Prime Minister Interest Free Loan
Objectives of PMIFL Scheme:
Target Area In three Districts 2 UCS Muzafargarh, 2UCs in Multan and 6 UCs in Lodhran
- Primary objectives of the Prime Ministers Interest Free Loan (PMIFL) Scheme are as follows:
- Make Interest Free Loans available to men, women and youth from poor, vulnerable and marginalized households categorized under 0-40 on the Poverty Score Card. This will enable them to engage in productive economic activities, improve their lives and positively contribute to the economy.
- Support female participation and inclusion in economic activities by disbursing at least 50% loans to women.
- Encourage behavioral change by demanding loan beneficiaries to ensure specific health and education practices.
- Enhance the entrepreneurial competencies by extending capacity building services, e.g. enterprise training & counseling, market linkages, financial literacy and numeracy training.
- Establish and strengthen Rural and Urban Branches, and Union Council based community institutions for assessing, distributing and recovering Interest Free Loans.
- Identification & Establishment of Loan & Business Development centers
- Program Introduction & Advertisement
- Formation of Committees (Loan & Review)Registration of basic information of applicants and Receipts of Applications
- Social, economical and Technical Appraisals of targeted applicants
- Development of Business Plans and Provision of Guarantors
- Approval of Loan from Loan & Review committees & Sign pronote
- Issuance of Loan to beneficiaries
- Record keeping & MIS Management