Zero-Interest Loan

Zero-Interest Loan

A loan on which interest does not accumulate. Rather, the borrower must only repay the principal. For example, one may borrow $5,000 and pay the lender $5,000 over a period of two years, at which point the debt is considered repaid. Zero-interest loans are the only loans permitted in Islamic finance. They are also extended to persons, companies and countries in desperate need of aid. See also: Zero-coupon bond.
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The one-time, zero-interest loan is payable up to eight years.
Farmers affected by Severe Tropical Storm 'Ineng' over the weekend may now avail of a P25,000 zero-interest loan assistance payable in three years, Department of Agriculture (DA) Secretary William Dar said Monday.
Under the SURE Aid, rice farmers planting on land 1 hectare and below may apply for a one-time zero-interest loan amounting to P15,000, payable up to eight years.
Dar had announced that affected rice farmers tilling at most one hectare of land may avail themselves of a one-time, zero-interest loan amounting to P15,000 payable up to eight years under the Expanded Survival and Recovery Assistance Program for Rice Farmers (SURE Aid).
She stated that the N20, 000 zero-interest loan scheme is payable within five months which will guarantee the beneficiaries to apply for a higher amount and also pave way for other people to benefit from the scheme.
Under the SURE Aid, which shall commence on September 1, 2019, rice farmers who are farming one hectare and below, may avail of a one-time, zero-interest loan amounting to P15,000 payable up to eight years.
Instead, farmers will be given the option to avail a one-time, zero-interest loan.
* Use a plumber approved by the city and get a zero-interest loan of up to $4,800 repayable over five years, or 10 years for low- to moderate-income residents.
Kuwait is to lend USD 500mn and Turkey said it would deposit a USD 100mn zero-interest loan at TunisiaEe's central bank.
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A PS400,000 zero-interest loan from the Welsh Government's Repayable Fund for SMEs will enable Amplyfi to take on more highly skilled staff to support and refine its business intelligence platform DataVoyant.
According to the Des Moines Register, the incentives include a $500,000 forgivable loan, $500,000 in a zero-interest loan plus $630,000 in tax credits.
The district is now paying back a zero-interest loan.