Akhuwat Loan Scheme 2023 – Akhuwat House Loan Scheme 2023.

Akhuwat Loan Scheme 2023 – Akhuwat House Loan Scheme 2023:

The Akhuwat loan scheme 2023 was introduced keeping the aim of providing relief to people living in poverty. The scheme helps poor people who generate low incomes. This way the person can feel progressive and motivated. It’s a non-profit loan and can be used to build or renovate a house, and progress in shops and businesses. Since 2001, people are taking benefit of the Akhuwat loan scheme with interest-free emergency loans. The Akhuwat is recognized as one of the biggest organizations spreading hope among the people of Pakistan. The loan amount can be up to Rs. 500,000, the repayment period is 13 to 16 months, and the monthly return amount is 10,000. Many dreams are fulfilled every day and people get help in their difficult times. Let’s discuss the Akhuwat loan scheme 2023 for house building.

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Akhuwat Loan Scheme 2023 Eligibility Criteria: 

The following are the main points needed for eligibility for a loan:

• The applicant should have a valid CNIC.
• Have the ability and knowledge to run a business and age between 18 to 62 years.
• The applicant should be employed and active.
• The applicant doesn’t hold a criminal record and has not been convicted of any criminal until proceedings are in progress.
• Has a good moral character and a reputation in the social community.
• Can provide at least two guarantors outside of the family.
• The applicant should be a resident of an area near the branch office within a 2-2.5 KM radius.

Note: The eligibility requirements will be different in other programs.

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The Process of Submitting the Application for Akhuwat Loan Scheme 2023:

To start the Akhuwat loan scheme 2023 process, you should apply first. The application fee will be different from scheme to scheme. The manager responsible for verifying the application will check the application for eligibility criteria. These loans will be given to the trust of guarantors for loan repayment. The application submission includes the following steps:

• The applicant will arrange all the important documents (mentioned below) and go to the nearest AIM branch for loan application submission.
• The program responsible manager will evaluate the provided documents and approve if the applicant matches the eligibility criteria for the Akhuwat loan scheme 2023.
• Further, the eligible candidates will submit an approved application by filling out a form. The AIM staff will provide a form and help to fill out all the required details.
• The manager will re-check all the required documents again and then start the application process.
• The loan is approved within 3 to 4 weeks.
• Loans are disbursed in an event that usually takes place in a mosque and church.

While receiving the loan amount, the below-mentioned aspects will be needed as collateral:

1. Understanding personal responsibility.

2. Two guarantors outside of the family.

3. Some postdated cheques (depending on the type of loan).

4. Other additional collateral in other cases.

Important Documents Required When Submitting Akhuwat Loan Form:

CNIC Copies

• Applicant CNIC copy is mandatory.
• CNIC copy of both guarantors is mandatory.
• If outside guarantors are not available then family members’ CNIC.

Purpose of Document

• For the applicant’s Identification.
• To verify the applicant with Management Information System (MIS)
• Bank Requirement for collection of the loan.

Current Month Utility Bill

• Mandatory for applicants.

Purpose of Document

• To verify the address.
• To evaluate the Payment Behavior.

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• Mandatory for applicants.

Purpose of Document

• For the applicant’s Identification.

Copy of Nikahnama

• Mandatory for applicants. (Can be waived if not available once verified).

Purpose of Document

• For the applicant’s Identification, if the CNIC of the wife doesn’t include the name of the husband.

Loan Recovery Process

Once the loan is approved and disbursed, the manager will monitor the client by paying regular visits to the workplace and residence. The repayment amount should be submitted from the 1st to the 7th of each month. In case, the payment is not submitted by the 10th, the responsible manager will pay a visit to the client and remind them, if the payment is still not paid, they will contact the guarantors and ask them to make the payment.