In this article, we will tell our readers about the Kamyab Jawan Program Updates. Under the PM Kamyab Jawan Program, entrepreneurs from IT and e-commerce sectors can avail up to Rs. 25 million loans. Also, the government has decided to extend the loans for developing Utility Stores of Pakistan franchises across the country.
State Bank of Pakistan has revealed the eligibility criteria for the entrepreneurs and the facility they can benefit from the banks. This step will help in boosting the emerging IT and e-commerce market in the country that has witnessed remarkable development amidst the COVID-19 pandemic. Thus, with this step companies are not just making record growth but it is also creating employment opportunities. But the companies do not have enough funds to expand their business and meet the domestic demand of the market.
The eligibility criteria are that men/women having a CNIC, aged between 21 and 45 years having entrepreneurial potential are eligible. The lower age limit is 18 years for IT/ E-Commerce related businesses.
If small and medium companies come in the above-mentioned age brackets and fall into the definition of SBP, they are also eligible.
At least matric or equivalent education is required for IT/E-Commerce related businesses.
The loan would be given for up to 8 years with a maximum grace period of up to one year. The loan ranges from Rs. 100,000 to Rs. 1 million, above Rs. 1 million and up to Rs 10 million and/or above Rs. 10 million and up to Rs 25 million
For further details visit http://www.sbp.org.pk/smefd/circulars/2020/CL21.htm.