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Introduction:

The Punjab government has launched Punjab Rozgar Scheme 2021. They have collaborated with the Punjab Small Industries Corporation and Bank of Punjab. The registrations are open, and you can download the information and get yourself registered.

CM of Punjab, Mr. Sardar Usman Buzdar, launched the scheme on October 1, 2020. The main aim of this scheme is to provide employment opportunities and easy loans to the youngsters of Punjab. As a result, poverty and unemployment will be reduced at a significant level.

Who can apply for the Scheme?

Below are the people who can apply for the scheme:

1.Artisans and skilled workers
2.The graduates with entrepreneurship skills
3.People who have an existing business
4.TPE diploma and certificate holders
5.Micro enterprises can apply for loans for implementing resource-efficient and cleaner production technologies
6.People with disabilities aged between 20 to 50

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How Many loans will be Provided under the Punjab Rozgar Program?

The applicants under this scheme will be provided the concessional loans for almost Rs. 30 billion. The loan can range from PKR 100,000 – to PKR 10,000,000.

Minimum Mark-up Rate:

As discussed earlier, this scheme was started and organized in collaboration with Punjab Small industries and corporations. The minimum amount will be PKR 100,000. And the duration will be from two to five years.

Criteria for Punjab Rozgar Scheme 2021:

Below is the eligibility criteria if you want to take the loan:

1.The age limit is from 20 to 50 years.
2.It will be given to males, females, and transgenders.
3.The residents must be Pakistani citizens living in Punjab, and they must be verified through CNIC.
4.The location of the business in Punjab.
5.The business type is a partnership, sole trader, or any other business that will meet the participation criteria.
6.The person who wants to apply must have a clean e-CIB or a credit history.
7.A loan will be given for the new business and startups.
8.The person who wants to apply for the loan must have a viable business plan.
9.A loan will be given for the existing business.
10.The person must have a valid CNIC.
11.Must cover all the parameters set by PSIC.

How to Apply for Punjab Rozgar Scheme 2021?

There are simple and easy steps to apply for a loan. You can apply online through a web portal present on the official website of the Punjab Rozgar Scheme. All you have to do is fill out the required information and upload the needed documents.

Terms and Conditions:

Below are the terms and conditions if you want to apply for the scheme:

Loan Limit:

The loan limit for applying is up to Rs. 10 million. The net lending starts from 100,000. The secured lending starts from Rs. 1,000,000 to almost Rs. 10, 000,000.

As stated by the authorities, the loan limit will be the same. But the preference will be given to microenterprises ready to implement technologies that will help improve the environment. Moreover, the staff is up to 10 people.

Purpose of the Loan:

You can take the loan if you are starting a news business balancing, Modernization and Replacement (BM & R) for the existing facilities.

IHR Sector:

It includes service, trade, agriculture, and manufacturing that enhances microenterprises.

One-time Commission:

Rs. 2000 is not refundable at the time of application.

Loan Term / Repayment Term:

It is from two to five years and also includes the grace period.

Grace Period:

It is for up to six months, and a surcharge will be applied during the grace period.

Loan Type:

It follows the policy of the bank and working capital.

Capital Cost:

The capital paid by the borrower will be 4% for the net lending and 55% for the secured loans.

Debt:

The equity is 80:20 for men and 90:10 for women, transgender, and disabled people. It means that whoever borrows will invest 20% or 10% of the cost.

Loan Security:

Loan limit security will range from Rs 100,000 to 500,000. Moreover, the borrower will also provide a personal guarantee with a statement of the net worth. The loan limit security will start from Rs.500 000 and reach up to Rs 1,000,000.

The personal guarantee is not enough, and the burrower will also give a thirdparty guarantee where the total net worth of the loan will be mentioned.

Note: The third party must be Pakistani and a resident of Punjab. He must also have a CNIC and must not be older than 55 years old. Moreover, the CIB of 3rd party must be clean.

The net worth is not only cash but can also be in the form of tangible assets.

Tangible assets include:

1. The property value must be at the appropriate DC rate

2. The property valuation must be done based on the tax return

3. PBA must approve the assessment by an agent

Asset Description:

It can be residential, commercial, or any agricultural property. Moreover, it can be a vehicle with open access and a clean title.

Conclusion:

The Punjab Rozgar Scheme 2021 is helping Pakistanis to have a better lifestyle. You may apply for the loan if you want to become financially stable and have a lavish living. For further details, visit our website, NPHP.