Askari Bank Prime Minister Youth Business & Agricultural Loan Scheme |Apply Now
PMKJ-YES (Prime Minister’s Kamyab Jawan – Youth Entrepreneurship Scheme) has been renamed PMYB&ALS (Prime Minister Youth Business & Agricultural Loan Scheme), with improved features to make it more useful for small businesses and agriculture.
Askari Bank provides PMYB&ALS to unemployed youth in the country who have skills, expertise, experience, or a desire to start their own small to medium-sized business or grow an existing similar-sized enterprise.
- Purpose of Loan: To start new business or to expand existing business
Financing Minimum Equity for New Businesses Mark-up Rate Tier 2 Up to Rs. 1.5M 90:10 5% p.a. Tier 3 Up to Rs. 7.5M 80:20 7% p.a.
- Loan Type: Term loans/working capital loans including leasing/financing of machinery (up to 05 years old) and locally manufactured vehicles (up to 07 years old) for commercial/business use.
Only one vehicle per borrower is allowed. A borrower in food franchise and distribution business may avail financing for more than one vehicle.
Up to 65% of total financing limit can be availed for Civil Works. For agriculture, production and development loans are eligible.
- Loan Tenor: Maximum 8 years for long term/development loans and maximum 5 years for working capital loans
- Number of Loans per Borrower: A customer may avail maximum two loans (including one long and one short term loan) within overall maximum financing limit of Rs. 7.5 M.In case of agriculture, a customer may avail one production loan and one development loan within overall maximum financing limit of Rs. 7.5M.
- Focus on Women: 25% of the loans will go to women borrowers
- Sectors and Products: All sectors and products. Moreover, in case of agriculture, all crop and non-crop sectors are also eligible.
- Insurance: Life insurance, vehicle insurance and building insurance is mandatory
ELIGIBILITY CRITERIA
Age of Applicant: All Pakistanis aged between 21 and 45 are eligible to apply, however for IT/E-Commerce related businesses, the lower age limit will be 18 years. Above age limit condition is applicable on individuals and sole proprietors. In case of all other forms of business including partnerships and companies, only one of the owners, partners or directors must be in the age bracket prescribed above.
Qualification: At least matriculation or equivalent education will be required in case of IT/E-Commerce related business
Applicant Legal Structure: Individual, Sole Proprietor, Partnership Firm and Limited Company.
Documents Required
Tier 2
- CNIC (already verified by NADRA as per agreement)
- Photograph
- Feasibility report of business (in case of new business)
- Annual financial statements (in case of existing business).
- Educational certificates (only for IT background)
- Experience letters (if employed)
- Copy of electricity bill
- Two references with copies of CNICs
- NTN certificate – mandatory before disbursement
- Entity existence documents in case of partnership / limited company and relevant approvals
In addition to above mandatory documents, following documents might be required as well:
- Proof of artisanship / skilled labour, if available
- A brief business write-up
- Any other source of income e.g. foreign remittance, salary income, agriculture income etc.
- Bank account statement or bank maintenance certificate
Tier 3
- Copy of valid CNIC
- Feasibility report of business (in case of new business)
- Financial statements as per SBP requirement.
- NTN certificate – mandatory before disbursement
- Entity existence documents in case of partnership / limited company and relevant approvals
- Bank account statement or bank maintenance certificate
- Copies of ownership documents of offered collateral (immovable / moveable asset(s), liquid or any other security offered as per bank’s existing credit policy).
Any other document(s) required as per policy of AKBL
For more Information: Visit Source
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