Kamyab Jawan Program: How to apply for Rs 10000 to Rs 5 million loans (Youth Program) Phase II
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| Kamyab Jawan Program: How to apply for Rs 10000 to Rs 5 million loans (Youth Program) |
Prime Minister Imran Khan Niazi has launched a “successfulyouth program” for the well-being of youth across the country on 12th, August 2020. Over this Successful Youth Program, the government purpose to open the doors to the economic and economic empowerment of young people.
The Prime Minister (Imran Khan Niazi) said that 100 billion rupees have been assigned for youth loans under the ‘’Kamyab Jawan’’ program. Prime Minister declared that loans of up to one lakh rupees would be interest-free, while loans from two other categories would be privileged loans.
Other programs include the ‘Skill for All Program’, ‘Startup Pakistan Program’, ‘Green Youth Movement’, the ‘Internship Program’ and ‘Jawan Markaz’.
Youth Entrepreneurship Scheme (Kamyab Jawan) Program
The scheme visualizes ‘Hunar se Karobar Tak’, where the youth will be graduated from basic assets transfer to interest free loans to micro and then finally small loans as showed in the graph.
Kamyab Jawan Program: Loans from Rs 10,000 Rs 100,000 will be without interest and will be distributed on primacy basis in 45 under privileged districts of Pakistan Provinces.
Kamyab Jawan Program (Successful Youth Program)—has been launched in Pakistan in order to deliver self-employment chances to the unemployed youth of the county.
Under the Kamyab Jawan Program, Rs 100 billion will be provided as loans among the youth for their business ventures in five years. This program will benefit over one million youth, it is estimated.
The complete detail regarding Kamyab Jawan Program (Successful Youth Program) by Prime Minister Imran Khan describe below fully eligibility criteria and complete apply process.
Who are eligible for Kamyab Jawan Program:
All Male/Female/Transgenders having Pakistani CNIC, aged between 21 and 45 years with entrepreneurial prospective. For IT/E-Commerce associated businesses, the lower age limit will be 18 years.
Small Enterprises (startups and existing businesses) as per the definition of SBP and owned by youth as per the above-mentioned age brackets.
For IT/E-Commerce related businesses, at least matriculation and/or experience of at least 6 months will be required
Features of Kamyab Jawan program / Youth Entrepreneurship Scheme
➧Interest-free loans from PKR: 10,000 to 100,000
➧Micro Loans of Rs. 100,000 to Rs. 5,000,000
➧Small Loans 500,000 to 5 Million
➧Payback in eight years
➧25% quota for women
➧Also available for 18 years of youth working in IT/E-commerce industry
➧25,000 Internships
Bank Named for Successful Youth Program:
In the first phase, loans will be made through the following banks.
- National Bank of Pakistan (NBP),
- Bank of Punjab
- Bank of Khyber
- The NBP will continue to play a central role. NBP’s share of up to 50% in distributed loans.
- Later, other commercial banks will also be asked to participate in the program through the State Bank.
Loan Amount:
The loan amount has been separated into two levels, such as:
Tier 1 (T1) Loans – Rs. 0.5 million
Tier 2 (T2) loans over 0.5 million and up to Rs 5 lakh
Loan terms:
Up to 8 years with a maximum grace period of one year.
Debt to equity ratio
T1 loan – 90:10
T2 loan – 80: 20
Lenders’ equity contribution will be in the form of cash or real estate and will be required after the loan is approved.
Security Requirements for Loan:
The security measures will be as follows:
For loans less than or equal to Rs. 500,000 (Tier-1), no collateral is required.
For loans greater than Rs. 500,000 (Tier-2), any bankable collateral acceptable to the bank is required. The decision on collateral for tier-2 loans rests with the participating banks. However, these may include following:
Mortgage of Applicant Property (Residential/ Commercial/ Agricultural etc.)
Mortgage of Third Party Property Residential/ Commercial etc.)
Hire purchase of vehicles (Joint registration)
Lien on marketable securities/certificate of deposits/ national savings certificates etc.)
Hypothecation of current and fixed assets including stocks and receivables
Pledge of gold ornaments
Registered charge on business assets in case of joint stock companies
Third party guarantees
Fees & Charges to Apply:
Processing Fee: Rs. 100
Other Charges: At Actuals
Charges of all sorts will only be payable by successful applicants
Sectors and Products under Successful Young Loan Scheme
All fields Standard schemes/projects/ projects designed by SMEDA, or projects created by private sector service providers or individuals, will be acceptable to themselves.
How to Apply Kamyab Jawan Program (Successful Youth Program):
- Applicants (aged 21 to 45 years) can submit their forms for the loan online. No physical application form is required. All applications are to be submitted online.
- Enter exact CNIC and its issuance date, otherwise your application will not be submitted.
- Provide required information in all sections. All sections are mandatory.
- Branch of your selected bank located nearest to your given address will be automatically selected and an SMS will be delivered to your provided cell number with confirmation of application submission and details of your selected bank and assigned branch.
Click Here Online Apply
Guidance for online application Kamyab Jawan Program
SMEDA has established help desks to guide applicants in the process of applications submission.
Besides, you can contact nearest branches of above mentioned banks for the guidance and assistance.
Al the candidates are advised to fill out the application form correctly and with greatest care, save the filled out form before submission and proof read the whole form for accuracy and correctness and then submit the form as you cannot make corrections after an application is submitted.
No documents are required at the time of online form submission.
All applications complying with the terms and conditions of the scheme will be treated strictly on merit and as per the credit policies of the participating bank, SBP regulations and relevant laws and rules.
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| Kamyab Jawan Program: How to apply for Rs 10000 to Rs 5 million loans (Youth Program) |