Prime Minister of Pakistan has announced Qarz-e-Hasna Scheme For Vulnerable rural and urban poor.
Qarz-e-Hasana or the microfinance loan facility is aimed at helping the industry raise current access level of 2.5 million people to 5.0 million in the next 5 years.
Vulnerable rural and urban poor with a poverty score of up to 40.
Focus on women:
It is believed that increased economic participation by women can play a significant role in national development. In an attempt to encourage the same, 50% of loans will be given to female borrowers.
In addition, independent economic activity will empower Pakistani women both socially and in terms of finances.
The national outreach of the scheme would not be limited in geographic terms. However, preference would be given to limited and un-served areas.
This is aimed at engaging the population of these areas in greater economic activity and strengthening the process of development there.
It is Qarz-e-Hasana or interest free loan. Therefore, no mark-up would be charged.
Size and number of loans:
250,000 loans of an average amount of Rs.25,000 would be disbursed as part of the scheme.
Government Grant 2013-14:
Rs.3.5 billion have been allocated to the scheme by the Federal Government.
PPAF would be the central executing agency of the scheme. Enlisted partner organizations and community organizations that have necessary expertise and experience will be engaged in the process.
De-centralization in the process of execution implies greater transparency and increased efficiency.
To make the fund sustainable, borrowers will be encouraged to return the loan. The amount returned will be deposited to the permanent fund available to the community and be used for future lending.
In addition, the process will introduce the borrowers to conversion from being “takers” to “givers” that implies positive social and financial effects.
HOW TO APPLY
You can apply in PM’s Scheme for Provision of Qarz e Hasna as per eligibility criteria mentioned below. The federal cabinet has already given approval to all these initiatives.
Therefore only eligible candidates should apply for this program
Prime Ministry Youth Program Qarz-e-Hasna Scheme Application Form