Prime Minister Interest Free Loan (PMIFL)

This facility is for those clients who lived below the poverty line. This loan scheme is interest free and the loanee has to pay back the original loan amount in one year in equal monthly instalments. This loan can only be utilized for business purposes i.e. (to expand existing business or for the income generation activities). No any other cost will be charged from any of the clients.

General criteria for the PMIFL loans:
• Registered under BISP program
• Fall under the range of 0 to 40 score as per BISP data
• Permanent resident of RCDP program area;
• A holder of valid CNIC;
• Of age between 18 to 55 years;
• All the members of the group will take responsibility of one another (Social Collateral);
• Only one person can apply from one household;
• The business shall be legal, acceptable within religious and social norms, and does not impart negative impact on the environment;
• Applicants shall have satisfactory repayment capacity;
• There shall be no default history in RCDP or any other organization of the client;
• Applicant shall have good physical heath, sound mind and good character;

Product Features
RCDP disburses PMIFL to expand micro-businesses and alleviate poverty of poor clients with the provision of loan amount between Rs. 20,000 and Rs. 50,000. It can only be given in group form where group members act as social collateral for one another.
Following table shall demonstrate the features of the product: