Qard Hassan Victoria No Interest Loan Scheme (NILS®)
In Islamic terms, a Qard Hassan is a ‘benevolent loan’ or ‘good loan’ where the borrower is only required to repay the amount borrowed. Accordingly, the Qard Hassan Victoria NILS® offers small, interest-free loans of up to $1000 to people on low incomes for the purchase of essential household goods and services. There are absolutely no fees, service charges or any other costs for the borrower.
Qard Hassan Victoria NILS are proud to be a part of the National NILS network developed by the Good Shepherd Youth & Family Service.
What can I buy with a Qard Hassan Victoria NILS® loan?
Loans are approved for:
- Household appliances
- Household Furniture
- Educational costs such as some course fees, laptops, school camps and textbooks
- Some medical equipment
Are there restrictions about what I can buy with my loan?
Yes. Qard Hassan Victoria NILS® aims to provide an alternative source of credit. We are not a welfare program or a charity. Loans will NOT be approved for:
- Cash advances
- Bond and rent money
- Living expenses such as food and utilities
- Debt repayment and consolidation