MUZAFFARABAD (Kashmir English): In a move to empower young entrepreneurs and business owners the Azad Kashmir government has launched an interest-free loan scheme to promote small businesses and create employment opportunities.
An interest-free loan scheme announced by the Azad Government of the State of Jammu and Kashmir serves to help small businesses grow and create more employment opportunities.
Financial assistance through this initiative will help youth entrepreneurs and skilled individuals develop their businesses for economic growth.
According to an official statement, the loan distribution will take place in two phases starting from 2018 to 2023, interest-free loans worth 4 billion rupees were distributed, benefiting thousands of individuals 48 percent of whom were men and 52 percent women. Expanding this initiative, from 2025 to 2029, loans worth 6 billion rupees will be provided to 72,000 men and women.
Interest-Free Loan Amount
In collaboration with Small Industries Corporation and Akhuwat Islamic Microfinance, loans between Rs50,000 to Rs100,000 will be given to 72,000 individuals from 2025 to 2029.
The program exists to provide young people with self-employment possibilities to establish their financial independence.
Eligibility Criteria of Interest-Free Loan Scheme
A few conditions have been set to benefit from this facility. The applicant must be a resident of Azad Kashmir, and their age should be between 18 and 55 years.
A computerized national identity card is required, and the applicant must meet the criteria set by the financial institution.
Additionally, a personal guarantor will be needed, and the loan amount will be disbursed at the nearest mosque to the field office.
How to Apply for an Interest Free Loan Scheme
The government has advised the public to take full advantage of this scheme and visit the Small Industries Board’s website sic.ajk.gov.pk for further details.
Economic empowerment represents a major advance through this initiative to build self-employment and sustainable growth in small businesses throughout Azad Kashmir.
