Women can obtain business loans of up to Rs5 million at 5% interest: SBP deputy governor

• SBP deputy governor says women can open an "easy account’ at any bank for Rs 100
  
• Loan applicants will be required to show proof of income if they decide to obtain a loan of an amount up to Rs500,000 or more
• Only 18% of the account holders are women, whereas 51% are men
  

Women can obtain business loans of up to Rs5 million at 5% interest,   Deputy Governor State Bank of Pakistan (SBP) Seema Kamil said on Thursday.

Appearing on Geo Pakistan, she said that now women can easily open an account for just Rs 100 at any bank without paying  any account opening charges or the minimum deposit fee requirement.

Kamil said that women in Pakistan manage their households with limited resources.

“Women can open an ‘easy account’ at any bank for Rs 100. The easy account can be opened only with an Identity Card (ID) card,” she added.

Loan applicants will be required to show proof of income if they decide to obtain a loan of an amount up to Rs500,000 or more, the SBP official said, adding that they will also be given profit on their savings for the account.

“Easy account is for everyone; even students can open one. Banks give out loans for education, marriage, and house building, but women hardly know about such facilities,” Kamil lamented.

Taking about the Roshan Digital Account initiative for overseas Pakistanis, the SBP official said that about 60,000 accounts have been opened in a span of three months.

Presenting the women to men ratio among account holders, Kamil said that only 18% of the account holders are women, whereas 51% are men.

“Prime Minister’s Successful Youth Scheme allows women to take loans up to Rs1 million without collateral,” she added.

The successful youth scheme program has a quota for 25% women, she highlighted, adding that the central bank has also launched a financial literacy program for women's awareness in this regard.

The program will provide awareness to 1 million people – 50% of whom will be women, she said, stressing that women play a major role in the development of agriculture. She said that a large number of women are associated with this sector.