Prime Minister Imran Khan launched the “Kamyab Jawan Program” which offers Pakistani youth a range of education, skills training, and civic engagement opportunities.
The ‘Kamyab Jawan Program’ which means ‘successful youth’, will not only provide job opportunities but also accelerate the growth of small and medium-sized businesses by offering youth loans worth Rs. 100 billion over five years.
The ‘Youth Entrepreneurship Scheme’ will provide affordable business loans to young eager entrepreneurs to support the SME sector across six flagship projects under the Kamyab Jawab program.
Kamyab Jawan Program:
The loans will be provided with no interest. Loans can be used to set a new company or to grow an existing business. The program developed with the assistance of three main departments:
- Pakistan Poverty Alleviation Fund (PPAF)
- State Bank of Pakistan (SBP)
- Small and Medium Enterprise Authority (SMEDA)
The state bank of Punjab will work along with three major banks namely
- National Bank of Pakistan
- Bank of Punjab
- Bank of Khyber
- For men/women/transgender keeping CNIC with creative ability between the ages 21 and 45. The lower age limit for IT / E-Commerce related businesses is 18 years.
- All enterprises (start-ups and current enterprises) as specified by SBP and owned by young people in accordance with the age brackets listed above.
- For IT / E-Commerce related companies, it will take Matriculation and minimum of 6 months’ experience.
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25% of the loans will go to women.
- Working Capital Loans
- Term Loans
1 to 8 years with a full grace period of up to 1 year
Loan Size and security:
|Loan Size and Security||Loan Amount||Security Requirement|
|Tier I (T-1)||Rs. 100,000/- to Rs. 500,000/-||Clean lone, only personal guarantee of the borrower|
|Tier II (T-II)||Rs. 500,001/- to Rs. 5,000,000/-|
Debt to Quality Ratio:
T1 loans- 90: 10
T2 loans- 80: 20
T1 loans: Fixed @ 6% per annum
T2 loans: Fixed @ 8% per annum
Fees % Charges:
- Rs. 100 as processing fee
- Some other charges
How to apply:
- An application form will be available in the mentioned banks. A non-refundable processing fee will be charged for the application form.
- The form will be available in both English and Urdu and will require necessary information in a simple format.
- Fill in the provided form and submit in the same branch of the bank from where you got that form.
- It will take up to 15 days for the process of the application form.
Apply for the “Kamyab Jawan Program” immediately so that you don’t get late. Do share this post with your friends with whom you have planned to start your own business. We urge you to keep visiting F.Sc Online for updates and the latest news.
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