Interest Free Loan Scheme is going to start from 26th June 2014. Prime Minister Nawaz Sharif and Maryam Nawaz will inaugurate the scheme. Qarz-e-Hasna scheme will provide interest free loans to those who fall in the poverty score of 40.
50% of the loans are reserved for females and they are encourages to aply for Qarz-e-Hasna. As, women empowerment is one of the major priorities for the nations to prosper.
This scheme is for whole Pakistan how ever areas with less development are more focused. On average, the loan amount will be Rs. 25,000 and this scheme will continue for 5 years.
If the borrower wants not to return the loan, it will not be the compulsion. However, if they return the amount, the same amount will be offered to some other needy persons and it will ensure the sustainability of the scheme.
Pakistan Poverty Alleviation Fund (PPAF) is the executing agency selected for this program. Forms can be downloaded as well can be taken from the locally established facilitation centers by PPAF.
Prime Minister Muhammad Nawaz Sharif addressing the gathering at the inauguration of Prime Minister’s Interest Free Loan Scheme at PM Office, Islamabad. (26th June 2014)