Abb Takk News

Loan Acquiring Procedure Issued for ‘Kamyab Jawan Program’

ISLAMABAD: State Bank of Pakistan (SBP) has issued detailed methods which will enable the youth of the country to avail the ‘Kamyab Jawan Program’ scheme proposed by incumbent Prime Minister Imran Khan.

In order to provide self-employment opportunities to unemployed youth, Government of Pakistan launched Prime Minister’s Kamyab Jawan SME Lending Program across the country.

Government of Pakistan shall provide mark-up and credit loss subsidy on small business loans in the range of Rs. 100,000 to Rs. 5,000,000 disbursed by banks under the program.

According to SBP, entrepreneurs can approach either branches or websites of National Bank, Bank of Punjab and Bank of Khyber to obtain application forms.

On the other hand, banks have been instructed to allocate toll numbers on all forms so that the young entrepreneurs can be given appropriate guidance regarding the nature of their future business.

All men and women holding CNIC, aged between 21 and 45 years with entrepreneurial potential are eligible. For IT/ E-Commerce related businesses, the lower age limit will be 18 years.

Small enterprises (startups and existing businesses) as per definition of SBP and owned by youth as per above-mentioned age brackets are also eligible. For IT/E-Commerce related businesses, at least matriculation and/or experience of at least six months.

Other than that, 25% of the loans will go to women borrowers.

Size of the loan is segregated into two tiers; Rs 100,000 to Rs. 0.5 million and above Rs 0.5 million and up to Rs 5 million.

Finance Division shall allocate funds in each fiscal year’s budget as per estimates provided by SBP.

Payment will be made on submission of consolidated claims of all the banks by the SBP.