KARACHI: Following the directives of the federal government, the State Bank of Pakistan has announced some amendments in the prime minister's Kamyab Jawan Youth Entrepreneurship Scheme. According to SBP, federal cabinet has approved some revisions in the key features of Prime Minister's Kamyab Jawan Youth Entrepreneurship Scheme.
As per the revision eligibility criteria of the scheme has further eased to facilitate the masses. All citizen of Pakistan holding CNIC, aged between 21 and 45 years with entrepreneurial potential are eligible. For IT/E-Commerce related businesses, the lower age limit will be 18 years.
As per revision, above age limit condition is applicable on individual and sole proprietors. In case of all other forms of business including partnership and companies, only one of the owners, partners or directors must be in the age bracket prescribed above. Some changes has been loan types and now under long term loan or working capital loan including Murabaha and leasing/ financing of locally manufactured vehicles for commercial use, only one vehicle per borrower is allowed
As per security requirements, under the Tier 1 (T1) Loans only personal guarantee of the borrower will be required, while under T2 and T3 loans approval will be made as per bank's own credit policy. Vehicle will be financed under T1, T2 and T3 to serve as collateral. All other instructions shall remain unchanged.
Copyright Business Recorder, 2020
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