Akhuwat Loan Program

Akhuwat Foundation is Working for needy people with various projects and was eventually launched in March 2001.

From there on, Akhuwat Loan Program  adopted Same as the Qarz-a-Hasana in term used by the Qur’an that literally translates to “a beautiful loan”, as its core strategy for microfinance under Akhuwat Loan Program.

This idea is indeed an endeavor to the reignite the very promise of Mawakhat , So which is Besides an obligation of fortitude that was made because of the Prophet’s relocation from Makkah to Medina.

As It is based on the particularly principle that if one has a loaf of bread and half of it rightfully obviously  belongs to a person who has none.

So This philosophy of solidarity is too driving force behind all of Akhuwat’s programs and practices.

So finally it has a Branch network of 25 spread over different cities to serve people.

It offers interest-free loans to the eligible candidates under Akhuwat Loan Program.

Eligibility Criteria for Akhuwat Loan Program.

  The general points which are compulsory for eligibility of a loan:-

  • The applicant should have a valid CNIC.
  • Having the ability to run/initiate business activity having age between 18-62 years.
  • Applicants should be economically active.
  • IT should not be convicted of any criminal offense in lieu of which proceedings are in progress.
  • IT should have a good social and moral character in his community.
  • The applicant should be a resident of the operational area of the branch office which might be around 2-2.5 KM radius.
  • Note: – Project-specific eligibility criteria may be varied.

FBR has put new property valuation on hold till 16 January 2022. (mrbankar.com)

Loan Products Offered

There are various products through which AIM provides interest-free loans and are tailored to meet the specific needs of the borrower. These products are outlined below:
Note: Loans under different products are offered according to the availability of financial resources/funds.

 

Sr Products % Description Product Features
1.

Family Enterprise Loan

85 – 90 Family enterprise loans are offered by AIM for the
establishment of a new business or the expansion of an existing one. AIM would like to continue to place emphasis
on 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

Post Approval Application fee: None

Mutual Support Fund Contribution: Optional 1% of the loan amount

2.
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

Post Approval Application fee: None

Mutual Support Fund Contribution: Optional 1% of loan amount

3.

Liberation Loan

2 – 1 These loans are given to the persons 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 in 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

Post Approval Application fee: None

Mutual Support Fund Contribution: Optional 1% of loan amount

4.

Housing Loan

2 – 1 The purpose of the housing loan is to provide financing
facility for the renovation of houses, construction of
rooms, roofs, walls, etc. These are given to those poor families who occupy
piece of land or house up to 5 Marlas and their
family size increases up toor 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

Post Approval Application fee: None

Mutual Support Fund : Optional 1% of loan amount

5.

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, belong to
low-income background and his/her parents are
unable to bear the education expenses. Parents or
the student will pay back the principal amount to AIM
in easy installments.
Education Level: Post Matriculation 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

Post Approval Application fee: None

Mutual Support Fund Contribution: Optional 1% of loan amount

6.

Health Loan

2 –1 Health loan is given to those poor people suffering
from serious illnesses and ailments and 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

Post Approval Application fee: None

Mutual Support Fund Contribution:  Optional 1% of loan amount

7.

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

Post Approval Application fee: None

Mutual Support Fund Contribution:  Optional 1% of loan amount

8.

Emergency Loan

2 – 1 This product is for those poor 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

Post Approval Application fee: None

Mutual Support Fund Contribution: Optional 1% of loan amount

 

For more details Please visit: https://akhuwat.org.pk/

 

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