Key features of PM’s Kamyab Jawan program disclosed
LAHORE (Web Desk) – Key features of Prime Minister’s Kamyab Jawan Youth Entrepreneurship scheme has been disclosed.
According to details of the program, finance could be availed by people aged between 21 to 45 years for establishing new business or extending business.
Under the financing plan, loan is divided into three categories. Under first plan, loan could be obtained from Rs100,000 to one million with 3 percent interest rate. Under second plan, loan limit will be from one million to 10 million rupees with 4 percent interest rate while third plan’s limit will be from 10 million to 25 million rupees with 5 percent interest rate.
For new businesses, Debt-Equity ratio for tier-1 loans is 90:10 and for tier-2 and tier-3 loans is 80:20. For existing businesses, Debt-Equity ratio is Nil for all tiers.
The borrower’s contribution of equity would be in the form of cash or immovable property and will be required after approval of the loan.
Loan period would be for 8 years with grace period of one year.