SBP Offers Interest-Free Loans to Women

The State Bank of Pakistan (SBP) has offered interest-free loans to unemployed women kick-start large-scale businesses in order to ensure economic stability.

The announcement was made by SBP’s Deputy Chief Manager, Fazal Muqeem, during a one-day seminar titled, ‘Women Bankability and Banking on Equality’, held at the Government Polytechnic Institute (GPI) for women in Dera Ismail Khan.

According to the details, the initiative will allow women to procure an interest-free loan from the State Bank of Pakistan (SBP) and support their families by starting their own businesses. Muqeem said that current inflation has affected every level of society and made it extremely difficult for poor to manage their daily expenses due to lack of income sources.

The situation is made worse by the country’s lack of job opportunities and he believes that starting one’s own business is the only viable option. He added that Prime Minister had implemented various policies with the State Bank of Pakistan (SBP) to turn unemployed women into productive citizens.

Under these policies, the unemployed women’s bank accounts were opened on an equal footing with men’s accounts, allowing them to have access to interest-free loans of up to Rs. 0.5 million or 5 Lac.

Meanwhile, the Assistant Director, Muhammad Zubair, highlighted the importance of embracing digital technologies in this era of digital mobile apps. He urged citizens to become income tax filers in order to avoid paying many hefty taxes.

Furthermore, the GPI for Women Principal, Sara Khan, thanked the State Bank of Pakistan (SBP) and said that their institution was working to make its student skillful so that they could become self-sufficient and productive citizens.

She added that many would benefit from SBP’s policy an initiative of interest-free loans for poor and eligible women.

Read more: SBP Launches Diamond Category in Sohni Dharti Remittance Program.

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