The Chief Minister of Punjab has announced Biggest In The History Of Punjab Rozgar Scheme 2023 Submit Application. The main aim of this program to provide to loan and career opportunity to Pakistani youth having punjab resident to reduce unemployment and increase the business level in Pakistan
Punjab CM is going to launch today 1 October 2020 the Punjab Employment Rozgar Scheme 2023 under which loans of up to Rs 10 million will be provided to increase employment in the province. Punjab Rozgar Scheme 2023
According to Government of Punjab Rozgar Scheme 2023 amounting to almost 30 billion rupees worth of accessible financing, especially for small businesses and young entrepreneurs in Punjab Province.
The Official twitter handle account of CM post a tweet and said this ambitious scheme is intended to boost business activity, especially in the aftermath of the COVID-19 pandemic, providing soft loans and establishing special designated economic zones.
Punjab Rozgar Scheme 2023 more than 30 Billion rupees worth will be given as easy loans to applicants on different criteria fully mention below. The candidates can apply for the loan from PKR 100,000/- up to 10000,000/-
Who Can Apply For Punjab Rozgar Scheme 2023?
- University/college graduates with entrepreneurial skill in different fields
- Diploma/certificate holder from TVET having technical/vocational training.
- Artisans and skilled workers in multiple fields
- Runinng businesses (However, preference will be given to existing businesses in wake of the current COVID-19 pandemic)
- Micro and other enterprises that apply for a loan to adopt resource-efficient and cleaner production technologies or any green / environment-friendly intervention to improve the environmental performance of their operations.
Eligibility Criteria for Punjab Rozgar Scheme 2023
On the basis of following eligibility criteria application must be processed the loans under Punjab Rozgar Scheme:
- Age: 20 to 50 years
- Gender: Male / Female / Transgender
- Resident: Citizen of Pakistan, Resident in Punjab, verified through CNIC
- Business Location: Punjab
- Business Type: Sole Proprietor, Partnership, or any business fulfilling other eligibility criteria
- Must have a clean e-CIB / Credit History
- For startups / new businesses
- Having a viable business plan
- For Running businesses
- Having a valuable business plan with a focus to sustain the impact of COVID-19
- Having Valid CNIC
- Any other parameter to be set by Punjab Small Industries Corporation (PSIC) / Government
How To Apply For Punjab Rozgar Scheme 2023?
- Person has the age of 20 to 50 submit online application for the loans by signing up through their national identity card on https://rozgar.psic.punjab.gov.pk/
- The application fee of the programme is Rs2000 (non-refundable) and must be submitted once the application has been submitted.
Terms & Conditions Of Punjab Rozgar Scheme 2023
|Loan Limit||Upto Rs. 10.00 MillionClean lending: from Rs. 100,000/- to Rs. 1,000,000/-Secured lending: from Rs. 1,000,001/- to Rs. 10,000,000/-Under Punjab Green Development Program, the limit of a loan will remain the same. However, preference will be given to the micro-enterprises, ready to adopt the environment improving technology, having up to 10 numbers of employees.|
|Purpose of loan||Setting up of new businessBalancing, Modernization and Replacement (BM&R) for existing businessesWorking Capital|
|MSME Sector||Manufacturing, Service, Trading, Agriculture and Live Stock(Environment Friendly / Quality Improving Micro Enterprises as defined above will also be considered under the Punjab Green Development Program)|
|Processing fee||Rs. 2000/- (non-refundable) at the time of submission of application|
|Tenure of loan/Repayment Period||From 02 to 05 years including a grace period|
|Grace period||Up to Six (06) Months (However, the markup will be charged during the grace period)|
|Type of loan||Term loan as per bank policy and working capital|
|Cost of Capital||Cost of Capital to be paid by Borrower:4% for clean lending5% for secured lending|
|Debt: Equity||80:20 (For males)90:10 (Women, Transgender and Differently abled)(Meaning thereby 20% / 10% of the project cost will be invested by the borrower)|
|Disbursement of loans||In installment(s) as per approved business plan|
|Security of loan||1. Security for Clean LendingSecurity for loan limit from Rs. 100,000/- to Rs. 500,000/-Personal Guarantee of the borrower along with net worth statement.Security for loan limit from Rs. 500,001/- to Rs. 1,000,000/-Personal Guarantee of the borrower along with at least one, Third Party guarantor with overall net worth collectively equal to size of the loan applied.(Third Party should be a citizen of Pakistan and resident of the Punjab having a valid CNIC and must not be older than 55 years. Moreover, e-CIB of third party should be clean i.e. it should not have any overdue or write off history)OrGuarantee of Government employee of BS-10 and above alongwith personal guarantee of the borrower.(Departmental gurantee of the government employee will be mandatory)Net Worth / Wealth Description and Calculation Criteria:Net Worth may be in the form of Tangible Asset i.e Property or Vehicle ownership and may be assessed as follows:A. Property may be valued at respective DC rate.OrB. Property valuation may be established from Wealth Tax statement.OrC. Evaluation by Pakistan Banks Association (PBA) approved evaluator/agentOrD. Vehicle valuation shall be invoice price less depreciation (10% for each passing year).2. Security for loan limit from Rs. 1,000,001/- to 10,000,000/-Mortgage of AssetsAsset descriptionA. Residential / Commercial / Industrial / Agricultural Property / vehicle having clean title and clear access (acceptable to the bank) and valued by banks approved appraiser as per bank’s policy.B. The property should be in the name of borrower or blood relative of individual / proprietor / partners.C. Documentation shall be as per bank credit policy / legal division. Charge / hypothecation on fixed / current assets as per internal / external regulations.|
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