Prime Minister announced a new youth welfare scheme named as Kamyab Jawan on 17 October 2019. This scheme will help youth to open the Socio-economic empowerment door for their future. This scheme has been allocated over 100 Billion rupees, and over 1 million young candidates can apply for this loan. Loan up to 1 Lakh Rs will be interest-free.
This scheme is being introduced to give the youth of Pakistan a benefit in their future Career. They can start a new business with the loan given by this scheme and give Pakistan business a new dimension. The Youth has not been given so much opportunity in the past this scheme is an initiative toward a better Pakistan and its economic crisis.
Kamyab Jawan Skill Program
According to Prime Minister Speech, this scheme will help our youth to also develop some skills, he said
“WE have youth; they are our Power but unfortunately these young people lack skills”
According to Prime Minister, this scheme will also help over 100,000 young candidates to develop some working skills and more than 100 labs will be established all over Pakistan just to introduce our youth with working skills. These labs will be used to introduce our youth with all those technical skills which they require to survive in the professional life. In these labs, the candidates will learn different skills like mechanical, IT, and engineering as well.
Main Features of Kamyab Jawan Scheme
All candidates who will be eligible to get a loan can get benefits from these particular features of the scheme.
The loan of amount 10K to 100K will be interest-free. In this category of Loan, a young candidate can apply for a loan between the given amounts and there will be no interest in it.
The microloan program has the amount of Rs.100, 000 to 500,000. This loan category will help many of the young candidates who want to start a little business and require a small amount of money to get a head start.
Those candidates who want more loans can apply for the category of small loans worth Rs. 500,000 to 5 Million. This loan will help many candidates to start a new business from scratch which will introduce the spirit of the entrepreneur in today’s youth.
The payback duration of this loan will be 8 years. The candidate will pay back a small amount of given loan every month. This will not put more strain on the candidates to give money back.
There is a 25 percent quota of this scheme which is allocated to women. With the help of this program, all those women who want to start their set up with their skills can get the benefit.
Eligibility age will be 21 years, which means you will have to be holding CNIC and at least 6-month experience in the particular field for which you are applying for the loan.
This scheme will also give 25,000 internships annually. This internship will be very helpful for our youth as they will be allowed to learn stuff from some good organization.
All interested candidates will get their loans from three banks which are
Bank of Punjab
Bank of Khyber
50% of these loans will be distributed in Youth through NBP. At the start, these three banks will be giving out the loan to candidates but there is a chance that SBP bank will also get attached to this scheme.
How to Apply For a Loan
There are certain steps to apply for this loan which follows.
First of all, you should be a citizen holding CNIC. No candidate without a CNIC will be able to get the loan from this scheme and if you have dual nationality still you won’t get the loan.
The age limit is 21 to 45. According to this age limit, the candidates should have some experience in the particular field or business for which they are applying for the loan.
Those youth candidates who are in IT or E-Commerce can also apply at the age of 18. As these skills are more precious than many other the criteria of age have been changed for these candidates. They have to provide a certificate for these skills diploma.
You need at least a Matric qualification and a six-month experience. No candidate without a Matric degree can apply for this job.
The debt-equity ratio will be 90:10 in T1 loan and 80:20 in T2 loan.
You will get the application form from the above-mentioned banks in both English and Urdu format.
This form will have a non-refundable 100 Rs fee. The candidate has to get the form through the mention bank website.
All those candidates who will submit their forms will have to wait 15 days because it is the minimum processing time for an application.
You can also download the Kamyab Jawan program online from the official website of banks or Ilmkidunya as well.
You can download Kamab Jawan loan application form here
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