TEVTA Interest Free Loans for Graduates Eligibility Criteria Form Download

TEVTA Interest Free Loans for Graduates Eligibility Criteria Form Download before deadline and check procedure to easily get your interest free loan by TEVTA and Akhuwat loan scheme.

Chairperson TEVTA Irfan Qaiser Shaikh is addressing a meeting at TEVTA Secretariat. Executive Director Akhuwat Amjad Saqib, Chief Operating Officer Jawad Ahmed Qureshi and others are present on this occasion.

Interest Free Loans for TEVTA Graduates/Students

TEVTA is desirous of providing Interest Free Loan to their graduate through Akhuwat and Akhuwat is willing to undertake interest free micro lending activities for supporting TEVTA graduates with funds amounting to PKR 500 million during the year 2015-16. The TEVTA will lend a fund of PKR 500 million to Akhuwat for interest free micro-lending to TEVTA graduates to start-up businesses and existing businesses which need capital to grow further. Loans will be ranged from amount PKR 10,000 to 100,000. Loans will be provided in Province of Punjab.

The fund of Rs. 500 million provided in the first year will be revolved, creating manifold wealth generation and employment opportunities for thousands of graduates over the project period of 10 years.

Technical Education and Vocational Training Authority (Tevta) and Akhuwat on Monday signed an MoU under which Tevta will provide Rs 500 million interest-free loan to its 8,000 graduates through Akhuwat during the current financial year. The MoU was signed by Tevta Chairperson Irfan Qaiser Sheikh and Akhuwat Executive Director Dr Amjad Saqib.

Addressing the agreement ceremony, Irfan Qaiser Sheikh said interest free loan to Tevta graduates shall be provided to start or expand the existing business in the province of Punjab. Tevta pass-outs will be given interest free loan from Rs 10,000 to Rs 100,000. “All these measures are being taken in line with the vision of Punjab Chief Minister Shahbaz Sharif to not only impart training to youths but also help them to establish through such entrepreneurship support”, he added.

Dr Amjad Saqib said provision of interest free loan to Tevta graduates would not only facilitate them to start their own business but eradicate poverty and bring prosperity in the society. The complete documentation of loans including name, age, CNIC number, address, type of business, amount of interest free loan, recent photograph etc would be furnished by Tevta graduates to get loan from Akhuwat and loan shall be disbursed preferably through a bank Account. Repayment period from borrowers will be up to 30 moths, he added.

TEVTA to double interest-free loans for graduates after budget. The chairman of Technical Education and Vocational Training Authority (TEVTA) Irfan Qaiser Sheikh has said that the authority would increase the interest-free loans for the graduating aspirants. For this purpose, the available money has been increase from Rs 0.5 billion to Rs 1 billion.

TEVTA Interest Free Loans for Graduates Eligibility Criteria Form DownloadTEVTA Interest Free Loans for Graduates Eligibility Criteria Form Download

While addressing a meeting attended by the officials of TEVTA at secretariat, Irfan Qaiser said a massive amount of Rs 2 billion was being spent on set-up, which he afterward cut to spend on human development.

He furthermore added that according to the vision of Chief Minister of Punjab Mian Muhammad Shahabaz Sharif TEVTA decided to double the amount of interest free loans to the graduates.

“The priority of the government of Punjab is to make the youth skilled as well as provide them affordable opportunities to earn along with the help of interest free loans,” he added.

He also said that TEVTA was playing its part to the best if its abilities.“Up till now, TEVTA, in association along with the Akhuwat Foundation, has provided interest-free loans to over7, 000 aspirants,” said TEVTA Chairperson.

Stressing on the need of these loans, he also added that Japan and Turkey had provided similar advantages to its aspirants. “Everyone can witness see where these states stand as a whole,” he added. “A skilled man in Canada is getting an income 7 times that of a simple graduate.”

Furthermore, Irfan explained that these loans will assist the aspirants play their part in not just strengthening the economy of the state, however, also tackle the expenditures of their families. He added that all the loans will be given on merit.

The loan parameters are:

  • Total loan portfolio of PKR 500 million.
  • Interest free loan size of: up to PKR 100,000.
  • Repayment period from borrowers: up to 2 years.
  • Mode of repayment of interest free loan: on monthly basis.
  • Interest rate to be charged from borrowers: 0%
  • Loan application fee: upto PKR 200.
  • Contributory fund for the re-payment of loan in case of death of borrower: @ 1% of loan amount and it will be paid by borrower.
  • Bad debts provision: @ 5% of the annual loan portfolio to be picked up by TEVTA. The bad debts will be waived off annually.
  • Pro-poor, non-political and non-sectarian dimension of project will be ensured under all circumstances.

The graduates (Pass-outs) of TEVTA or present students may contact the focal person in institutions or Akhuwat / CWCD branches directly with reference to TEVTA for details / processing of applications.

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