In line with the vision of the Government of Pakistan, the State Bank of Pakistan launched a financing scheme by the name of Islamic SME Asaan Finance (I-SAAF), specifically targeted for the growth of small businesses. This financing scheme will provide SMEs with collateral free financing of up to PKR 10 million at an end user pricing of up to 9% per annum. The financing may only be availed by SME Companies/ Sole Proprietors/ Partnership firms who are not our existing customers i.e. NTB’s of Bank Alfalah Islamic. Further, customers can avail short-term working capital or long term financing facilities for purchase of raw material, plant, equipment, machinery, commercial vehicles and property.
|Eligibility||All SMEs (new business as well as operative businesses) not having existing financing relationship with Bank Alfalah Islamic will be eligible. Facility can be availed from one participating Bank only.|
|Financing Limit||Maximum financing limit for single SME or a group of SMEs owned by same owner/(s) (i.e. group/associated/sister concerns) is capped at Rs 10 million.|
|Pricing||End-user pricing rate for eligible SME customers is 9% p.a.|
|Tenor||Maximum tenor of financing extended to the customer will be as per terms & conditions of underlying financing product facility approved by the bank.|
|Security||Personal guarantees of the Customers.|
*Other terms and conditions are applicable as per Bank’s and SBP’s circulars issued from time to time.