National Bank of Pakistan (NBP) Multan region has disbursed loans worth Rs 16 million among 153 jobless youths under President's Rozgar scheme till June 2007. The NBP Regional Business Chief, Shahzad Akhtar Shami, said that a mark-up of only six percent is charged from loan seekers while a remaining six percent is contributed by the government.
The bank is extending maximum loan up to Rs 200,000 to applicants, which is repayable within one to five years. The loan seeker however, has to make a 10 percent down payment for approval of the credit line. He said the kind of business for which the loan is offered under the President's Rozgar scheme include franchised utility store, mobile utility store, mobile general store, CNG rickshaw and PCO.
Area Sales Manager NBP, Mumtaz Ahmed Farooq, said that President Pervez Musharraf launched the Rozgar scheme in October 2006 to provide self-employment to jobless youths and enable them to stand on their own feet. Pre-conditions to qualify for the grant of loan include the residence of the applicant at a particular place for the last minimum two years, maximum age 45 years, and possession of his computerised national identity card (CNIC).
He said 4,000 loan-seekers will benefit from the Rozgar scheme by December 2007. So far 675 applications have been sanctioned, of which 637 worth Rs 67.5 million are for transport, nine worth Rs 1.5 million for utility stores, 24 worth Rs 1.5 million for mobile general store loans and one application is for PCO loan. He disclosed that NBP Dera Adda branch is on the top in extending loans under the Rozgar scheme with 182 approved cases till June 30.