5 Lakh Loan Without Interest In Pakistan Prime Minister Shehbaz Sharif recently launched an interest-free loan program in Pakistan that will allow unemployed youth to start a small business. This program is aimed at first-year students who have no work experience or work to earn a living.
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5 Lakh Loan Without Interest In Pakistan 2024 The main motive behind this interest-free loan program is to increase people’s interest in microfinance, which will not only increase the employment rate but also expand the industry in Pakistan. Currently, the government intends to provide bila Sood qarz to 1 million Pakistanis, but in the next five years, more than 2.5 million people will be able to come under this umbrella.
5 Lakh Loan Without Interest In Pakistan 2024 Once approved, you will be able to get a loan of around 75000 to 5 lac with 0% interest rate which you will have to repay in three years. To get a loan of around PKR 500,000, you will have to pay a monthly installment of around PKR 13,890. What are the eligibility criteria and how can one apply for an interest-free loan program? Let’s find out!
5 Lakh Loan Without Interest In Pakistan Eligibility Criteria
To be eligible for 5 lakh interest free loan in Pakistan under bila Sood qarz and kamyab Pakistan program, the applicant must be;
- A Pakistani citizen and between 18 and 60 years old.
- Have a valid CNIC
- have a business plan
- Have no source of income or monthly income less than PKR 40,000
- Below the poverty line
- Have a minimum study enrollment.
In addition to this, a poverty score is also calculated to verify the applicant’s eligibility for the loan. If an applicant’s poverty score is between 18.5 and 40, they will be considered eligible. Additionally, everyone can apply for this program, regardless of ethnicity, religion, or gender.
The quota of around 50% is set only for women, while the remaining 50% is set for men, senior citizens and transgender people. However, preference is given to applicants from those districts or areas where the possibilities of establishing microfinance networks are slim. On the other hand, all those candidates who are also receiving financial assistance from other ehsas programs or Benazir income support programs can also apply.
Check eligibility for 5 Lakh upload – 5771 sms
T5 Lakh Loan Without Interest In Pakistan 2024 o check your eligibility for kamyab Pakistan scheme interest free loan 2024, you can send your CNIC number to SMS code 5771. If you are notified that you are eligible, you will need to visit the nearest union council office to complete the coded formalities, then from which your loan will be transferred to your account within 30 to 45 days.
5 Lakh Loan Without Interest Registration Process
5 Lakh Loan Without Interest In Pakistan 2024 First of all, you will need to obtain the necessary documents to apply for the loan. These documents include a
- visible photography
- a copy of the applicant’s CNIC (front and back)
- educational degree
- proof of experience or craftsmanship if available
- experience certificates
- latest tax return and NTN, license
- business writing
- written estimate
- another source of income
- two reference CNICs
- vehicle registration number
- existence documents
- and reference of residential address or electrical connection.
5 Lakh Loan Without Interest In Pakistan 2024 You can apply for 5 lakh interest free loan in Pakistan by visiting the official website. There you will find a registration form in which you will have to enter your information like your full name, father’s name, CNIC, phone number, etc. 5 Lakh Loan Without Interest In Pakistan 2024 Apart from personal details, you will also need to mention your business idea and corresponding details like business category, monthly expenses, relevant experience, etc.
5 Lakh Loan Without Interest In Pakistan 2024 Once this is done, you will be directed to another form page where you will need to enter the loan details (loan size, loan amount, repayment duration). You will also need to mention if you have already obtained a loan from another bank. If yes, details such as name of the bank, loan amount, monthly installment and outstanding amount should be mentioned. After this, you will be shown some loan packages, designed specifically for your application. Select the one that suits you best and click the Submit button.
Last date to apply for a loan of 5 Lakh
5 Lakh Loan Without Interest In Pakistan 2024 Additionally, you can also visit the nearest loan center and check your eligibility. If you qualify, an officer will complete your application form on your behalf. Once submitted, the relevant team will visit your home to verify the details. Within 2 to 4 weeks, the loan officer will inform you of the status of your application and deliver your check to you on the scheduled day and time.
So far, the government has not announced the last day to apply for the bila Sood qarz programme. The official announcement of this interest-free loan scheme is said to be released in August 2023. Complete information about the program will be mentioned in that announcement.
Other Programs and Schemes for 5 Lakh Loans
Interest Free Loan Khyber Pakhtunkhwa
5 Lakh Loan Without Interest In Pakistan 2024 The KPK government has announced an interest-free loan scheme for government employees. This easy loan is offered to them so that they can buy cars, motorcycles, bicycles or build their houses.
Akhuwat Foundation
Akhuwat Foundation also offers 0% interest rate loans. The offer is valid for all Pakistani men and women who want to start a small business but do not have the capital for it. For more information, you can visit any of the 800 branches of the akhuwat foundation.
Pakistan Poverty Alleviation Fund
Pakistan Poverty Alleviation Fund (PPAF) is an institution that was established primarily to increase the rate of community development. This non-profit organization has various programs with which it provides interest-free loans to entrepreneurs who want to expand their businesses. Unlike other programs, this one is not for people who have not yet established their business.
Qarz and Hasana
This loan program is offered by various Islamic banks in Pakistan that allow individuals and small business owners to borrow money at 0% interest. These banks are generous enough to customize the repayment plan so that the borrower can repay the loan in the way that is most convenient for them.
Furthermore, many community organizations and NGOs also provide loans to their members, women, elderly, farmers and needy people. Each of these organizations has special eligibility criteria, application processes, and payment policies. So before applying for any plan, do thorough research and evaluate all options briefly.
