In consultation with the state bank, the government of Pakistan has launched the Prime Minister’s Kamyab Jawan Youth Entrepreneurship Scheme (PMKJ-YES). The major objective of this scheme is to provide financial assistance (in the form of loans) to men and women who possess remarkable entrepreneurial potential. By getting a loan under this kamyab jawan program, the end user will be able to enjoy plenty of benefits including low markup rates, unrestricted usage of the loan, and long repayment tenor.
In this way, this scheme will benefit both types of people; who want to expand their small to medium-sized enterprises and set up fresh businesses from scratch. These small loans are focused, but not limited to, well-educated, unemployed youngsters who are looking for a way to obtain sustainable growth & boost in their respective fields.
What requirements do you need to fulfill to apply for easy loans under this PMKJ-YES program? What type and size of loan can you get? What are the security and equity requirements? To know the answers to these questions, keep reading the article!
Kamyab Jawan Program Eligibility Criteria
Generally, all Pakistani men and women who possess a valid national identity card and entrepreneurial skills may apply for this youth development scheme. Some other requirements that an applicant must fulfill to get approved for the loan are as follows;
It’s pertinent to mention here that politically exposed people, government employees, and individuals who work in concerned banks won’t be eligible to apply.
Documents you need to apply for this kamyab jawan program are as follows;
- Scanned copies of a valid CNIC (Both sides)
- Passport size photographs
- Education degree/certificate
- Certified experience (if any)
- License to work with a trade body (if any)
- Financial statement
- Recommendation letter from trade body or chamber (if owns an existing business)
- Bank statement for the last six months
- Business plan
- Electricity bill of your current house address and office
- CNIC, mobile numbers, and name of two blood relatives (for reference)
- Details of monthly expenses and income for business and household
Besides, submitting a national tax number copy may increase your chances of approval. However, NTN is not mandatory to submit.
Loan type and size
Based on the size, the loan is divided into three tiers; In Tier 1, loans of around 100,000 to 0.5 million can be obtained. The tier 2 category covers loan sizes of around 0.5 million to 1.5 million whereas the tier 3 category comprises loan sizes of around 1.5 million to 7.5 million.
The markup rate is different for every tier. For example, for tier 1 loans, the markup rate will be 0%, for tier 2 loans, the markup rate will be 5% and for tier 3 loans, the markup rate will be 7%. Speaking of loan tenor then it’s also different for every loan tier. For T1 loans, the repayment time will be up to 3 years and the lender has to repay in the form of monthly installments.
In the case of T2 & T3 loans, the repayment time will be up to 8 years with a grace period of 365 days. However, if T2 or T3 category loans are obtained for working capital, the tenor will be up to 5 years in which only the markup will be paid in the first two years whereas in the remaining three years, both the principal amount and markup value will be paid. To summarize and simplify the whole thing, below we have put down all the details in the table;
|Loan Tier||Loan Size||Markup rate||Loan tenor|
|T1||PKR 100,000 to 0.5 million||0%||3 years|
|T2||PKR 0.5 million to 1.5 million||5%||5-8 years|
|T3||PKR 1.5 million to 7.5 million||7%||5-8 years|
To apply for the kamyab jawan program, you need to follow the given steps;
- Visit the official website and open the registration portal
- Before jumping to the application form, it’s advised to go through all the instructions, by clicking the instruction button, to avoid any sort of confusion.
- Once done with reading all the pointers, enter your CNIC number and its issue date in the corresponding boxes and select the loan tier
- Press the enter button and you’ll be directed straight to the application form. The application form would be available in both English and Urdu so select the preferred language to start over.
- The application form is divided into nine sections. Start with section A and try to fill in the field to your level best.
- After completing all nine sections, enter the details of your references in the corresponding fields. The information you need to provide here is the name, your relation, CNIC numbers, and contact details of references.
- In the end, you’d be asked to sign a declaration form. It’s advised to review the application twice or thrice before signing the declaration form or pressing the submit button because you won’t be able to make any changes to your information afterward.
There’s no restriction to either complete the application form in one sitting or at intervals by saving your progress. However, on having all the required documents, the entire registration process will hardly take 30-40 minutes. The information you provided in the form will be checked and verified thoroughly by NADRA after which you’ll be notified about the approval or rejection of your application.
The turnaround time will not exceed forty-five days. However, in case of application rejection, the processing fee of 100 rupees will not be refunded.