Akhuwat Loan – Interest – Akhuwat Loan is a non-profit organization founded in 2001 based on the Islamic principle of Muwakhat, which means solidarity, with the aim of providing interest-free loans to the poor, that is, people in need or self-interest.
Akhuwat Loan Government of Pakistan has started. Now, all Pakistanis belonging to the poor class can get interest-free loans from the Akhuwat Foundation. The information will indicate that the responses are binding on the Foundation. The main objective of the Akhuwat Foundation is to eradicate poverty in Pakistan by providing interest-free loans to people across Pakistan.
If you want to start a small business, you can apply for this loan. This is an Islamic loan that has no interest. You can take this loan without interest. Here we give you this loan. I will give full details about the shot.
Eligibility Criteria Free Loan
- The applicant must have their main identity card.
- The applicant must not run a business and must be between 18 & 62 years of age.
- The applicant must be economically active.
- The applicant must not be involved in any criminal activity.
- Applicants must have good social standing & character.
- The applicant must provide at least two references related to family members & senior government officials of the applicant at any time.
Loan Type
| Loan Type | Rupee Range in PKR | Duration | Application Fee in PKR |
|---|---|---|---|
| Family Enterprise | 10,000 to 50,000 | 10 to 36 Months | 200 |
| Agriculture | 10,000 to 50,000 | 04 to 08 Months | Not |
| Liberation Loan | 10,000 to 100,000 | 10 to 36 Months | 200 |
| Akhuwat Housing Loan | 30,000 to 100,000 | Up to 36 Months | 200 |
| Education | 10,000 to 50,000 | 10 to 24 Months | 200 |
| Health | 10,000 to 50,000 | 10 to 24 Months | 200 |
| Marriage | 10,000 to 50,000 | 10 to 24 Months | 200 |
| Emergency | 10,000 to 50,000 | 10 to 24 Months | 200 |
| Equipment & Building School | 25,000 to 150,000 | Up to 36 Months | 200 |
Akhuwat Loan Scheme Important Steps
All steps are given below:
- The applicant will organize all the documents and visit the nearest Aim branch to submit the loan application.
- The Program Manager will review the documents provided and if the application meets the eligibility criteria for the 2023 Direct Loan Program, approval will be granted.
- Eligible candidates will complete & submit the approved application form, your staff will provide a form and help make all demands about the situation.
- The manager will review all the documents again & then start the application process.
- The loan is approved within three to four weeks.
- Loans are granted in a ceremony that usually takes place in a mosque.
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Important Documents For Applying
- CNIC Copy
- A copy of the CNIC of two guarantors is mandatory.
- If external guarantors are available, the CNIC of the guarantors will be used.
- If no external guarantors are available, the CNIC of any family member.
All these documents are required by Akhuwat in order to identify the applicant, the management information system can verify the applicant and the bank needs these documents to recover the loan.
Akhuwat Loan Apply Online
If you want to Register online, go to their official website, download the form and write a complete application explaining why you want it and describing it in detail so that it is easy to read. And send it to Aim office near his house. After reviewing the application, you will get the details and all the documents required for loan approval will also be reviewed.
If you also want to get a loan from Akhuwat then you must have a few things if you must have a five marla plot on which you want to build a house, it must be three hundred & sixty yards if you apply for it there. If they can, they will examine you, investigate you & ask your neighbors about you. Akhuwat Loan
What is your citizenship? If you have good character with me, you do not have any illegal and unethical activities and how will you repay the loan amount. Your monthly income will be seen.
- AIM’s credit policy includes disbursing interest-free loans through group loans.
- The decision on the naming convention depends on the specific needs of the product and project.
What is the maximum amount of Akhuwat loan?
Under the said scheme, poor and deserving families will be provided financial assistance as per Shariah compliant product up to PKR 500,000/- through Akhuwat Islamic Microfinance (AIM). This plan seeks to support the poor both economically and socially. The repayment period is 13 to 60 months.
Who is eligible for Akhuwat loan?
The applicant must have valid CNIC. Have the capacity to execute/start a business activity while being between 18-62 years old. The applicant must be economically active.
How can I get maximum loan?
Lenders calculate personal loan eligibility by evaluating an applicant’s income, credit score, job stability, and existing debts.