Khushhali Cash Sahulat Loan Scheme 2024
Managing sudden financial needs can be challenging, especially when you don’t have quick access to liquid funds. To help individuals navigate such situations, Khushhali Microfinance Bank offers the Khushhali Cash Sahulat Loan Scheme 2024. This loan product provides immediate financial assistance against gold collateral, allowing individuals to meet various personal or business needs without much hassle.
In this detailed article, we’ll explain the purpose of the Khushhali Cash Sahulat Loan, its key features, eligibility criteria, required documents, and how to apply. By the end, you will have all the necessary information to confidently visit your nearest Khushhali Microfinance Bank branch to apply for the loan.
Read more : Khushhali Easy Cash Loan Scheme 2024
What is the Khushhali Cash Sahulat Loan Scheme 2024?
The Khushhali Cash Sahulat Loan Scheme 2024 is a collateralized gold loan, meaning you can pledge your gold as security to get a loan. It is designed to provide fast and easy cash to individuals for general purposes such as personal expenses, business needs, or emergency situations. The loan offers flexible repayment options, competitive loan amounts, and is backed by your gold assets, making it an ideal solution for those in need of quick financial relief.
Key Features of the Khushhali Cash Sahulat Loan:
- Loan Amount: PKR 60,000 to PKR 350,000
- Tenure: 3 to 12 months
- Collateral: Gold (required to secure the loan)
- Repayment Options: Lump-sum payment at the end of the loan period or equal monthly installments
Whether you need to cover emergency expenses, fund your business, or manage personal costs, the Cash Sahulat Loan provides a fast, reliable solution with the flexibility of using your gold as collateral.
Purpose of the Khushhali Cash Sahulat Loan
The Khushhali Cash Sahulat Loan is versatile and can be used for a wide range of financial needs. Since the loan is secured against gold, it offers quick access to cash, making it suitable for both short-term and long-term financial requirements. Here are the main purposes for which you can use this loan:
- Personal Expenses: Whether you need funds for a family event, medical emergency, or travel, the Cash Sahulat Loan can help meet these personal expenses.
- Business Needs: Small business owners can use the loan for working capital, expanding their operations, purchasing stock, or meeting day-to-day business needs.
- Debt Repayment: If you have high-interest loans or other financial obligations, you can use the loan to consolidate and repay those debts at a more manageable rate.
- Unexpected Emergencies: The loan provides a quick cash flow to handle unexpected situations, such as medical emergencies or sudden repairs to your home or vehicle.
By providing financial support for a wide range of purposes, the Khushhali Cash Sahulat Loan ensures that you don’t have to worry about sourcing funds during a financial crunch.
Eligibility Criteria for the Khushhali Cash Sahulat Loan
Before applying for the Khushhali Cash Sahulat Loan, you must meet the following eligibility criteria:
Age Requirement:
- The applicant must be between 20 and 65 years old.
Income Limit:
- The annual income of the applicant, after deducting business expenses, should be within the limit set by the State Bank of Pakistan (SBP) from time to time.
Business Experience:
- If you are a business owner, you must have a minimum of 2 years of business experience to be eligible for the loan.
Valid CNIC/SNIC:
- Applicants must possess a valid NADRA-issued CNIC (Computerized National Identity Card) or SNIC (Smart National Identity Card).
Credit History:
- The applicant must not be a defaulter with Khushhali Microfinance Bank or any other financial institution.
Meeting these eligibility criteria is essential to ensure that your loan application is processed smoothly.
Loan Tenure and Repayment Options
The Khushhali Cash Sahulat Loan offers flexible tenure and repayment options, allowing borrowers to select the plan that best fits their financial situation.
Loan Tenure:
The loan can be repaid over a period of 3 to 12 months. This short-term tenure is ideal for those who need temporary financial assistance but want to repay the loan quickly.
Repayment Options:
Borrowers have two options for repaying the loan:
- Lump-Sum Payment: You can repay the entire loan amount, along with any applicable interest, in a single payment at the end of the loan period.
- Equal Monthly Installments (EMI): Alternatively, you can repay the loan in equal monthly installments over the chosen loan tenure, making it easier to manage your finances with predictable monthly payments.
These flexible repayment options ensure that borrowers can choose a plan that suits their cash flow and financial capacity.
Loan Amount and Collateral
Loan Amount:
The Khushhali Cash Sahulat Loan offers financing between PKR 60,000 and PKR 350,000. The exact loan amount depends on the value of the gold you pledge as collateral.
Collateral:
The loan is secured against gold, which means you need to pledge your gold as security to access the loan. The gold will remain in the bank’s custody until the loan is repaid in full. Once the loan is repaid, your gold will be returned to you.
By using gold as collateral, the bank minimizes the risk, allowing you to access larger loan amounts at lower interest rates.
Read more : Khushhali Amdani Loan Scheme Complete Guide for Small Business
How to Apply for the Khushhali Cash Sahulat Loan
Applying for the Khushhali Cash Sahulat Loan is simple, but it requires you to visit your nearest Khushhali Microfinance Bank branch. Follow these steps to apply for the loan:
Step 1: Visit Your Nearest Khushhali Microfinance Bank Branch
You will need to visit the branch in person, as the loan application process cannot be completed online. The bank staff will guide you through the application process.
Step 2: Bring the Required Documents
Ensure that you bring the following documents with you:
- Valid CNIC/SNIC: Your original CNIC or SNIC, along with a photocopy.
- Proof of Income: Salary slips (for salaried individuals) or business documents (for self-employed individuals) to verify your income.
- Collateral: The gold you wish to pledge as security for the loan.
Step 3: Complete the Loan Application Form
At the branch, you will be provided with a loan application form. Fill it out with accurate information, including your personal details, income, and purpose of the loan.
Step 4: Loan Processing and Approval
Once your application is submitted, the bank will evaluate the value of the gold you have pledged and assess your income and creditworthiness. After approval, the loan amount will be disbursed to your account, and your gold will be held by the bank as collateral.
Read more : Khushhali Zamindar Loan Scheme Complete Guide for Farmers
10 Frequently Asked Questions (FAQs)
1. What is the minimum loan amount I can apply for?
The minimum loan amount under the Khushhali Cash Sahulat Loan is PKR 60,000.
2. What is the maximum loan tenure available?
The maximum loan tenure is 12 months.
3. Can I apply for the loan online?
No, you must visit your nearest Khushhali Microfinance Bank branch to apply.
4. What documents do I need to apply for the loan?
You will need a valid CNIC/SNIC, proof of income, and the gold you wish to pledge as collateral.
5. What is the maximum loan amount I can apply for?
The maximum loan amount is PKR 350,000.
6. What kind of collateral is required for this loan?
The loan requires gold as collateral, which will be held by the bank until the loan is repaid.
7. How is the loan amount determined?
The loan amount is determined based on the value of the gold you pledge as collateral.
8. What are the repayment options?
You can repay the loan through equal monthly installments or a lump-sum payment at the end of the loan period.
9. Is there any penalty for early repayment?
Early repayment is allowed, but you should check with the bank for any penalties or conditions that may apply.
10. How long does it take to get the loan approved?
The approval process typically takes a few working days, depending on the verification of your documents and gold collateral.
Conclusion
The Khushhali Cash Sahulat Loan Scheme 2024 is an excellent financial solution for individuals needing quick access to cash. With loan amounts ranging from PKR 60,000 to PKR 350,000 and secured by gold, this loan offers flexibility in terms of repayment and loan tenure. Whether you’re covering personal expenses or managing business needs, the Cash Sahulat Loan can help you navigate financial challenges with ease. Visit your nearest Khushhali Microfinance Bank branch today to apply!
