Are you looking for a foundation from which you can get interest-free loans to fulfill your dreams? Here we will tell you about a foundation, AKHUWAT FOUNDATION, which provides Interest-free loans to deserving candidates. Through the loan, they can build their houses, start a business etc.
Akhuwat Foundation provides loans to the candidates in different categories such as Education Loan, Housing Loan, Liberation Loan, Agriculture Loan, Marriage Loan, Health loans, Emergency Loan, and Family Enterprise Loans. Thus, the financially unstable candidates can get Interest-Free loans according to their needs from the AKhuwat Foundation. The Akhuwat Foundation aims to uplift the lower community by helping them financially.
So, here we will tell you about the complete procedure and eligibility criteria based on which you can apply for the Akhuwat Loan scheme. You read the complete article to get the detailed information.
Akhuwat Foundation Loan Products
Akhuwat Foundation is working on the following products and provides interest-free loans for the following categories. However, these loans will be Mutual Support Fund, and Contributions will be Optional at 1% of the loan amount.
| Products | % | Description | Product Features |
| Family Enterprise Loan | 85 – 90 | AIM offers family enterprise loans to establish a new business or expand an existing one. AIM would like to continue to emphasize the provision of such loans. | Range: From Rs. 10,000 to Rs.50,000 Duration: 10 – 36 months Profit Rate: 0% Interest Rate: None Initial Application Fee: Up to Rs. 200/- |
| Agriculture Loan | 5-10 | These loans are given to small farmers, including landless farmers/tenants, according to an eligibility the criterion for purchasing agriculture inputs and meeting ancillary expenses. | Range: From Rs. 10,000 to Rs 50,000 Duration: 4-8 months Profit Rate: 0% Interest Rate: None Initial Application fee: None |
| Liberation Loan | 2 – 1 | These loans are given to those who have taken loans from the exploitative money lenders to save them from undue interest rates. AIM will pay off the balance amount to the money lenders in one go and return, the borrower will pay back the principal amount to AIM in easy installments. | Range: From Rs. 10,000 to Rs.100,000 Duration: 10-36 months Profit Rate: 0% Interest Rate: None Initial Application Fee: Up to Rs. 200/- |
| Housing Loan | 2 – 1 | The purpose of the housing loan is to provide a financing facility for the renovation of houses, construction of rooms, roofs, walls, etc. These are given to those low-income families who occupy a piece of land or house up to 5 Marlas, and their family size increases to or above 8 individuals. | Range: From Rs. 30,000 to Rs.100,000 Duration: Up to 36 months Profit Rate: 0% Interest Rate: None Initial Application Fee: Up to Rs. 200/- |
| Education Loan | 2 – 1 | The objective of an education loan is to extend interest-free loans to highly deserving students who have exhibited excellent academic results belonging to low-income backgrounds and whose parents cannot bear the education expenses. Parents or students will pay back the principal amount to AIM in easy installments. | Education Level: Post Matric up to master Range: From Rs. 10,000 to Rs. 50,000 Duration: 10 – 24 months Profit Rate: 0% Interest Rate: None Initial Application Fee: Up to Rs. 200/- |
| Health Loan | 2 –1 | Health loan is given to those poor people suffering from serious illnesses and ailments who do not have contingency savings. | Range: From Rs. 10,000 to Rs. 50,000 Duration: 10 – 24 months Profit Rate: 0% Interest Rate: None Initial Application Fee: Up to Rs. 200/ |
| Marriage Loan | 2 – 1 | A marriage loan is offered for such parents who face difficulty in arranging the necessary funds for the marriage ceremonies and dowries of their daughters. | Range: From Rs. 10,000 to Rs.50,000 Duration: 10 – 24 months Profit Rate: 0% Interest Rate: None Initial Application Fee: Up to Rs. 200/- |
| Emergency Loan | 2 – 1 | This product is for those low-income families who face unfortunate events and emergencies, e.g. sudden losses in business or meeting any other immediate contingency etc. | Range: From Rs. 10,000 to Rs. 50,000 Duration: 10 – 24 months Profit Rate: 0% Interest Rate: None Initial Application Fee: Up to Rs 200/- |
Eligibility for the Akhuwat Loan
The candidates meeting the given eligibility criteria can apply for the loans through the Akhuwat Foundation.
- The applicant should have a valid CNIC.
- Having the ability to run/initiate business activity.
- Age between 18 to 62 years.
- Applicants should be economically active.
- The applicant should not be convicted of any criminal offence for which proceedings are in progress.
- Applicants should have a good social and moral character in the community.
- Candidates should have the capacity to provide two guarantors other than family members.
- The applicant should be a resident of the operational area of the branch office, which might be around a 2-2.5 KM radius.
Documents/things Required for Akhuwat Loan
- Copies of CNIC
- Latest Utility Bills
- Latest Photos
- Copy of Nikkahnama
- Two guarantors
- Personal responsibility
- Postdated Cheques
- Additional documents might be asked if needed.
Application Submission Method for Akhuwat Loan
Applicants will visit the near AIM branch with their relevant documents to apply. The unit manager will discuss the eligibility criteria and relent things with the applicants and inform them whether they are eligible or not.
The eligible candidates will apply the prescribed formate. However, the AIM staff in the Branch officer will provide and fill out the loan application.
The unit manager will check the documents, and after completion of the required documents, the application will proceed.
Hopefully, the given detail helped a lot. However, you can ask the related question from our team and also could visit the Akhuwat website for further detail. (https://akhuwat.org.pk/)
