Prime Minister Youth loan scheme 2022

If you are searching on google Prime Minister Youth loan scheme 2022 information then you have come to the right blog. Prime Minister Youth loan scheme 2022 has been officially launched in Pakistan and this is the latest updated details here.

Meezan Bank offers the Kamyab Jawan funding scheme for young entrepreneurs, which is in line with the Pakistani government's aim. The Kamyab Jawan Portal: www.kamyabjawan.gov.pk is the sole place where eligible people can apply for the funding.

Recognizing the financial needs of young entrepreneurs and small businesses, the Pakistani government has launched the "Prime Minister Kamyab Jawan – Youth Entrepreneurial Scheme (PMKJ – YES)". This financing scheme will make it possible for young people to start new or expand current SME firms at a reasonable cost. Female clients will receive 25% of the finance, according to Pakistani government rules.

Criteria for Eligibility

All Pakistani citizens with a CNIC who are between the ages of 21 and 45 and have entrepreneurial potential are eligible. The lower age limit for IT/E-Commerce-related firms will be 18 years.

Individuals and sole proprietors are subject to the above-age-limit criterion. Only one of the owners, partners, or directors of any other type of business, including partnerships and corporations, must be in the above-mentioned age group.

New and existing SME enterprises in all areas (including agriculture) can get new funding.

Note: Negative history (i.e. overdue/late payment/write-off/waiver) of consumer/individual customers would be shown in eCIB reports for two years following settlement, as required by the State Bank of Pakistan.

Financing Tiers

Tier	Financing Amount (PKR)	Customer Profit Rate	Security	Minimum Equity or Down Payment*
Tier – I	0.1M to 1M	3% p.a.	Clean	10%
Tier – II	Above 1M to 10M	4% p.a.	Collateralized	20%
Tier– III	Above 10M to 25M	5% p.a.	Collateralized	20%
*Mandatory only for new business. Down Payment applicable for Musawammah and Murabaha.

How to Apply

To submit your application, go to the government's application portal (Click Here)

Choose 'Meezan Bank' when picking a bank.

As soon as Meezan Bank gets the request, it will undertake an initial investigation of the given information.

The Bank will assess the entrepreneurial potential based on its lending strategy and assessment standards.

Applicants will be contacted for an interview and assessment on a case-by-case basis.

The Bank will adopt a rigorous independent verification methodology to conduct verifications as part of its appraisal and ongoing monitoring of the financing's use.

Financing will be granted or denied based on the customer's profile and eligibility under the government's plan as well as the bank's financing policies. The decision will be communicated to the customer via SMS at the provided phone number.

Types and Purpose of Financing

Types of Financing
Musawammah
Murabaha
Diminishing Musharaka

Purpose of Financing
Working Capital
Long term financing
Vehicle financing

Equity / Down Payment Types

The client's equity/down payment contribution will be in the form of cash or immovable property and will be requested when the loan has been approved.

The amount of equity/down payment required varies per product and tier.

Tenure

It differs from one product to the next (2 to 8 Years)

Grace period might last up to a year and varies depending on the type of financing.

Security

Tier-I finance is clean, but just the financing customer's personal guarantee is required.

Tier-2 and Tier-3 finance: As per the Bank's financing policy.

Form Processing / Turn-Around-Time

The processing time won't be more than 30 days.

The non-refundable form processing charge, which includes the NADRA online CNIC verification fee, would be Rs. 100/-.

Covered Locations

Tier I: Only major cities are included (Karachi, Lahore, Islamabad, Rawalpindi, Multan, Faisalabad).

Tier-II and Tier-III cities are those in which Meezan Bank has a presence.