Getting a loan in Pakistan has always been like hitting a jackpot. Tons of documentation, the need for collateral, and the tilt of commercial banks towards the corporate sector only have kept a large potential customer-base untapped.
But the good news is that it’s 2021, and today, the government is taking several steps to relax the process of obtaining a loan in Pakistan.
A few microfinance banks can process your microloans right away, and you can get a small amount in just seconds. But for bigger loans, we have picked some popular ones for you.
Thanks to some popular loan schemes that are primarily targeting the masses. Here are some ongoing loan schemes you might want to apply for fori loan in Pakistan. These loan schemes can help you if you want to;
- Expand your existing business in any sector
- Start a new one, a startup
- Buy a property or build a house
1- SME Asaan Finance (SAAF)
SME Asaan Finance is one of the few schemes that push small and medium enterprises to apply for an easy loan in Pakistan.
SMEs play a vital role in the economy. And SAAF is part of an effort from the government to offer easy loans for businesses in Pakistan and help them increase their contribution to the GDP up to 40 percent and 25 percent to export earnings.
SMEs that do not have collateral have to rely on borrowings from the informal sector at rates as high as 25 percent. SAAF can help them with mere 9 percent markup.
The government has selected eight banking institutions for collateral-free loans, including Habib Bank, United Bank, Allied Bank, Meezan Bank, Bank Alfalah, The Bank of Punjab, JS Bank, and The Bank of Khyber.
2- The Kamyab Jawan Program (KJP)
KJP It is a flagship program of the PTI government that encompasses several schemes for the young population of Pakistan falling in the age bracket of 18 to 45 years.
And if you wish to pursue your project in the field of IT and e-commerce, the government can reconsider its age limits.
One such program under this banner is Prime Minister’s Kamyab Jawan Youth Entrepreneurship Scheme, actively disbursing loans in Pakistan to young people to expand their businesses or start new ones.
The program offers a minimum of Rs. one hundred thousand (100,000) that goes as high as Rs. 25 million at a markup rate of 3 – 5 percent per annum for a tenure 8 years at max.
Another skill development program is connected with KJP – Prime Minister’s Startup Pakistan – to elevate youth skills and create an army of young entrepreneurs and 10,000 startups until 2023.
Why does the government think it’s the right way? Because a United Nations Development Program study shows that 23% of Pakistani youth want to own their business.
How to apply for the Kamyab Jawan Program loan in Pakistan?
It’s really hassle-free – no need to get caught in the web of documents and printouts. Just hit the official website of KJP and apply digitally.
The website is self-explanatory, and the good part is, you can find tutorials everywhere in Urdu/English making things super easy for even a layperson. You can even edit the form if you commit any mistake somewhere in the nine-step process.
3- Mera Pakistan Mera Ghar
Pakistan is short of 12 million residential housing units in the lower and middle-income group, indicating a huge demand for residential housing projects in the country.
Mera Pakistan Mera Ghar housing scheme aims to fulfill the demand for personal housing, giving people a chance to get an easy and affordable loan in Pakistan for house financing.
State Bank of Pakistan is keeping a close eye on commercial banks to ensure they disburse the low-interest loans to the applicants for which the State Bank has given monthly mandatory targets to all banks.
State Bank even penalizes the commercial banks for not entertaining loan applications. The regulator has created a dedicated page for house financing on its website.
The middle-income group can get their five marla houses financed at 5% markup and ten marla houses at 7% markup for the first five years.
Only Pakistani residents can use the facility and apply for a housing loan in Pakistan. However, for overseas Pakistanis, the government of Pakistan has designed the following loan scheme.
4- Roshan Apna Ghar scheme
Overseas Pakistanis can now get properties financed in Pakistan through their Roshan Digital Accounts.
After Roshan Apni Car for car financing, Roshan Samaaji Khidmat for donation, and Naya Pakistan Certificates, Roshan Apna Apna Ghar Scheme is another attractive product that the State Bank of Pakistan has started for Non-Resident Pakistanis (NRPs).
All commercial banks can cater to applications of overseas Pakistani from abroad for purchasing a plot or house. Just visit the bank site where your Roshan Digital Account is active; you will find all the details about Roshan Apna Ghar Scheme.
There is no maximum limit for obtaining a loan in Pakistan, and it entirely depends upon the applicant’s repayment capacity.
I will keep updating this list with popular and easy schemes to process for getting a loan in Pakistan. If you want us to add a specific scheme, just let us know in the comment area.
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