Prime Minister of Pakistan, Nawaz Sharif, has launched this Thursday June 26, 2014 in Islamabad an interest free loan scheme those people who have not obtained any bank loans in the past to start small businesses. He said that one million citizens will benefit from the interest free loan scheme over the period of four years and half of those will be women.
Government will allocate 2.5 billion rupees each year to grant loans of amounts ranging from Rs10,000 to Rs50,000. Nawaz Sharif said that micro loans will act as the backbone in the stability of the Pakistani economy. He further said that loans will be granted without any discrimination and half of the loans are reserved for women.
“We have to serve the whole nation regardless of whom they voted for, even those holding protests will be able to avail the loan facilities provided by the government,” Nawaz Sharif further said.
Nawaz Sharif told the gathering that people will be able to start small businesses through these interest free loans enabling them to provide sustenance for their families.
Prime Minister said that women play a key role in the development of the county and we want women to actively participate in developing the society.
The applicants will not require guarantors or provide any collateral to obtain the loans, however, they must not have availed any loan from the bank in the past.