Liberation Loan – Alkhidmat Foundation Pakistan

Liberation Loan

Owing to the highly unstable economic conditions of Pakistan and absence of provision of necessary financial support to the needy and the poorest segment of society, the people of underprivileged background have to make hard choices sometimes i.e. seek loans from public or private sector institutions on heavy interest rate to fulfill their needs. However, they face major financial problems in repayment of the principle amount as well as the massive interest. And, in worst scenario, they are even forced to look for more interest-based loans for repayment of their previously existing loans and interest money.

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Alkhidmat Foundation Pakistan has established Liberation Loan under its Mawakhat program to resolve problems for such people. The Liberation Loans provided for the payment of loans obtained from money lenders who charge heavy interest rate after a due transparent procedure of verification. Alkhidmat Mawakhat program pays the principle amount to liberate the borrowers and sign an agreement with the beneficiaries for return the loaned amount to Mawakhat Program within the agreed tenure. No interest money is paid nor charged by Alkhidmat Foundation Pakistan.

The monitoring body of Alkhidmat Mawakhat program regularly arranges meetings to assess the applications received for the issuance of Liberation Loans and review the repayment status of already-granted loans. The decision of provision of loans is purely made on merit and need-based assessment and availability of the funds.