Akhuwat Loan Eligibility Criteria Process and Apply Online
Akhuwat Islamic Microfinance (AIM) is one of Pakistan’s leading organizations offering interest-free loans (Qarz-e-Hasan) to help poor and low-income individuals start or expand their small businesses. With a mission to empower the underprivileged, Akhuwat follows a comprehensive and transparent loan approval process. This article explains the eligibility criteria, application process, and how to apply online for an Akhuwat loan in detail.
What is Akhuwat Loan?
Akhuwat Loan is a type of interest-free financial support offered by Akhuwat Foundation through its Islamic microfinance system. These loans are provided under strict ethical and social guidelines and are aimed at poverty alleviation and financial independence.
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Akhuwat Loan Eligibility Criteria
To apply for an Akhuwat loan, applicants must fulfill the following eligibility requirements:
| Requirement | Details |
|---|---|
| Valid CNIC | Applicant must have a Computerized National Identity Card |
| Age Limit | 18 to 62 years |
| Business Activity | Must be able to initiate or expand a small business |
| Criminal Record | No record of criminal conviction |
| Social & Moral Character | Should have a good reputation in the local community |
| Guarantors | Must provide 2 guarantors (not family members) |
| Residency | Must live within a 2 to 5 KM radius of an Akhuwat branch |
| Economically Active | Should be engaged or planning to engage in income-generating activity |
Required Documents for Akhuwat Loan
Applicants must bring the following documents when visiting the Akhuwat office:
| Document | Who Must Provide | Purpose |
|---|---|---|
| Copies of CNIC | Applicant, Guarantors | Identification and verification |
| Latest Utility Bills | Applicant (Mandatory) | Address and payment behavior verification |
| Recent Photographs | Applicant (Mandatory) | For identification |
| Nikahnama (Marriage Cert.) | Applicant (if married) | For identity verification |
Note: Additional documents may be requested depending on the loan scheme.
Akhuwat Loan Application Process – Step by Step
The loan process at Akhuwat involves multiple stages to ensure transparency and accountability:
| Step | Objective | Location |
|---|---|---|
| 1. Program Introduction | Awareness and initial briefing | Mosque / Branch |
| 2. Application Submission | Form submission and document collection | Branch Office |
| 3. Social Appraisal | Background check and community feedback | Applicant’s residence |
| 4. Business Appraisal | Viability of business idea | Applicant’s business location |
| 5. Second Appraisal | Cross-verification by branch manager | Residence and business |
| 6. Guarantor Verification | Guarantor background and commitment confirmation | Mosque |
| 7. Loan Approval Committee | Final approval of loan application | Branch / Mosque |
| 8. Loan Disbursement | Money delivery and training | Mosque / Church |
| 9. Recovery and Deposit | Monthly repayment management | Branch |
| 10. Monitoring and Support | Follow-up visits and business guidance | Business place |
Lending Types: Individual vs Group Lending
Akhuwat offers two types of interest-free loans based on the needs of applicants:
| Type | Details |
|---|---|
| Individual Lending | For single applicants with 2 guarantors. Suitable for personal businesses. |
| Group Lending | Group of 3 to 6 people. Members guarantee each other. Suitable for communities. |
How to Apply Online for Akhuwat Loan
Although the application is mainly manual, you can start your process online by visiting the Akhuwat official website and following these steps:
- Visit the website and go to the “Microfinance” or “Loan” section.
- Check available schemes and download the loan application form.
- Fill the form with your correct information.
- Visit your nearest Akhuwat branch with documents and completed form.
- Wait for evaluation and approval by loan committees.
Loan Disbursement Details
- Disbursement is once a month, usually at a mosque or church.
- The loan is given via Cash Over Counter (COC) or direct bank transfer.
- One guarantor must accompany during disbursement (for individual loans).
- Full social guidance training is also provided at disbursement.
Recovery and Monitoring
- Installments must be paid by the 7th of every month.
- If unpaid by the 10th, field staff will follow up.
- Guarantors are contacted in case of non-payment.
- Field visits ensure business progress and ethical practices.
Frequently Asked Questions (FAQs)
Q1: Can I apply for Akhuwat loan without a guarantor?
No. You need at least two non-family guarantors to be eligible.
Q2: Is the Akhuwat loan really interest-free?
Yes. Akhuwat loans are based on the Islamic concept of Qarz-e-Hasan (interest-free lending).
Q3: How much loan amount can I get?
Loan amounts vary depending on your business plan and scheme. It usually starts from PKR 10,000 and can go up to PKR 100,000 or more.
Q4: How long does the loan approval take?
The process usually takes 3 to 4 weeks from application submission to disbursement.
Q5: Is there any online form for Akhuwat Loan?
Akhuwat provides downloadable forms online, but you must visit the nearest branch to complete the process.
