akhuwat, a Pakistani microfinance organization. They provide interest-free
loans to people in need of financial assistance. The loans are provided in the
form of small-scale business loans, educational loans, and housing loans. The
loan centers also provide mentorship and guidance to loan recipients, as well
as access to financial literacy and financial management resources. The loan
centers are located in various cities throughout Pakistan.
akhuwat loan sacheme 2023
Akhuwat is an Islamic nonprofit
organization in Pakistan that provides interest-free loans to help low-income
individuals start or expand small businesses. The Akhuwat loan scheme is
available until 2023 and it is available to individuals earning up to Rs 10,000
per month. The loan amount is up to Rs 100,000 and can be used for various
business activities such as purchasing equipment, raw materials, and other
business-related expenses. The loan comes with no processing fees and no
collateral requirements. The loan repayment can be done in up to 48 monthly
installments and the interest rate is zero.
mandatory points for eligibility akhuwat loan
The below points are mandatory to eligible for akhuwat loan.
1. The applicant must be a
Pakistani citizen.
2. The applicant must be over 18
years of age.
3. The applicant must have a
valid CNIC or B-Form.
4. The applicant must have a
steady source of income.
5. The applicant should be able
to provide two guarantors.
6. The applicant should have a
good credit history.
7. The applicant should not be a
defaulter of any other financial institution.
Detail of Loan Disbursement Akhuwat Loan
Akhuwat loans are disbursed in
three tranches. The first tranche of the loan is provided upfront and is
usually used to purchase the required asset or to cover any immediate expenses.
The second tranche is disbursed after the borrower has made at least six timely
payments on the loan. The third tranche is disbursed after the borrower has
made at least twelve timely payments on the loan. In order to receive the third
tranche, the borrower must also provide evidence of the asset purchased with
the first tranche of the loan.
FAQ’s
1. What is the purpose of Akhuwat?
Akhuwat is a non-profit
organization in Pakistan that provides interest-free loans and other financial
assistance to the poor and vulnerable sections of society, with the goal of
helping them break the cycle of poverty.
2. How does Akhuwat work?
Akhuwat works with local partners
to identify potential loan recipients and then provides loans to them, which
are then repaid in installments. Akhuwat also provides training to loan
recipients in financial literacy and other skills to help them become more
self-sufficient.
3. Who is eligible to apply for an Akhuwat loan?
Akhuwat loans are available to
individuals who are living below the poverty line, as well as to small
businesses. Additionally, Akhuwat loans are available to members of marginalized
communities, such as refugees, women, and religious minorities.
4. How much money can I borrow with an Akhuwat loan?
Akhuwat loans range from 5,000 to
150,000 Pakistani Rupees (approximately $32 to $1,000 USD).
5. What is the interest rate for an Akhuwat loan?
Akhuwat loans are interest-free,
and thus there is no interest rate.
6. How long does it take to receive an Akhuwat loan?
Akhuwat loans are typically
disbursed within two weeks of application.
7. What is the repayment period for an Akhuwat loan?
Akhuwat loans have a repayment
period of up to one year.
8. What is the process for applying for an Akhuwat loan?
To apply for an Akhuwat loan,
applicants must complete an application form and provide proof of income.
Akhuwat also requires that applicants have a guarantor, such as a family
member, who will be responsible for the loan should the applicant be unable to
repay it.
9. What happens if I miss a payment on my Akhuwat loan?
Missed payments on Akhuwat loans
may result in a penalty fee and/or an extended repayment period.
10. What are the benefits of an Akhuwat loan?
Akhuwat loans offer several
benefits, including access to funds without the burden of interest, flexible
repayment terms, and access to financial literacy training and other services.
Additionally, Akhuwat loans are a great way to help break the cycle of poverty
and help vulnerable communities take control of their financial futures.
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