Punjab Chief Minister Usman Buzdar will launch the Punjab Rozgar Plan 2020, under which loans of up to Rs 10 million will be made to increase employment in the province.
People between 20 and 50 years old can apply for the loans by registering through their CNIC at https://rozgar.psic.punjab.gov.pk/
The application fee for the program is Rs2000 (non-refundable) and must be submitted once the application has been submitted.
The Punjab Rozgar Scheme will provide total loans of Rs 30 billion to provide subsidized credit facilities to existing micro, small, and medium enterprises (MSMEs) and enterprises in collaboration with commercial banks. Loans will range from Rs 100,000 to 10 million.
Who can apply?
- College/university graduates with entrepreneurial ability
- Holder of the TVET diploma/certificate with technical/vocational training.
- Skilled craftsmen and workers
- Existing companies (however, preference will be given to existing companies in the wake of the current COVID-19 pandemic)
- Micro-enterprises and other companies that request a loan to adopt cleaner and more efficient production technologies in the use of resources or any ecological / environmentally friendly intervention to improve the environmental performance of their operations.
- Eligibility criteria
- Male / Female / Transgender
- Citizen of Pakistan, resident in Punjab, verified through CNIC
- Company Location: Punjab
- Sole proprietor, partnership, or any business that meets other eligibility criteria
- Must have a clean credit / e-CIB history
- For startups / new businesses (have a viable business plan)
- For existing businesses (have a viable business plan with a focus on sustaining the impact of COVID-19)
- Have valid CNIC
- Any other parameter set by Punjab Small Industries Corporation (PSIC) / Government
Terms and Conditions
Description
Loan limit
- Up to Rs. 10.00 million
- Clean Loans: From Rs. 100,000 / - to Rs. 1,000,000 / -
- Secured Loans: From Rs. 1,000,001 / - to Rs. 10,000,000 / -
- Under the Punjab Green Development Program, the limit of a loan will remain the same. However, preference will be given to micro-enterprises, willing to adopt environmental improvement technology, with up to 10 employees.
Purpose of the loan
- Creation of new businesses
- Balance, Modernization, and Replacement (BM&R) for existing businesses
- Working capital
MSME Sector
- Manufacturing, service, trade, agriculture, and livestock
- (Eco-friendly / quality-enhancing micro-enterprises as defined above will also be considered under the Punjab Green Development Program)
Processing fee
- Rs. 2000 / - (non-refundable) at the time of submitting the application
Loan tenure/repayment period
- From 02 to 05 years including a grace period
Grace period
- Up to six (06) months (however, the margin will be charged during the grace period)
Type of loan
- Term loan according to banking policy and working capital
Capital cost
- Cost of capital to be paid by the borrower:
- 4% for clean loans
- 5% for secured loans
Debt: Equity
- 80:20 (for men)
- 90:10 (women, transgender and with different abilities)
- (That is, the borrower will invest 20% / 10% of the project cost)
Loan disbursement
- In installments according to the approved business plan
Loan guarantee
- 1. Security for clean loans
- Security by loan limit of Rs. 100,000 / - to Rs. 500,000 / -
- Personal guarantee of the borrower together with a declaration of assets
- Security by loan limit of Rs. 500,001 / - to Rs. 1,000,000 / -
- Borrower's personal guarantee along with at least one external guarantor with a total net worth collectively equal to the size of the loan requested.
- (The third party must be a citizen of Pakistan and a resident of Punjab who has a valid CNIC and must not be older than 55 years. Also, thee-CIB of a third party must be clean, that is, it must not have any expired or expired records. canceled)
- OR
- Government Employee Guarantee of BS-10 and above along with Borrower Personal Guarantee.
- (The departmental guarantee of the government employee will be mandatory)
- Calculation criteria and description of net worth/equity:
- The Equity can be in the form of Tangible Asset, that is, the property of Property or Vehicle and can be evaluated as follows:
- A. The property can be valued at the respective CD rate.
- OR
- B. The valuation of the property can be established from the declaration of the wealth tax.
- OR
- C. Evaluation by the evaluator/agent approved by the Pakistan Banks Association (PBA)
- OR
- D. The vehicle's valuation will be the invoice price minus depreciation (10% for each passing year).
- 2. Guarantee for the loan limit of Rs. 1,000,001 / - to 10,000,000 / -
- Asset Mortgage
- Description of assets
- A. Residential/commercial/industrial/agricultural property/vehicle with a clear title and free access (acceptable to the bank) and valued by the appraiser approved by the banks according to the bank's policy.
- B. The property must be in the name of the borrower or blood relative of the individual/owner/partners.
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