[alert-success]Prime Minister Youth Program 2013-2014 Application Form[/alert-success]
Small business Loans will focus on (but will not be restricted to unemployed youth, especially educated youth looking for establishing or extending business enterprises.
|[alert-success]Prime Minister Small Business Loans Scheme 2013 Criteria[/alert-success]|
|Brief Description:||Small business Loans will focus on (but will not be restricted to unemployed youth, especially educated youth looking for establishing or extending business enterprises.|
|Eligibility criteria:||All Men/Women holding CNIC, aged between 21 and 45 years with entrepreneurial potential to apply from designated branches mapped with area of residence/business.|
|Security Requirements:||One Guarantor|
|Permissible Collaterals:||Business hypothecation|
|Focus on women:||50% of loans will go to women borrowers.|
The borrowers’ contribution of equity would be in the form of cash or immovable property and will be required after approval of the loan.
|Loan Period:||Tenor of loan will be 7 years with 1 year grace period. Loan tenure will start after completion of grace period.|
|Pricing:||8% fixed of borrower. Government will pay the difference of the cost of KIBOR + 500 bps.|
|Number of loans:||100,000|
|Size of Loan:||Upto Rs 2,000,000 (Twenty Lacs)|
|Allocation in budget 2013-14:||Rs. 5 Billion|
|Executing agency:||IIn the first instance, National Bank of Pakistan (NBP) and First Women Bank Limited (FWBL) under the guidance and supervision of State Bank of Pakistan( SBP) to ensure participation of private banks:a) Private banks will be required to participate in this scheme on the basis of soundness of business proposals; and
b) SBP will encourage private banks to build this portfolio commensurate with their size.
c) SBP will arrange appropriate training for private banks to implement this scheme.
d) NBP will continue to play the lead role
|Sectors and Products:||All sectors. Standardized schemes /projects/undertakings will be designed by SMEDA, projects designed by private sector service providers or individuals themselves will also be admissible.Role of SMEDA:
a) The 50 feasibilities prepared and uploaded by SMEDA will b extensively publicized and their access to public made easier through multiple linkages with other relevant websites.
b) SMEDA will work closely with Punjab Information Technology Board (PITB) to ensure that the schemes are accessible to those who participate in PITB survey.
|Application Form:||The Form would be both in English and Urdu, and required minimum essential information with simple format.The processing time will not exceed 15 days and will be so stated clearly in the application form; and
The form would be readily available both in branches and through dedicated websites of the banks.
Non- refundable form processing fee will be Rs. 100 (One Hundred)
|Monitoring:||SBP will publish consolidated information about the loans extended under the scheme for information of the public on quarterly bases on its website;An effective Complaints Center to process and resolve complaints will be set up;
E-government directorate of Ministry of IT will provide support
|Geographical Distribution:||Whole of Pakistan. In case of Baluchistan, at least one branch of NBP will be designated per Division.All non-designated branches will also provide and receive filled application forms and dispatch them to the nearest branches.|
|Repayment of Loan:||Equal monthly installments with grace period of 12 months for principal payment Sector and Products All sectors. Borrowers will be encouraged to obtain standardized, schemes/projects/undertakings from SMEDA or any other body but this will not be mandatory for the borrower.|
Please contact on below mentioned Contact no. for Prime Minister’s Youth Business Loan Scheme
03311006767For the latest News, Join us on Facebook or follow us on Twitter