Prime Minister’s ‘Youth Business Loan Scheme’ has been dormant for the last one year and has not been able to achieve its desired targets as slightly over 8,000 people have agreed to take concessionary loans worth Rs5.2 billion so far, revealed officials on Tuesday. We are publicizing all details about Prime Minister Youth Business Loan Scheme PMYBL 2016 National Bank NBP Application Form.
Small business Loans will focus on (but will not be restricted to unemployed youth, especially educated youth looking for establishing or extending business enterprises. “People have lost interest in the scheme; we are receiving very few applications,” said National Bank of Pakistan (NBP) President Ahmad Iqbal Ashraf, while briefing the Senate Standing Committee on Finance and Revenue.
Prime Minister Youth Business Loan Scheme PMYBL 2016 National Bank NBP Application Form
Females age between 21 to 45 year holding valid CNIC, having ability to start their own business or intend to expand the existing business. Applicant should have some experience of relevant field or holds a business related diploma/certificate pertaining trade of proposed business setup.
Any person including blood relatives / family member having net worth of 1.5 times the loan, can give the guarantee. No post dated cheques or wealth statement (by the guarantor) is required. Net worth also includes person’s property value as assessed by the Bank’s approved evaluator.
- CNIC holder
- Age 21-45;
- Entrepreneurial potential
- Applicant may apply for loans under this scheme only from the designated branch mapped with his/her area of residence/business
- One/Up to 03 Guarantor/s having cumulative income equal to 1.5 of the amount applied for under the scheme Personal/Blood relations can also give guarantee for a borrower.
- A government servant of BPS-16 and above can also act as a guarantee.
Focus on Women
- 50% quota of women borrowers.
- 90:10 with tenor of up to 8 years (including 1 year grace period). The borrower’s contribution of equity would be either in the form of cash or immoveable property, and will be required only after approval of the loan.
- Permissible collaterals (business hypothecation)
- 6% fixed for borrower but government will pay the difference of the cost at KIBOR+500 bps.
Sectoral Distribution of Loans
- For the time being, there will be no limit on the maximum number of loans for any sector. Placement of ceilings can be considered subsequently keeping in view the importance of sectors and applications received for various sectors.
Size of Loan
- Up to Rs. 20 lacs
Carry Out Banks and Branches
- National Bank of Pakistan(Branches)
- Frst Women Bank Limited(Branches)
- Habib Bank Limited(Branches)
- Habib Metropolitan Bank(Branches)
- Bank Al-Habib(Branches)
- Sindh Bank(Branches)
- Summit Bank(Branches)
- Al Baraka Bank(Branches)
- Dubai Islamic Bank(Branches)
- Allied bank Limited(Branches)
- Muslim Commercial Bank(Branches)
- JS Bank(Branches)
- United Bank Limited(Branches)
- Askari Bank(Branches)
- Soneri Bank
- Meezan Bank
Application Forms and Dates To Apply Will Soon Announce On This Page Keep Visiting.
Stay in touch and get all other government Schemes for Career making on this page.