Prime Minister Imran Khan, on Tuesday, has given a go-ahead to the second phase of Kamyab Jawan Program.
During a meeting with SAPM on Youth Affairs – Usman Dar, PM Imran Khan approved the initiation of second phase of Kamyab Jawan Program.
The federal government has also allocated Rs 25 billion for the second phase of the initiative.
Furthermore, the loan limit has also been increased so that loans ranging from Rs 100,000 to Rs 25 million can be obtained, whereas the markup has also been slashed from six per cent to three per cent.
“Despite tremendous economic constraints the government allocated Rs100 billion for the youth of this country, the premier also increased the loan quotas from Rs5 million to Rs25 million,” said SAPM Usman Dar.
Meanwhile the State Bank of Pakistan (SBP) has notified all commercial banks in this regard.
As per the SBP notification Tier-1 loans would be cleared with only personal guarantee of the borrower. However, for Tier-2 and Tier-3 loans, it would be as per the bank’s own credit policy. Whereas the eligibility criteria include men and women having CNIC between 21-45 years of age.