Zaman Foundation, Micro Finance aims to provide interest free loans to struggling families, individuals, and marginalized people of society especially to widows, orphans, minorities and the disabled.
With 90% of the Pakistani population living below the poverty line, the absence of money is what keeps the masses from purchasing the basic necessities of life. In order for the hardworking and the destitute to sustain themselves, Zaman Foundation decided to grant loans. Over the years the loans have been granted to people for different reasons spanning from construction of houses, setting up on businesses, paying off loans and the paying of fees of their children.
The objective of this scheme is to help those who have been trying hard to cover their expenses and continue to strive in times of hardships without giving up, yet aren’t able to do so. Zaman Foundation through this scheme hopes to assist hardworking, resilient, and self-relying individuals who consequently, will positively contribute to the society.
Over the years, the loans have been granted to people for different reasons spanning from construction of houses/roofs; assisting with obtaining girwi & basic allowance for marriages; helping with utility bills; one-time donation gifts like sewing machines tool kits; and fees of their children.
Eligibility Criteria for Loans
- Applicant should have a valid CNIC
- Applicant should be economically active
- Applicant should have not been convicted of any criminal offence
- Applicant should have a good social and moral character in his community
- Applicant should be able to provide with two guarantors other than his family members
- Applicant should not have previous history of not paying off his debt worth more than Rs.100,000.
Information obtained is culmination of conditions for employees and outsiders.
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- Applicant should have a valid cnic.
- Applicant should have a valid employee’s number and completed the service period prior to applying for a loan.
- The applicant’s final status should be assessed to determined eligibility for a loan.
- Applicant should have sufficient funds in provident fund to pay back the requested loan.
- Applicant’s previous loan history should be ten into account.
- The applicants applying for wedding loans must be 21+ with at with a minimum of a calendar year’s work at hand.
