One of the most important things that can be done to help your business grow is to take advantage of interest free loans in Pakistan. These are available in several forms, so be sure to read on to find out which one is best for you.
Prime Minister Youth Business Loan
Prime Minister Youth Business Loan Scheme (PMYBL) is one of the interest free loan schemes launched by the government to enhance the financial situation of the masses. This initiative aims to provide financial assistance to the talented youth who are unemployed. The program is designed to reduce unemployment and create more job opportunities for the people of Pakistan.
PMKJ-YES, a scheme previously known as Prime Minister’s Kamyab Jawan Youth Entrepreneurship Scheme, was launched in July 2019. In the initial phase, borrowers can acquire up to Rs500,000 per individual at a zero percent interest rate.
To qualify for the loans, a minimum age requirement is applicable. A candidate must be a citizen of Pakistan. He or she must be in the age group of 21 to 45 years. Applicants must have a CNIC.
The Al Khidmat Foundation is a non-profit organization that provides loans to the needy. It works in seven different areas of Pakistan. In addition, it offers health services, skill development programs, community services, and disaster management.
The Mawakhat program, run by the Al Khidmat Foundation, is a scheme that offers interest free loans to the poor. This loan program helps people start their own business or improve their living standards. Those who want to apply for the loan should have a valid CNIC.
The foundation also provides loans for women, disabled people, and skilled workers. If you want to get a loan, you can go to the official website of the foundation. You can apply for a loan by filling in an application form and providing a few documents.
The Tooba Foundation, a non-profit charitable organization located in the sultry metropolis of Karachi, has a number of schemes and programs in place to help the underdog. One such scheme, aimed at low income earners, is a well financed fund that is designed to provide interest free loans to the poor and needy.
In fact, the program has so far distributed a whopping Rs2.5 billion in the form of interest free loans. Not only is this a great financial gesture on the part of the government, the funds are being used to improve the lives of 4.5 million low income families. This is not all, as the organisation is also helping with the training and re-training of low-skilled workers, as well as promoting social entrepreneurship and reducing poverty and crime in the city.
The Akhuwat Foundation provides interest free loans to people living in poverty. It is a unique model of loan in Pakistan.
Akhuwat provides health loans, marriage loans, housing loans and education loans. These loans are repaid in easy installments, with no interest. In addition, it encourages sharing of skills and knowledge.
The foundation has been providing interest free loans for 22 years. In this period, it has provided about Rs2.5 billion to the poor.
There are four guiding principles of the microfinance program. They include the recognition of religious centers’ role in economic development, the provision of low interest loans to microenterprises, and the promotion of entrepreneurship through sharing of knowledge.
The interest-free loans of the Akhuwat Foundation are offered to 7,000 households. These families are usually rural. Some of these families live in overcrowded conditions.
United States loans offered to Pakistan
The United States has been a major donor to Pakistan since 1947. In the years since, aid to Pakistan has been volatile, ranging from substantial to non-existent. Despite the aid, there is mistrust between the two countries.
American assistance to Pakistan has been subject to congressional legislation, which has influenced U.S. policy. This has produced multiple layers of restrictions on military and economic aid.
President Jimmy Carter cut off economic aid to Pakistan in April 1979. His action was prompted by the 1976 Symington amendment to the Arms Export Control Act. This amendment prohibited economic assistance to nuclear enrichment activities.
In 1981, President Ronald Reagan awarded a six-year $3.2 billion aid package to Pakistan. Although a significant amount of the money was economic assistance, it also included a $570 million aid authorization that was suspended due to the Pressler amendment.