Akhuwat HBL New Personal Loan Scheme

Akhuwat HBL Bank Personal Loan Scheme,Ahuwat has a solid track record of working to reduce poverty and empower socially and economically marginalized families through interest free microfinance and leveraging entrepreneurial capacity, capacity building and social leadership.

HBL is the first Bank in Pakistan to enter into this relationship with Ahuwat, which has a significantly more significant customer base and network to reach people across the country. This project will improve the lives of millions of people in Pakistan and is in line with the Government of Pakistan’s (GOP) vision of providing affordable housing to underprivileged sections of society through the Pakistan Naya Housing and Development Authority (NADA).

NADA is a unique body created by the Government of the Republic and is the largest publicly supported housing program ever undertaken. Commenting on this strategic partnership, Muhammad Aurangzeb, President and CEO of HBL, said: “This agreement will help advance the Bank’s financial inclusion agenda by helping finance cost-effective, sustainable housing units for previously underserved segments of the country.

Eligibility Criteria for Loans

Following general points are compulsory for eligibility of loan:

  • Applicant should have valid CNIC.
  • Having the ability to run / initiate business activity having age between 18-62 years.
  • Applicant should be economically active.
  • Applicant should not be convicted of any criminal offence in lieu of which proceeding are in progress.
  • Applicant should have good social and moral character in his community.
  • Applicant should have capacity to provide two guarantors other than family members.
  • Applicant should be resident of operational area of branch office which might be around 2-2.5 KM radius.
  • Note: – Project specific eligibility criteria may be varied.

Lending Methodology

  • AIM’s lending policy involves disbursement of interest free or Qard-e-Hasan loans through Group Lending
  • Individual Lending
  • However, decision of lending methodology depends upon the loan product as well as project specific requirements.

Group Lending
Group Lending includes disbursement of Qard-e-Hasan loans among groups of men and women who are looking forward to enhance their family income but are unable to do so due to scarce resources. In group lending methodology groups of 3 to 6 members will be formed, all group members would guarantee loans and credentials of each other. Group Lending enables group members to resolve their social and economic problems through mutual understanding and decision making.Before applying for a loan, applicant is supposed to constitute a group of 3 to 6 members residing nearby to each other and members shouldn’t be close relatives to each other.

Individual Lending
Individual Lending includes disbursement of Qard-e-Hasan loans among individuals. Loans are offered to certain individuals that fulfill the eligibility criteria of scheme in order to facilitate them to meet their needs through interest free loans. In case of individual lending two guarantors will be provided by applicant for availing interest free loan.

Application Submission
The loan process will start with the submission of application. The application fee may vary from scheme to scheme. The unit manager will then evaluate the application through eligibility criteria. Thus, these loans will be given out on social collateral. The following steps will be followed in application submission.

Applicant will visit nearest AIM branch along with his/her relevant documents (mentioned below) for submission of loan application.
Unit manager will discuss with the applicant to check whether applicant falls under eligibility criteria of the scheme.
Potential candidate will submit loan application on prescribed form. Loan application will be provided and filled by AIM staff in branch office.
Unit manager will check documents and application will be processed after completion of required documents.
The following are the details of collaterals that may be applied for loans:

1. Personal responsibility
2. Two guarantors
3. Postdated cheques
4. Any additional collateral in special case.

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