Eligibility Criteria for Akhuwat Islamic Loans

Akhuwat Foundation is a non-profit organization that provides interest-free loans to help financially disadvantaged individuals improve their economic situation. These loans are specifically designed for low-income individuals to start or expand their businesses, cover educational expenses, or fulfill other essential needs.

Basic Requirements to Qualify for an Akhuwat Loan:

• National Identity Card (CNIC):

  • The applicant must possess a valid and active national identity card.

• Age Limit:

  • The applicant must be between 18 and 62 years old.

• Economic Activity:

  • The applicant should be engaged in some form of business or employment or have the intention to start a business.

• Clean Criminal Record:

  • The applicant must not have any criminal cases or involvement in illegal activities.

• Good Social and Ethical Reputation:

  • The applicant should be known for their honesty and good character in the community.

• Guarantors:

  • The applicant must provide two non-family guarantors for loan approval.

• Residential Requirement:

  • The applicant should reside in the operational area of the respective Akhuwat branch.

Types of Akhuwat Loans:

• Business Loans:

  • Offered to start or expand existing businesses, usually ranging from PKR 10,000 to PKR 30,000.

• Educational Loans:

  • Provided to students to help them complete their education, with amounts up to PKR 25,000.

• Health Loans:

  • Given for medical expenses, typically ranging from PKR 10,000 to PKR 20,000.

• Emergency Loans:

  • Offered for urgent needs, ranging from PKR 5,000 to PKR 10,000, repayable within a year.

• Housing Loans:

  • Provided for home repairs or construction, with amounts between PKR 30,000 and PKR 70,000.

• Marriage Loans:

  • Given to cover wedding expenses, with amounts up to PKR 20,000.

Loan Application Process:

• Document Submission:

  • The applicant must submit a completed application form along with a copy of their CNIC, utility bills, and two passport-sized photos.

• Branch Visit:

  • The applicant must visit the nearest Akhuwat branch to submit the loan application.

• Verification and Review:

  • The Akhuwat team will review the application and verify the applicant’s eligibility.

• Loan Approval:

  • Once verification is complete, the loan will be approved and disbursed accordingly.

These loans are completely interest-free and can be repaid in easy installments.