The State Bank of Pakistan (SBP) has prepared a package for the industries that are not laying-off employees and jobs due to coronavirus, under the scheme filers will be able to avail loans at an interest rate of only 3% while concessional loans of up to Rs.50 crore will be provided to each sector in terms of salaries.
According to a document available to media, the draft includes a proposal to provide concessional loans of up to Rs. 50 crore to each sector in terms of salaries. Filers will be able to get loans at 3% and non-filers at 5%. Under the scheme, each department will be able to get concessional loans of up to Rs. 50 crore in terms of salaries while small businesses will be able to get loans of up to Rs. 5 million without guarantee.
According to the details, all the sectors will have a repayment period of 6 months and will have to pay the loan repayment installments on a quarterly basis. Under the scheme, every department including offices, schools, factories, banks will be able to benefit from the scheme. The Economic Co-ordination Committee will approve the SBP scheme, after which the SBP will start the immediate implementation of the package. The last date to get a loan from the scheme is June 30, 2020.