Khushhali Easy Cash Loan Scheme 2024
If you’re looking for financial assistance to manage short-term needs, expand a small business, or meet personal expenses, the Khushhali Easy Cash Loan Scheme 2024 could be an ideal solution for you. This loan scheme, offered by Khushhali Microfinance Bank (KMBL), is tailored to address the short-term financial needs of individuals, small businesses, and salaried professionals. Whether you’re looking for a small amount to tide over a temporary crisis or need a larger sum to expand your business, this scheme offers flexibility and convenience.
This comprehensive article will guide you through every aspect of the Khushhali Easy Cash Loan (KEC) scheme. We’ll cover the loan’s purpose, eligibility criteria, required documents, how to apply, and more. By the end of this article, all your doubts will be cleared, and you’ll be ready to approach your nearest Khushhali Microfinance Bank branch to apply.
Also Read : Punjab Bank’s Car Loan Program for 2024
What is Khushhali Easy Cash Loan Scheme 2024?
The Khushhali Easy Cash Loan Scheme 2024 is a tailored loan facility for people looking for short-term financial relief. It’s ideal for individuals who need quick cash to meet personal needs or small business owners facing liquidity issues. This loan offers competitive interest rates, flexible repayment terms, and minimal paperwork, making it easy for anyone to apply.
Khushhali Microfinance Bank offers two major types of loans under this scheme:
- KEC – Running Finance: Meant to meet immediate financial needs, providing liquidity to manage day-to-day expenses.
- KEC – Term Finance: Offers a structured loan for medium- to long-term financial needs, with flexible repayment plans.
Key Features of Khushhali Easy Cash Loan:
- Loan Amount: PKR 50,000 to PKR 3,000,000
- Tenure: 3 months to 60 months (depending on the loan type)
- Collateral: Deposits, National Savings Certificates (NSCs), Lien on deposits
- Repayment Options: Mark-up payments for running finance and equal periodic installments for term finance
Also Read : How to Get Interest-Free Loans in Pakistan
Purpose of Khushhali Easy Cash Loan Scheme
The Khushhali Easy Cash Loan serves multiple purposes, depending on the loan type you choose. There are two primary types of loans under this scheme:
KEC – Running Finance: This loan is aimed at meeting short-term financial shortages. If you require additional liquidity to manage immediate financial commitments or cover operational costs for your business, this facility can be useful.
KEC – Term Finance: This loan caters to more structured financial needs, allowing you to use the loan amount for a wide range of purposes including business expansion, purchasing assets, or personal needs. The repayment period is longer, ranging from 3 to 60 months.
Both options offer flexibility to cater to different customer needs, ensuring that whether you need quick liquidity or longer-term financing, Khushhali Microfinance Bank has you covered.
Who is Eligible for Khushhali Easy Cash Loan?
Before applying for the Khushhali Easy Cash Loan, you need to make sure you meet the following eligibility criteria:
- Valid CNIC/SNIC: You must hold a valid Computerized National Identity Card (CNIC) or Smart National Identity Card (SNIC).
- Self-Employed Individuals and SME Owners: Those running their businesses or SMEs (Small and Medium Enterprises) are eligible for this loan.
- Salaried Individuals (With Alternate Business): Salaried individuals who also run a side business can apply.
- Existing KMBL Customers: Customers with active Term Deposit Certificates (TDC), current accounts, or savings accounts are eligible.
- National or Defense Savings Certificate Holders: If you hold National Savings Certificates (NSC) or Defense Savings Certificates (DSC), you can use them as collateral for the loan.
Also Read : How to Get Interest-Free Loans in Pakistan
How to Apply for Khushhali Easy Cash Loan Scheme 2024?
Applying for the Khushhali Easy Cash Loan Scheme 2024 is simple, but you need to visit your nearest Khushhali Microfinance Bank branch. Here’s a step-by-step guide to applying:
Step 1: Visit Your Nearest Khushhali Microfinance Bank Branch
You’ll need to visit a branch physically to initiate your loan application. Make sure to carry all necessary documents with you.
Step 2: Documents Required
When you visit the bank, ensure you have the following documents ready:
- Valid CNIC/SNIC: Your original CNIC along with a photocopy.
- Proof of Income: For salaried individuals, salary slips or proof of alternate business income. For self-employed individuals and SME owners, business records or tax documents.
- Bank Account Details: Proof of an active bank account with Khushhali Microfinance Bank or other banks.
- Collateral (if applicable): If you are pledging National Savings Certificates, Term Deposit Certificates, or any other assets as collateral, make sure to bring the necessary documents.
Step 3: Submit Application Form
Fill out the application form provided by the bank. Make sure all details are accurate to avoid any delays.
Step 4: Loan Approval Process
Once you submit the required documents and application, the bank will review your financial history and eligibility. After verification, the bank will approve your loan, and you will receive the funds in your account.
Also Read : How to Get Interest-Free Loans in Pakistan
Loan Tenure and Repayment Options
KEC – Running Finance:
- Tenure: This is an open-ended facility, meaning that you can use the funds as needed and repay according to your convenience. However, interest will be charged on the utilized amount.
- Repayment: The mark-up (interest) is repaid through a non-checking account, while the utilized principal amount can be repaid through a checking account.
KEC – Term Finance:
- Tenure: The loan tenure ranges from 3 to 60 months, allowing flexibility in repayment.
- Repayment: The repayment is done through equal periodic payments, making it easier for borrowers to plan their finances and pay off the loan in manageable installments.
Loan Amount and Collateral
Loan Amount:
The Khushhali Easy Cash Loan Scheme 2024 offers flexible loan amounts to cater to different financial needs. You can apply for any amount between PKR 50,000 to PKR 3,000,000, depending on your eligibility and collateral.
Collateral:
- Deposits: You can pledge your deposits as collateral to secure the loan.
- National Savings Certificates (NSCs): Holders of NSCs can use them as collateral for the loan.
- Lien on Deposits: If you have deposits with Khushhali Microfinance Bank, a lien can be placed to secure the loan.
Advantages of Khushhali Easy Cash Loan Scheme 2024
- Quick Access to Funds: With minimal documentation and fast processing times, you can get the funds you need quickly.
- Flexible Repayment Options: Whether you choose running finance or term finance, the bank offers flexible repayment plans that suit your financial situation.
- Large Loan Amounts: With a loan range from PKR 50,000 to PKR 3,000,000, it accommodates both small personal expenses and larger business investments.
- Collateral Flexibility: You can use your existing savings certificates or deposits as collateral, making it easier to secure the loan.
- Easy Application Process: Visiting the nearest branch with the required documents ensures a smooth application process.
Conclusion
The Khushhali Easy Cash Loan Scheme 2024 is an excellent option for individuals and businesses looking for financial assistance. Whether you need a small personal loan or funds to grow your business, the flexible repayment options and large loan amounts make it convenient for different financial needs. Visit your nearest Khushhali Microfinance Bank branch today and take the first step toward securing your financial future!
Also Read : Ehsaas Interest Free Loan Program
10 Frequently Asked Questions (FAQs)
1. What is the minimum loan amount I can apply for?
The minimum loan amount is PKR 50,000.
2. What is the maximum loan tenure?
You can choose a repayment tenure of up to 60 months for term finance.
3. Can I apply for the loan online?
No, you need to visit the nearest Khushhali Microfinance Bank branch to apply.
4. Is there any collateral required for the loan?
Yes, the loan can be secured with National Savings Certificates, Term Deposit Certificates, or other acceptable collateral.
5. What documents do I need to apply?
You need a valid CNIC, proof of income, bank account details, and collateral documents if applicable.
6. Can salaried individuals apply for this loan?
Yes, salaried individuals who also have alternate business income can apply.
7. How long does it take for the loan to be approved?
The approval process varies depending on the verification of documents, but it typically takes a few working days.
8. What is the mark-up rate on the loan?
The mark-up rate depends on the loan type and amount. For exact details, visit your nearest branch.
9. Can I repay the loan early?
Yes, early repayment options are available. Contact the bank for details on early repayment policies.
10. Can I use my National Savings Certificates as collateral?
Yes, NSCs can be used as collateral for the Khushhali Easy Cash Loan.
