Punjab Rozgar Scheme 2023
Recently, the Punjab Government has launched the Punjab Rozgar Scheme 2023 aimed at building self-confidence among the youth in the industry. Through this scheme, deserving youth will get substantial financial assistance to apply for Punjab Employment Scheme today. The Chief Minister of Punjab has taken remarkable steps to empower the youth as per the Government of Pakistan. It is important to note that the Punjab Career Plan 2023 is only available to applicants from Pakistan.
Punjab Small Industries Corporation (PSIC)
Small and medium enterprises (SMEs) play an important role in strengthening a country’s economy, and their growth is an important factor for economic growth These enterprises, despite their importance, are generally underfunded. To address this issue and give this underserved sector a much-needed boost, the Punjab government has taken various constructive initiatives, which have now been included in the integrated post-COVID strategy.
The programme, called “Punjab Rojgar Yojana”, is being launched by the Punjab Small Industries Corporation (PSIC) in collaboration with The Bank of Punjab and its main objective is to provide subsidized small business loans up to Rs. One lakh from Rs. 10,000,0 By providing these financing mechanisms, the scheme aims to empower SMEs and facilitate their growth, ultimately contributing to the overall economic growth of the region.
Eligibility Criteria for Punjab Rozgar Scheme.
The “Punjab Rozgar Scheme” extends its support to individuals between the ages of 20 to 50, encompassing all genders, including transgender individuals. Eligible candidates must hold qualifications from universities, colleges, or technical and vocational training institutes, making them suitable for entrepreneurship. Artisans and skilled workers are also included in the scheme.
To qualify Punjab Rozgar Scheme , applicants must be citizens of Pakistan and residents of Punjab, verified through their CNIC. The scheme caters to both new and existing businesses, offering loans with varying limits. Clean loans range from Rs. 100,000 to Rs. 1,000,000, while secured loans are available above Rs. 1,000,000 up to Rs. 10,000,000.
The loan tenure is between 2 to 5 years, which includes a grace period of 6 months. These term loans follow different debt-to-equity ratios, with 80:20 for males and 90:10 for females, transgender individuals, and disabled applicants.
Regarding security requirements, loans up to Rs. 500,000 require a personal guarantee from the borrower along with a net worth statement. For loans above Rs. 500,000 up to Rs. 1,000,000, additional guarantees from a third party with sufficient collective net worth or a guarantee from a government employee of BPS-10 and above are necessary. The net worth can be in the form of tangible assets, such as property or vehicles, evaluated through various methods.
For loans above Rs. 1,000,000 up to Rs. 10,000,000, the bank accepts mortgages of residential, commercial, industrial, agricultural properties, or vehicles with clear titles and access.
The pricing of the loans is set at 4% for clean loans and 5% for secured loans. The scheme is open to applicants from all sectors, and all applications must be submitted online through the designated PSIC portal. A non-refundable processing fee of Rs. 2,000/- applies to the applications of Punjab Rozgar Scheme.
