Prime Minister’s Kamyab Jawan – Youth Entrepreneurship Scheme (PMKJ-YES) has been renamed as Prime Minister Youth Business & Agriculture Loan Scheme (PMYB&ALS) with revised features to make it more purposeful for small businesses and agriculture.
Askari Bank offers PMYB&ALS to provide self-employment opportunities to the unemployed youth of the country who have skills, knowledge, experience or willingness to start their own business on a small to medium scale or expand existing similar-scale businesses.
- 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 a food franchise and distribution business may avail of financing for more than one vehicle.
Up to 65% of the 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 a maximum of two loans (including one long and one short-term loan) within the overall maximum financing limit of Rs. 7.5 M.In the case of agriculture, a customer may avail one production loan and one development loan within the 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 the 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
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