The banking sector of Pakistan has prospered and has also helped in growing the Pakistani economy. However, what the banking sector has so far been lacking is the opportunity offered to Micro businesses, small and medium enterprises, and cottage industries. A lot needs to be done in the microfinance sector if we want a consistently growing economy. One such bank which has been making this effort since its inception is The Khushali Microfinance Bank. The bank is offering several credit facilities to the microfinance sector such as a Khushhali bank business loan.
The purpose of the Khushhali Bank Sarmaya Loan Scheme is to provide support to the microfinance sector, particularly to livestock businesses and small business owners. By using the loan, business owners can procure finished goods and raw materials for enhancing their production which would ultimately translate into income growth. The Khushhali bank sarmaya loan scheme has been structured to make business easy for entrepreneurs.
Any micro-entrepreneur who is between the ages of twenty-two and sixty can apply for the Khushhali bank loan. The business should be at least two years old and should not have more than ten employees. The applicant must be a Pakistani citizen and should have a valid CNIC. The applicant must not be a defaulter and should have a clean credit history.
The maximum amount you can avail of under the Khushhali bank business loan is Rs.1,000,000 (One Million Rupees). You can avail of the loan for a tenure of anywhere between three months to three years.
The collateral/security required for availing of Khushhali bank loan includes:
Other Khushhali bank loan detail includes the following:
You can apply for the Khushhali bank business loan in three ways:
Providing financial and operational support to microfinance businesses is extremely important for ensuring a sustainable economy. Banks have to play their role and the government needs to come up with friendly policies. More microfinance banks like Khushhali Bank are required to fill in the huge gap that exists in the microfinance lending sector.
When you decide to approach Khushhali Bank make sure that you collect all the necessary documents required for the initial application and go through Khushhali bank loan detail. This will reduce the loan process time. Analyzing your business requirements correctly can save you from high mark-up rates. Make sure that your business has valid financial statements and a feasibility plan to justify your loan requirement. You should also consider all the available assets you have which can be offered as collateral to the bank.
Offering collateral can have a great impact on credit decisions and the chances of loan approval. Avoid giving your residential property as collateral if you have a choice. Prefer to offer business/commercial property. However, if the value of the collateral is not enough, the bank may ask for additional collateral. This is why financial feasibilities are extremely important. They help you gauge not just your requirements but also your capacity to repay debt.
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