Akhuwat Loan Online Registration 2023 New Update
Akhuwat Loan is a private online registration lending institution. Through this loans are given to poor and deserving people without interest The organization was founded in 2001 to address the devastating effects of poverty.
It was founded on the four pillars of Iman, Ehsan, Ikhlas, and Anfaq. These loans are mostly given to women in group form.
You can easily get a loan from the Akhut program. Below is the complete procedure for availing of a loan from the Akhut program
Akhuwat Loan (Mawakhat) 2023
Akhuwat Loans are based on Muwakhat which dates back to before 622 when the Prophet (peace be upon him) asked the Ansar of Medina to share half of their wealth with the emigrants who migrated from Makkah to the Quraish.
Impressed by the generosity of the Ansar of Madinah, who were forced to migrate due to persecution, the organization of the brotherhood also adopted the same method where a rich family embraces a less fortunate person, then inequality will be eradicated from the world.
The philosophy of Muwakhat is given by a particular faith i.e. Islam but it includes people of all religions no one is treated unequally.
Eligibility Criteria for Akhuwat Loan
The Following are the Criteria for loan Eligibility.
- Applicant must possess a valid National Identity Card (CNIC).
- Ability to operate and start business activities between the ages of 18 to 62 years.
- Applicant must be economically active.
- The applicant must not have been convicted of any criminal offense liable to prosecution.
- The applicant should adopt a good social and moral character with the people living in his/her surrounding community. The applicant should have the ability to provide two guarantors other than family members.
- The applicant should be a resident of the operational area of the branch office which should be within a radius of about 2.5 km.
You can apply Meezan Apni Bike Shariah 3 Year Instalment Plan 2023
Fraternity Lending Procedure
AIM’s lending policy includes the disbursement of interest-free credit facilities by the group.
Group loan involves the distribution of Qurd Hasan loans to groups of men and women. Those who want to increase their family income but cannot do so due to a lack of resources.
Their groups are formed by all group members enabling group members to solve social and economic problems through mutual understanding and decision-making.
In personal loans, credit is distributed among individuals, and loans are offered to certain individuals. who meet the eligibility criteria to facilitate them meeting their needs through interest-free loans?
How to Submit an Application
Begins with application submission. Application fees may vary from scheme to scheme. The Unit Manager will then screen the application through the eligibility criteria thus these loans will be granted on social security.
The following steps will be followed in submitting the application.
The applicant will visit the nearest AIM branch along with the relevant documents mentioned below to submit the Loan application.
The Unit Manager will discuss with the applicant whether the applicant meets the eligibility criteria of the scheme.
The prospective candidate will submit the loan application form. A loan application fee will be provided and filled by AIM staff.
The Unit Manager will verify the documents and the application will be processed after completion of required documents.
Below are the details of the guarantees that can be applied for the loans.
- Personal responsibility
- Two sureties
- Post-dated cheque
- Any additional guarantee in the special case
Recovery and Follow-up
After the disbursement of the loan, the unit manager will regularly visit the client’s residence and place of work after disbursing the loan.
The loan must be done in the branch by the 7th of every month. If payment is not made by the 10th, the Unit Manager will go to remind the client and then if payment is not made, the guarantor will be contacted and urged to pay.
The following table provides brief summary of the loan process and steps with precise objectives and their place of occurrence.
|Application Submission||Program Introduction||Branch/Mosque|
|Loan Approval Committee (LAC)||Process initiation||Office / Mosques|
|Social Appraisal||Social & ethical screening||Place of residence|
|Business Appraisal||Business requirement Screening||Business place|
|Second appraisal||To verify social & business appraisal||Residence & business place|
|Guarantors of loans||To ensure guarantee of loans||Mosque|
|Delivery of loan & Social Guidance||To approve loan||Mosque/Branch|
|Loan Disbursement||Delivery of loan & social Guidance||Mosque / Church|
|Recovery Deposit||Ensuring recovery and social guidance||Branch|