The Federal Cabinet has approved a number of revisions in the key features of Prime Minister’s Kamyab Jawan Youth Entrepreneurship Scheme.

As per the revision, all citizens 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 are eligible for the loan.

Furthermore, the 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 given above.

Among the revision on loan type, under Long Term Loan/Working Capital Loan including Murabaha and leasing/ financing of locally manufactured vehicles for commercial use, only one vehicle per borrower is allowed.

Coming to the security arrangement, as per the revision for Clean T1 loans, only personal guarantee of the borrower is required whereas for T2 and T3 loans, the security arrangements will be as per the bank’s own credit policy.

Meanwhile, if a vehicle is financed under T1, T2 and T3, it will serve as collateral.