Get Approved For Prime Minister Youth Business Loan Scheme
Prime Minister of Pakistan Imran Khan started a new program to name Kamyab Jawan. It was developed for the national development of the youth. It is the part of the Prime Minister’s vision to provide 10 million jobs in Pakistan.
What is Kamyab Jawan Program?
Kamyab Jawan program is a scheme developed for the youth of the country by Prime Minister Imran Khan. It is basically a youth Entrepreneurship scheme that let youth to develop their own businesses or to develop the existing business. It is available for the youth of age between 21 to 45 years and 18 years youth for the IT sectors. The program is subsidized through the 21 commercial banks.
This program is developed to provide the loan to the youth to start their business of low cost.
The government started this loan scheme with the collaboration of 3 important departments of Pakistan that are State Bank of Pakistan (SAP), Small and Medium Enterprise Authority (SMEDA), and Pakistan Poverty Alleviation Fund (PPAF). These three departments work together to control the Kamyab Jawan loan scheme in Pakistan.
How to get Kamyab Jawan Scheme?
Everyone can apply for this scheme. You can get this scheme if you want to get the Kamyab Jawan scheme then is valid for those who want to start their own new business or who want to settle their existing business.
Before applying for the Kamyab Jawan scheme, make sure that you meet the eligibility criteria of Kamyab Jawan scheme.
Eligibility of Kamyab Jawan Scheme:
- All women, men, or transgender who have CNIC and comes in the age between 21 to 45 years who have the entrepreneurial potential skills to set up their business.
- If you want to develop a business related to E-commerce and IT then your age must be 18 years old minimum.
- If you want to apply for a loan for an IT or E-commerce related business, you must have the minimum education of matriculation or you have the experience of 6 months related to your field.
- If you want to develop or start your business then it must be in the rules and regulation of State Bank of Pakistan SBP and come in the minimum age limit as mentioned above.
Loan Size of Kamyab Jawan scheme:
|Tier 1||Rs. 100,000 to Rs. 1 million (without collateral)|
|Tier 2||Above Rs. 1 million up to Rs. 10 million (with collateral)|
|Tier 3||Above Rs. 10 million up to Rs. 25 million (with collateral)|
Security Required for Kmayab Jawan Program:
For Tier 1: To get the loan of Tier 1 then you don’t have to provide any guarantee for the loan. You can get the loan on a personal guarantee.
For Tier 2 and For Tier 3: In this loan, you have to provide any guarantee and have to provide them any bankable collateral like a commercial vehicle, gold ornaments, government securities or Mortgage of Property, etc.
Type of Loan and Tenor
Following are the type of loan that youth can get easily:
- Working capital loans
- Term loans
Duration of Loan:
The maximum duration of the loan repayment of the Kamyab Jawan scheme is 8 years and the maximum grace period of repayment of the loan is 1 year. The duration of a loan also depends on the type of loan and business.
Mark-up rate on the loan of Youth Loan scheme:
- On the Tier 1 loan, the borrower has to pay the fixed mark-up rate of 3% per annum.
- On the Tier 1 loan, the borrower has to pay the fixed mark-up rate of 4% per annum.
- On the Tier 3 loan, the borrower has to pay the fixed mark-up rate of 5% per annum.
Want to know the best part: Government also fixed 25% of the loan in Kamyab Jawan scheme for the women as well.
How to Apply for the Kamyab Jawan Scheme?
Here’s how you can apply for Prime Minister Youth Loan scheme:
- First of all, to apply for the scheme you need to visit Kamyab Jawan Program Portal.
- Then there you need to click on the option of Youth Entrepreneurship Scheme (YES).
- Then click on the option of Apply online.
- After that, you will shift to the next page, there you need to fill some of the require information.
- You need to enter original CNIC number and correct Issuance date, education, experience, date of birth, Father name, Father CNIC number and issue date, type of business that you want to start, type of loan, skills, address, contact number, material status, province, E-mail address, and other information.
- Make sure that you entered all the correct information.
- After that tap on the option of Proceed to Step 2.
- Now, they will show you some of the terms & conditions of the loan, simply tap on the Submit option.
- When you do that, then your form has been submitted.
- You will get the message regarding your application form within 25 to 30 working days.