Family Enterprise Loan
These loans are given for establishing a new business or expanding an existing one. Family Enterprise loan is the most common type of loan offered by The Tooba Foundation. It comprises majority of The Tooba Foundation loan portfolio. The Family Enterprise loan varies in the bracket of Rs.10,000 to Rs. 30,000. However most common amount for the first loan is Rs.15,000. The individual has to come up with a viable business plan to become eligible for the loan.
It is used for repayment of loans taken from money lender on exorbitantly high interest rates. This type of loans are given to those who have borrowed money from moneylenders at very high interest rates. The Tooba Foundation believes that borrowing from the money lender is exploitation of the poor and needy and is resulting in increasing the poverty instead of making dent into it.
It is utilized for paying dues (fees) or purchase of books and material of poor students. It provides education expenses in easy way. Range of education loan is upto Rs. 25,000.
Marriage loan is given for dowry of bride (daughter) or marriage ceremony arrangements. This loan helps in meeting the marriage expenses of a girl of a poor family. Range of this loan is upto Rs. 25,000.
This type of loan is given to meet emergency situations such as school admission fee, treatment, purchase of medicine, etc. These loans are given to prevent the poor from major fallbacks. The amount loaned to the poorest of the poor is generally Rs. 5,000 and this has to be repaid within one year.