Lahore: Chairperson TEVTA addressed a meeting at TEVTA Secretariat. Executive Director Akhuwat Amjad Saqib, Chief Operating Officer TEVTA and others are present on this occasion.
Interest Free Loans for TEVTA Graduates/Students
TEVTA is desirous of providing Interest Free Loan to their graduate through Akhuwat and Akhuwat is willing to undertake interest free micro lending activities for supporting TEVTA graduates with funds amounting to PKR 500 million during the year 2015-16. The TEVTA will lend a fund of PKR 500 million to Akhuwat for interest free micro-lending to TEVTA graduates to start-up businesses and existing businesses which need capital to grow further. Loans will be ranged from amount PKR 10,000 to 100,000. Loans will be provided in Province of Punjab.
The fund of PKR 500 million provided in the first year will be revolved, creating manifold wealth generation and employment opportunities for thousands of graduates over the project period of 10 years.
The loan parameters are:
- Total loan portfolio of PKR 500 million
- Interest free loan size of: up to PKR 100,000
- Repayment period from borrowers: up to 2 years
- Mode of repayment of interest free loan: on monthly basis
- Interest rate to be charged from borrowers: 0%
- Loan application fee: upto PKR 200
- Contributory fund for the re-payment of loan in case of death of borrower: @ 1% of loan amount and it will be paid by borrower
- Bad debts provision: @ 5% of the annual loan portfolio to be picked up by TEVTA. The bad debts will be waived off annually
- Pro-poor, non-political and non-sectarian dimension of project will be ensured under all circumstances
The graduates (Pass-outs) of TEVTA or present students may contact the focal person in institutions or Akhuwat / CWCD branches directly with reference to TEVTA for details / processing of applications.