Kamyab Jawan Program also called Kamyab Jawan – Youth Entrepreneurship Scheme (YES), is an effort by the Government of Pakistan to boost business in Pakistan.
Through this program, young entrepreneurs and small businesses could get loans. Using the loan money, they could finance their new business or expand an existing one. The business could be in any sector of the economy including IT and agriculture.
On the watch of the State Bank, 21 commercial, Islamic, and other banks provide loans to the applicants. These include Habib Bank Limited, First Women Bank Limited, and others.
You could apply for the program at the Kamyab Jawan portal.
Who Can Apply For Kamyab Jawan Program?
Men and women between the age of 21 to 45 years could submit applications for YES but 25 percent of loans are aimed at women entrepreneurs.
Moreover, 18 years is the minimum age set for entrepreneurs in the IT industry.
Considering the field of work, employed people could also get loans. On the other hand, government employees are barred from doing so.
For an existing business with more than one owner/ director/ partner, only one loan will be approved. One of the owners could apply for the loan or they could also apply together.
Moreover, a person or a business could not apply for multiple loans at a time. He/she could only get a second loan after repayment of the first loan and clearance from the bank.
Considering educational qualifications depends on the nature of the business. If you want to set up a business that requires a certain education, you need to have it.
On the other hand, even if educational qualifications are not directly relevant to the business you want to do, they may work in your favor because banks would consider them before approving the loan.
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When to Repay Loan? What are the Loan Ranges?
The duration of loan repayment is up to eight years with one year of the grace period (The period after the deadline of obligation).
Moreover, loans provided under the Prime Minister’s Kamyab Jawan program are of three tiers.
- Between 100 thousand and 1 million Rupees
- Between 1 million and 10 Million Rupees
- Between 10 million and 25 million Rupees
Considering the conditions for the loan, are different for new entrepreneurs and existing businesses.
What are the Documents Required for Securing the YES Loan?
The required documentation is different for new businesses and the already existing ones.
- For entrepreneurs, 15 documents including CNICs and pictures are required.
- For existing businesses, 4 documents including recommendation letters from relevant chambers or trade bodies are required.
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Businesses are a win-win game. They create employment for the society and wealth for the owner. If you are worried about the finances of your dream business, the government of Pakistan comes to your aid through the Kamyab Jawan program. In this article, we explained what this program is, its eligibility criteria, required documents, and all the necessary information.