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Prime Minister Youth Loan Scheme Some Changes have Been Made: Prime Minister’s ‘Youth Business Loans’ are being launched from December 10, 2013

Prime Minister Youth Loan Scheme Some Changes Have Been Made: Prime Minister’s ‘Youth Business Loans’ Are Being Launched From December 10, 2013

Prime Minister Youth Loan Scheme Some Changes have Been Made: Prime Minister’s ‘Youth Business Loans’ Scheme are being launched from December 10, 2013

 

  • ISLAMABAD Prime Minister’s ‘Youth Business Loans’ are being launched from December 10, 2013 to help young entrepreneurs initiate their own businesses. The Government has allocated five billion rupees for the scheme for the current financial year.
  • It is designed to provide subsidised financing at eight percent mark-up per annum for one hundred thousand beneficiaries through National Bank of Pakistan and First Women Bank.

    Those falling in the age group of 21 and 45 years are eligible to apply for loans from one hundred thousand to two million rupees.

    The following two changes have been made:

    1. The scheme will start from December5, 2013 instead of earlier announced date which was December2, 2013.
    2. The age limit has been changed. The minimum age must be 21 years and maximum allowed age at the time of application is 45 years. Previously the upper age limit was 35 years.

    Small business loans with tenure up to seven years, and a debt-equity ratio of 90:10 will be disbursed to SME beneficiaries across Pakistan including four provinces, Gilgit-Baltistan, Azad Jammu and Kashmir and Federally Administered Tribal Areas (FATA).

    SMEDA has been tasked with an advisory role in the implementation of Prime Minister’s scheme by providing more than fifty updated pre-feasibility for referencing by the beneficiaries and participating banks to optimally utilize their financial resources.

    SMEDA has prepared pre-feasibility studies in fifteen sectors, which are available to new start-up SMEs, through the SMEDA website. These studies provide a general understanding of the proposed business and are structured like a business plan.

Prime Minister Youth Loan Scheme Some Changes Have Been Made: Prime Minister’s ‘Youth Business Loans’ Are Being Launched From December 10, 2013

National Bank of Pakistan Required Application for Prime Minister’s Small Business Loan Scheme

National Bank Of Pakistan Required Application For Prime Minister’s Small Business Loan Scheme

National Bank of Pakistan Required Application for Prime Minister’s Small Business Loan Scheme

Prime Minister’s Small Business Loan Scheme

Download Application Form  

Salient Features
 
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.
Debt-Equity ratio 90:10
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.
Risk mitigation Government will share 50% of losses subject to a maximum of 10% of the loan amount.
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.
   
 
Download Application Form 

 

National Bank Of Pakistan Required Application For Prime Minister’s Small Business Loan Scheme

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