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C.M Punjab Rozgar Scheme For Youth of Punjab

C.M Punjab Rozgar Scheme For Youth of PunjabSmall & Medium Enterprises are the back bone of a country’s economy, and their growth is one of the key factors of economic uplift. Despite their importance, these businesses lack access to financing options. In order to give boost to this neglected sector, Government of Punjab has been working on various uplift initiatives which have been merged as a single scheme post-COVID. “Punjab Rozgar Scheme”, launched by Punjab Small Industries Corporation (PSIC) in collaboration with The Bank of Punjab aims to provide subsidized small business loans in the range of Rs. 100,000 to Rs. 10,000,000.

The chief minister directed to settle the requirements as early as possible so as to launch the said schemes without any delay. He hoped that industry would grow through the provision of soft loans and youth would earn a livelihood after learning necessary technical and vocational skills. He pointed out that the industries facing financial crunch would be especially facilitated. The meeting also pondered over the proposal of naming the loan scheme as “Punjab Rozgar” while the MD PSIC briefed about salient features of small and medium enterprise loan programme. Industries Minister Mian Aslam Iqbal, Finance Minister Hashim Jawan Bakht, chief secretary, P&D chairman, administrative secretaries and others attended the meeting.

Meanwhile, the chief minister welcomed the passing of Services Act Amendment Bill from the Senate after National Assembly and said that political consensus over national issues is a victory of democracy.

Eligibility Criteria:

Age: 20 to 50 years

Gender: Male/Female/Transgender

Qualification &Experience:      

  • University/College Graduates with entrepreneurial skills
  • Diploma / Certificate holder from TVET having technical / vocational training.
  • Artisans and skilled workers.

Residence Status: Citizen of Pakistan, Resident of Punjab verified through CNIC

Type of Business: New & Existing Businesses.

Loan Limit: Clean:        Rs. 100,000/- to Rs. 1,000,000

Secured: Above Rs.1,000,000 up to Rs. 10,000,000.

Loan Tenure: 2 to2 to 5 years including 6 months grace period

Loan Type: Term Loan.

Debt: Equity Ratio: For Males= 80 to 20

For Females, Transgender & Disabled= 90 to 10.

Security Requirement:

Up to Rs. 500,000/-:

Personal Guarantee of Borrower along with net worth statement

Above Rs. 500,000/- up to Rs. 1,000,000/-:

Personal Guarantee of borrower + (At least 01 Third Party Guarantee having collective net worth at least equal to the amount of loan OR Guarantee of Government Employee of BPS-10 and above.) Net Worth may be in the form of Tangible Asset i.e. Property or Vehicle ownership and may be assessed as follows:

  1. a) Property may be valued at DC rate by the bank.
  2. b) Property valuation may be established from Wealth Tax statement.
  3. c) Evaluation by Pakistan Banks Association (PBA) approved evaluator
  4. d) Vehicle valuation shall be Purchase price less Depreciation (10% for each passing year).

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Third party should be a citizen of Pakistan and resident of 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. Above Rs. 1,000,000/- up to Rs. 10,000,000: Mortgage of Residential / Commercial / Industrial / Agricultural Property / Vehicle having clean title and clear access acceptable to the bank.

Pricing: Types : Clean  4%Secured: 5%

Applications: All applications shall be submitted online through portal designated by PSIC.

Processing Fee:  Rs. 2,000/- (Non-Refundable.

About Shahid Manzoor

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