SBP announces interest-free loans for women

KARACHI – The State Bank of Pakistan (SBP) on Monday announced interest-free loans for women.

Fazal Muqeem, Deputy Chief Manager of SBP in Dera Ismail Khan, made the announcement at a seminar titled ‘Women Bankability and Banking on Equality’ at the Government Polytechnic Institute (GPI) for Women.

Muqeem said that helping women start their businesses would not only make them stronger but also enable them to support their families and provide better education for their children.

With rising prices affecting everyone, especially those with limited incomes, Muqeem said that entrepreneurship could be a key solution. The government, in collaboration with the SBP, is working on policies to turn unemployed women into productive citizens, he said.

As part of these policies, unemployed women are now getting bank accounts just like men, giving them access to interest-free loans of up to Rs500,000.

Assistant Director Muhammad Zubair urged everyone to embrace digital technologies and encouraged citizens to become income tax filers to reduce their tax burden.

Sara Khan, Principal of GPI for Women, expressed her gratitude to SBP for its support in making students self-reliant. She said that many women will benefit from this policy in future.