Punjab Small Industries Corporation (PSIC) Govt. of Punjab intends to provoke an hobby free mortgage scheme titled “Chief Minister’s Self Employment Scheme”. Under this scheme, the organization intends to improve hobby free loans originally with the revolving dollars of PKR. 12.00 billion. The enterprise intends to rent the offerings of approved and nicely reputed Non-Profit/Non-Commercial Microfinance organization as provider company company (SPO) for disbursement and restoration of activity free loans in the province of Punjab.
Akhuwat Islamic Microfinance (AIM) is inclined to affords its offerings for “Chief Minister’s Self Employment Scheme” for assisting needy and potential entrepreneurs, to start-up companies and current organizations which want capital to develop further, and will vary from quantity PKR 10,000 to 50,000.
Objectives
- To attain out to the low-income human beings in Punjab to earn their livelihoods.
- To assist enhance the socio-economic prerequisites of the goal section of the society via monetary inclusion social inclusion.
- To motivate self-employment.
- Salient Features
- First ever hobby free loans challenge on such scale.
- Loan dimension tiers from Rs. 10,000 to Rs. 50,000.
- Loans are given for agencies and placing small corporations only.
- Loans are disbursed in mosques/churches to make sure transparency and participation.
- There is no mark-up or activity on these loans.
- Loans are given after due scrutiny and appraisal in accordance to an eligibility criterion, on first come first serve basis.
- This is the greatest interest-free small loans scheme in Pakistan at the same time ventured via a Government organisation and a civil society organization.
Information about this function is given below:
- AIM was once set up as a business enterprise below “Section forty two of the Companies Ordinance 1984” with the goal of supplying interest-free microfinance to the impoverished and underprivileged participants of society so as to beautify their requirements of living. Drawing on the ideas of justice and brotherhood, AIM strives to alleviate poverty by means of growing a device primarily based on mutual aid in society. It works thru organising facilities in spiritual places, fostering and harnessing the spirit of volunteerism, and aspiring to radically change its debtors into dealers of change. To date, Akhuwat has disbursed over 4.2 million interest-free loans amounting to PKR 128 billion ($805 million) assisting three million households throughout Pakistan.
- The believe and possession of the software felt by way of terrible communities is evident in Akhuwat’s 99.9% mortgage compensation rate. Loan software and disbursement techniques are designed to be useful to low earnings debtors – they are simple to understand, regionally furnished and shortly reachable with minimal paperwork.
- Akhuwat’s special microfinance application has received many accolades, in Pakistan and abroad, and its progressive method for poverty alleviation has been researched and studied in universities round the world. Akhuwat Islamic Microfinance is supported via the Federal Government and Provincial Governments of Punjab, Sindh, Balochistan, Khyber Pakhtunkhwa, Gilgit-Baltistan, and Azad Kashmir.
Eligibility Criteria
- The applicant has the capability to run/initiate enterprise activity.
- Having age between 18- sixty-two years.
- Applicant ought to have legitimate CNIC.
- Having the capacity to run provoke enterprise pastime having age between 18-62 years.
- Applicants ought to be economically active.
- Applicant has to no longer be convicted of any crook offense in lieu of which court cases are in progress.
- Applicant must have a suitable social and ethical personality in his community.
- Applicant has to have the potential to grant two guarantors different than household participants
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