Karachi: Ufone has revised its UAdvance package from Rs 10 to Rs 15 to be effective from June, 1, 2012. The package has been renamed as UAdance from Uloan.
The new service package will be charged at a service fee of Rs 1.5 plus GST of 19.5 percent. It means, Rs 10.5 will be disbursed to customers on the request of loan.
Despite a lot of criticism on the services as interest-based and illegitimate in accordance with Islamic teachings, the package consumption has been increased on its facilitative nature to customers.
The service was introduced in early 2008. It was changed with loan amount and fee time to time.
The service package was earlier revised several times. First it offered Rs10 loan against Rs 10 recovery however later it imposed services charges of 50 paisa on it with then 21 GST rate (10 paisa approximately).
As the service utility witnessed drastic decline, the package has been revised to attract customers. Accordingly, the customers can borrow credit twice in two installments of Rs 15 and 10 with the services charges of 50 paisa with GST on each installment.
Later, it was more relaxed to attract customers who could borrow balance in three installments of Rs 10 each on the condition the customers are using the services for past one year. The services charges were fixed at Rs 1.95.
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