Today we will talk about bank of khyber loan scheme. This bank announced a new loan scheme. This loan scheme name is Bank of Khyber khud kafalat scheme.
A loan is a sum of money borrowed from a lender that must be paid back with interest. Loans can be classified into different types, including secured and unsecured loans, personal loans, commercial loans, and mortgages.
The borrower and lender must agree on the terms of the loan before any money changes hands. In some cases, the lender requires the borrower to offer an asset up for collateral, which will be outlined in the loan document.
Loans can be given to individuals, corporations, and governments. The main idea behind taking out a loan is to get funds to grow one’s overall money supply. The interest and fees serve as sources of revenue for the lender.
Bank of Khyber
The Bank of Khyber is a provincial government-owned bank based in Peshawar, Pakistan, with 216 branches all over the country. It was established in 1991 through Act No. XIV, passed by the Provincial Legislative Assembly of the Khyber Pakhtunkhwa Province of Pakistan.
The bank was awarded the status of a scheduled bank in September 1994. The Bank of Khyber offers conventional banking, Islamic banking services, and microfinance loans. It has been actively engaged in extending funded and non-funded facilities to its customers.
The bank has a total branch network of 258 branches and is still expanding. The provincial government is the major stakeholder, and the bank has always played a vital role in the development of Khyber Pakhtunkhwa in particular and Pakistan in general.
Khud Kafalat Scheme is a government initiative launched by the Bank of Khyber to promote entrepreneurship and provide easy access to credit on soft terms to build a solid base for small businesses. The scheme offers interest-free loans ranging from Rs. 20,000 to Rs. 200,000 to eligible applicants for a tenure of three years with a grace period of three months.
The loan is available to permanent residents of Khyber Pakhtunkhwa aged between 18 to 50 years who are not employees of any government semi-government or autonomous body, not regular students, not availing loans from any other bank/DFI or institution, and not loan defaulters.
Two personal guarantees are required, and at least one guarantor shall be a provincial government employee. The scheme is available for small shops, traders, and service providers like beauticians, tailors, electricians, shoemakers, etc. You can also see complete details at Bank of Khyber Official website.
Bank of Khyber Loan Details
In this section, you can see that you can take much Loan frthe om Bank of Khyber. How long will it take to return? How much will the markup be?
| Loan Size | Rs. 50,000 to Rs. 200,000 |
| Mark-up Rate | 0% |
| Tenure | 3Years |
| Grace Period | 3 Months |
| Recovery Mode | Monthly Installment |
| Quota | 68%, 30%, Special 2% |
| Security | Two Personal Guarantees |
Eligibility Criteria
If you are interested in getting a loan from the Bank of Khyber, first of all, you can see the loan eligibility criteria
- A Permanent Resident of Khyber Pakhtunkhwa
- Having a Valid Computerized National Identity Card
- Age limit: 18 to 50 years
- Not an Employee of any Government or Semi-Government or Autonomous body
- Not a regular student
- Not availing loan from any other Bank / DFI or any other institution
- Not a loan defaulter
Note:
- Two guarantors are required and at least one guarantor shall be a Provincial Government employee
- Defaulter of any financial institution can not guarantee any loan
- One person can guarantee only 2 loans
Approval / Disbursement Process
- Receipt of Application Forms at Field Office
- Assessment / Verification by Field Staff
- Evaluation and Decision at the BOK Head Office (Approvals / Declines / Deferrals)
- Opening of Bank account
- Documentation at Branch Level
- Disbursement
- Monitoring & Recovery
Guarantor’s Eligibility
Whose guarantee will be accepted for getting loan? You can seen list mention below. Except these person those are mentioned below guaranty not acceptable.
- Members of chamber of commerce & trade
- Office bearers of recognized trade associations
- Reputable professionals like Doctors, Engineers,
- Principal / Vice Principal/ Owners of a private education institution
- Any Notable Person of the Village / Mohallah with verifiable income
- Provincial Government regular employees
Required Documents
- Prescribed Application Form (Duly Filled in)
- Valid CNIC Copy of Applicant & Guarantors
- Passport Size Photos of Applicant & Guarantors (Females are exempted)
- Certificate of training or proof of the skill
- Salary Slip & letter of Verification (where Guarantor is a Government Servant)
- Proof of Income from guarantors
Many people ask where they can get loan application form. I tell you can get khud kafalat scheme application form bank of Khyber.
Here you can see KPK all branches list here.
Conclusion
I hope you have got complete information about the loan. How do you get a loan from a bank? It will give complete information about how long the loan will be available and how long the repayment will have to be made. If you have any other queries then you can ask us in below comment box.
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