Special Assistant to the Prime Minister (SAPM) on Youth Affairs Muhammad Usman Dar on Tuesday congratulated the National Bank of Pakistan (NBP) on the disbursement of soft loans under the Youth Entrepreneurship Scheme (YES) of Kamyab Jawan Programme (KJP).
In a tweet, he said NBP had made history by disbursing almost 90 per cent of the total loans without collateral. “National Bank of Pakistan achieves a momentous milestone; successful disbursement of 5,000 loans. 90 per cent of these loans are free of security and collateral; a first in Pakistan's history! Our partner banks make it possible for us to enable every Kamyab Jawan in Pakistan,” the SAPM tweeted. Earlier, Dar told media that currently, the soft loan scheme had three tiers. Under the first tier, the loan limit is from Rs100,000 to Rs1 million while the tier two loan limit is from above Rs1 million and up to Rs10 million. For tier three, the loan limit is from above Rs10 million up to Rs25 million, he added.
He said for tier one loans, there was no need to provide any security to banks as one could get the loan on the basis of talent. At least 4,000 shops had been opened in different localities under this tier, he added. Dar informed that the government was planning to add another tier with the range of Rs100,000 to Rs500,000 as most of the applications were received for this type of loan under YES.
Published in The Express Tribune, June 2nd, 2021.