How To Apply for a 5 Lakh Loan Without Interest In Pakistan 2024?
Prime Minister Shahbaz Sharif has recently launched an interest free loan program in Pakistan with which unemployed youngsters will be able to set up a small business. This program targets freshmen who have no work experience and no job to earn a living.
The main motive behind this interest-free loan program is to increase people’s interest in microfinancing which not only will increase the rate of employment but also expand industry in Pakistan. Currently, the government has intended 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 get under this umbrella.
On being approved, you’ll be able to get a loan of around 75000 to 5 lac with a 0% interest rate which you’d need to return in three years. On getting a loan of around PKR 5,00,000, you’d need to pay a monthly installment of around PKR 13890. What is the eligibility criteria and how can you apply for an interest-free loan program? Let’s find out!
5 Lakh Loan Without Interest In Pakistan Eligibility Criteria
To be eligible for a 5 lakh loan without interest in Pakistan under bila Sood qarz and kamyab Pakistan program, an applicant must need to be;
In addition to this, a poverty score is also calculated to check an applicant’s eligibility for the loan. If an applicant’s poverty score is between 18.5-40, he’ll be considered eligible. Besides, every person can apply for this program, regardless of ethnicity, religion, or gender.
Around 50% quota is fixed for women only whereas the remaining 50% is set for men, elders, and transgenders. However, preference is given to applicants from those districts or areas where the facilities of microfinance networking are low. On the other hand, all those candidates who are also getting financial aid from other ehsas programs or Benazir income support programs can also apply.
Check Eligibility for 5 Lakh Load – 5771 sms
To check your eligibility for kamyab Pakistan program 2024 interest free loan, you can send your CNIC number to sms code 5771. If you are notified that you’re eligible, you’d have to visit your nearest Union council office for codal formalities after which your loan will be transferred into your account within 30-45 days.
5 Lakh Loan Without Interest Registration Process
First of all, you’d need to get required documents to apply for the loan. These documents include a
You can apply for the 5 lakh loan without interest in Pakistan by visiting the official website. There, you’d find a registration form in which you’d need to enter your information like your complete name, father’s name, CNIC, phone number etc. In addition to personal details, you’d also need to mention your business idea and corresponding details like business category, monthly expenses, relevant experience, etc.
Once done, you’d be led to another form page in which you’d have to enter loan details (loan size, loan amount, repay duration). You’d also need to mention if you’ve already taken a loan from another bank. If so, details like bank name, loan amount, monthly installment, outstanding amount must be mentioned. After this, you’d be shown some loan packages, crafted specifically for your application. Select one which suits you the most and click on the submit button.
Last Date To Apply For 5 Lakh Loan
Besides, you can also visit the nearest loan center and check for your eligibility. If you qualify, an officer will fill your application form on your behalf. Once submitted, the concerned team will visit your home to verify the details. Within 2-4 weeks, the loan officer will inform you about your application status and your cheque will be handed over to you by him at the scheduled day and time.
The government has not announced the last day to apply for the bila Sood qarz program till now. It’s being said that the official advertisement for this interest free loan scheme will be released in August 2023. The complete information about the program will be mentioned in that advertisement.
Other programs & scheme for 5 lakh loan
Khyber Pakhtunkhwa interest free loan
The government of KPK has announced an interest free loan scheme for the government employees. This easy loan is provided to them so they can purchase automobiles, motorbikes, bicycles, or construct their houses.
Akhuwat foundation
Akhuwat foundation is also providing loans with 0% interest rate. The offer is valid for all the Pakistani men and women who want to start a small business but don’t have the capital amount for it. For more information, you can visit any of the 800 branches of akhuwat foundation.
Pakistan poverty alleviation fund
Pakistan poverty alleviation fund (PPAF) is an institution which was established mainly to increase the rate of community development. This non-profit organization has various programs with which it provides interest free loans to businessmen who want to expand their businesses. Unlike other schemes, this one is not for people who haven’t established their business yet.
Qarz e Hasana
This loan program is offered by several Islamic banks of Pakistan which enable people and small businessmen to borrow money with 0% interest. These banks are generous enough to customize the repayment plan so the borrower can repay the loan in a manner that’s convenient to him.
Besides, many community based organizations, and NGOs also provide loans to their members, women, elderly, farmers, and people in need. Each of these organizations has a special eligibility criteria, application process, and repayment policy. So before you apply for any scheme, do a thorough research and evaluate all the options briefly.