Karachi: The State Bank of Pakistan (SBP) on Wednesday (November 03) announced that eight banks are ready to provide loans under SME Assan Finance (SAAF) programme for collateral-free loans for Small Medium Enterprises (SMEs), news sources reported.
The eights banks that have so far shown interest to provide SAAF loan includes Habib Bank Ltd, United Bank Ltd, Allied Bank Ltd, Meezan Bank Ltd, Bank Alfalah Ltd, The Bank of Punjab, JS Bank Ltd and The Bank of Khyber. Under the scheme, the commercial banks would provide loans of up to PKR 10 million to SMEs on collateral-free terms. As per the details, SBP Governor Reza Baqir stated that the apex bank would issue loans to commercial banks at 1%, which they would refinance to SMEs at a maximum rate of 9% instead of the usual rate of 25% to 50%. These loans will be provided without the requirement for collateral or track record availability. The provided loans will be used for human development, human resources, technology and processes.
Nauman Ahmad is an imaginative Pisces whose love for literature and nature is unparalleled. When he's not reading or hiking, he's sleeping and eating, which gives him plenty of energy for his next adventure.
