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AKHUWAT LOAN SCHEME 2023

AKHUWAT is the foundation that is working in Pakistan. It is providing interest-free loans to eligible people. Pakistani citizens can apply for this loan without any hurdle. There are different types of loans offered by AKHUWAT. The minimum amount of loan is 10000 rupees while the maximum loan price is 500000 rupees. In this article, I will discuss the complete details of the AKHUWAT loan.

Akhuwat is a unique microfinance organization which offers interest free loans to the poor. The loan scheme is open to all, and there is no need to provide any collateral. Akhuwat has announced that the loan scheme will be available online from 2023. This will make it easier for people to apply for a loan. The application process will be simple and straightforward, and borrowers can get their money within a few days. Akhuwat aims to help the poor become more self-sufficient and improve their quality of life. If you are in need of financial assistance, then Akhuwat may be the right choice for you. Apply now!

Objectives of AKHUWAT Loan:

1- To provide interest-free loans to students.

2- To provide interest-free loans to farmers.

3- To reduce the poverty by providing business opportunities through loans.

Types of loans offered by AKHUWAT:

KUWAIT is offering different types of loans at 0% interest. Here are the details of different types of loans.

1-Educational Loan:

  • Eligibility criteria are post matriculation at o master’s level.
  • The total range of this loan is 10,000 to 50,000 rupees.
  • Its total duration is 10 to 24 months.
  • The profit rate of this loan is 0%.
  • The interest rate of this loan is 0%.
  • The initial application fee is up to rupees the post-approval application fee is zero.
  • Mutual support fund contribution will be 1% of the loan amount. But it is optional.

2-Health Loan:

  • The total range of this loan is from 10,000 to 50,000 rupees.
  • Its duration is 10 to 24 months.
  • The profit rate is 0%.
  • The interest rate is 0%.
  • The initial application fee is up to 200 rupees.
  • The post-approval application fee is zero.
  • Mutual support fund contribution will be 1% of the loan amount. But it is optional.

3-Marriage Loan:

  • Its range is from 10,000 to 50,000 rupees.
  • The total duration of this loan is 10 to24 months.
  • The profit rate is 0%.
  • The interest rate of this loan is 0%.
  • The initial application fee is up to 200 rupees.
  • The post-approval application fee is zero.
  • Mutual support fund contribution will be 1% of the loan amount. But it is optional.

4-Emergency Loan:

  • Its total range is from 10,000 to 50,000 rupees.
  • Its total duration is 10 to 24 months.
  • The profit rate of this loan is 0%.
  • The interest rate is 0%.
  • The initial application fee is up to 200 rupees post-approvaloval application fee is zero.
  • Mutual support fund contribution will be 1% of the loan amount. But it is optional.

5-Family Enterprise Loan:

  • The total range of this loan is from Rs. 10,000 to Rs.50,000
  • Its total duration is 10 to 36 months.
  • The profit rate of this loan is 0%
  • The interest rate is 0%
  • The initial processing fee of this loan is up to 200 rupees.
  • There is no post-approval application fee.
  • Mutual support fund contribution will be 1% of the loan amount. But it is optional.

6-Agriculture Loan:

  • The total range of this loan is from Rs. 10,000 to Rs 50,000
  • The total duration of this loan is 4 to 8 months.
  • The profit rate of this loan is 0%
  • The interest rate is 0%
  • There is no initial application fee for this loan.
  • There is no fee for the post-approval application.
  • Mutual support fund contribution will be 1% of the loan amount and it will be optional.

7-Liberation Loan:

  • The total range of this loan starts from 10,000 to 100,000 rupees.
  • Its total duration is 10 to 36 months.
  • The profit rate of this loan is 0%
  • The interest rate is 0%
  • The initial application fee for this loan is up to 200 rupees.
  • The post-approval application fee is zero.
  • Mutual support fund contribution will be 1% of the loan amount and it will be optional.

8-Housing Loan:

  • The total range of this loan is from 30,000 to 100,000 rupees.
  • The total duration of the loan is up to 36 months.
  • The profit rate of this loan is 0%.
  • The interest rate is 0%.
  • The initial application fee for this loan is up to 200 rupees.
  • The post-approval application fee is zero.
  • Mutual support fund contribution will be 1% of the loan amount and it will be optional.

Eligibility Criteria:

The applicant should be a citizen of Pakistan and must have a valid CNIC issued by NADRA. The minimum age should be 18 and the maximum age should be 62 for loans. Applicants should be able to run a business. The applicant should provide two guarantors. And guarantors should be out of the family. Applicant must be resident around the branch. Distance from branch to applicant house should be no more than 2.5 kilometers.

Documents:

2 copies of the National Identity Card of the applicant.

2 copies of the National Identity Card of guarantors.

1 copy of the latest utility bill.

2 latest passport-size photographs.

CNIC is for the identification purpose while utility bill is for verification of address.

How to apply for a Loan?

First of all, you have to apply for a loan in AKHUWAT. The processing fee is different for different types of loans. The unit manager of AKHUWAT will evaluate your loan case according to your eligibility criteria.
First of all, the applicant will visit the nearest branch of AKHUWAT with his required documents. Required documents are mentioned. The unit manager of AKHUWAT will evaluate your documents and will check your eligibility criteria. If you will be eligible for a loan then you will apply. After checking your documents they will further proceed with your case.
They will also require documents of guarantors and other family members. After completion of this process, your loan application will be completed and you will receive your loan within a few weeks.

Frequently Asked Questions:

Question Number 1: Can we apply for a loan without any guarantor?

Answer: No, we can not apply for a loan without any guarantor.

Question Number 2: Is it an interest-free loan?

Answer: Yes, AKHUWAT Foundation is offering interest-free loans to Pakistani citizens.

Question Number 3: What is the processing fee for this loan?

Answer: The processing fee for a loan is only 200 rupees.

Question Number 4: Is AKHUWAT providing any loans for students?

Answer: Yes, AKHUWAT is providing interest-free loans to students.

Question Number 5: Is AKHUWAT foundation providing any loans for farmers?

Answer: Yes, the AKHUWAT foundation is providing loans for farmers. Farmers can get agricultural loans.

Contact details of AKHUWAT Foundation Lahore:

Phone Number: (042-111-448-464)

Head Office 19 Civic Center,(Sector A2-Township) Lahore.

Email Address of AKHUWAT Foundation:

info@akhuwat.org.pk

Conclusion:

In this informative article, I discussed complete details of the AKHUWAT loan. If you have any difficulty understanding this article then ask questions in the comment box and our team will solve your problem related to this loan.

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