PM's youth loan scheme: 700,000 applications received in a week

ISLAMABAD: The Prime Minister’s youth loan scheme titled Kamyab Jawan Programme has received a total of 700,000 applications within one week, according to a report.

Official sources said an amount of 100 billion rupees has been allocated for the Kamyab Jawan Programme to facilitate as many as one million youths to expand or set up their own businesses across the country.

This ambitious programme is aimed at providing soft loans to the youth of the country and creating job opportunities for them with having a follow-up strategy.

Earlier, on Oct 22, Special Assistant to Prime Minister Imran Khan on Youth Affairs Usman Dar had said disbursement of loans under the Kamyab Jawan Programme will start from December this year.

Addressing a news conference, he said the youth showed immense interest in the programme and about 200,000 applications have so far been received.

Usman Dar was confident that the Kamyab Jawan Programme will prove to be a game-changer for the development of the country’s economy.

Usman Dar assured that every possible measure has been taken to make the program transparent and free from political interference. In the next phase of the program “we will try to fix the quota for disabled and minorities on the pattern of female share in the Kamyab Jawan Program.”

There will be no mark up for those acquiring up to Rs 100,000 in the loan, he explained adding that a six percent interest rate will be charged for the ones receiving a loan from over Rs 100,000 to 500,000. Eight percent interest will be taken from those getting over Rs 500,000.

The assistant said only one individual of a household will be eligible to avail the loan