Akhuwat Foundation Pakistan is providing Bila Sood Qarza Scheme to the poor, unemployed youth in easy installments.
The purpose of these loans is to improve people’s lives. These loans are provided for student education, low-cost housing, agriculture, and business.
Under this Loan Scheme 2022, a person can get a maximum of 5 lakhs amount. These loans can be availed for emergency needs within a month. Check here for detail on the Akhuwat loan Process in Urdu
Required documents for loan application:
- Copies of Applicant CNIC
- Copies of Guarantors CNIC
- Fresh Utility Bills of Applicant
- Latest Photos
- Complete Home address for verification and recovery
- For females Copy of Nikahnama is a must if the CNIC of a wife is not with the name of the husband
Akhuwat loan Information in Urdu
Submission of Loan Application:
The applicant will submit a loan application to Akhuwat nearest branch. The Area Manager will then check the application through the eligibility criteria. These loans will be given to social security.
Assessment of Social Position: The purpose of a social assessment is to visit the applicant’s home and verify his or her role with neighbors and family members.
Home and business verification:
Business plans will examine the business idea of the desired borrower to see if it is viable and whether it is domestic enough to repay the loan. Can it generate more revenue than expenses?
In the case of individual loans, each applicant will provide two guarantors who will ensure the timely repayment of the loan. While in a group loan the members of the group guarantee each other and thus formally form a group.
Loan Approval Committee and Loan Disbursement:
Loan Approval takes 4 weeks. Debt repayment will be once a month – In the case of individual loans, the applicant must have at least one guarantor. In case of a group loan, all group members should be present at the time of distribution. Each individual will be present at the time of distribution. If a borrower is absent, the loan will not be repaid and may be canceled.
Loan repayment and Installment:
Repayment must be made at the branch by the 7th of each month in easy installment. If payment is not made by the 10th date, the unit manager goes to remind the client and if payment is still not made then the guarantor is contacted and asked to make the payment.