Wednesday, May 22, 2024
PM announces 170,000 scholarships for skill development

PM announces 170,000 scholarships for skill development

HP Newsroom

PM announces scholarship she young people of Pakistan to benefit from the Skills Education and Kamyab Jawan Programs (KJP) started by the current government.
In a video message, the prime minister said that these programs would not only be beneficial for the youth but also for the country.

PM announces scholarships

Eligibility Criteria:

  • All men/women holding CNIC, aged between 21 and 45 years with entrepreneurial potential are eligible. For IT/ E-Commerce related businesses, the lower age limit will be 18 years.
  • Small enterprises (startups and existing businesses) as per the definition of SBP and owned by youth as per the above-mentioned age brackets are also eligible.

For IT/E-Commerce related businesses, at least matriculation or equivalent education will be required.

Focus on Women:

  • 25% of the loans will go to women borrowers. 

Size of the loan is segregated into three tiers, as under:

Loan size:

  • Tier 1 (T1) loans- from Rs 100,000 to Rs. 1 million.
  • Tier 2 (T2) loans- Above Rs 1 million and up to Rs 10 million.
  • Tier 3 (T3)  loans-Above Rs 10 million and up to Rs 25 million

Loan type:

  • Long term loan for Machinery and Equipment / Working capital loan/ Running Finance, and Leasing of Business on wheels on 2/3/4 wheel locally manufactured vehicles.

Loan Tenor:

  • Up to 8 years.

Grace Period:

  • Grace period of up to one year (subject to the size and nature of the business/loan)..

Debt to Equity ratio:

For New Businesses:

  • T1 –   90:10.
  • T2 & 3 –   80: 20.

For Existing Businesses:

  • Nil for all tiers.

The Borrower’s contribution of equity would be in the form of cash or immovable property and will be required after approval of the loan.

He also said that 170,000 scholarships were being offered for the skills development of the young people in the country.
He added that the government of Pakistan Tehreek i Insaaf had allocated one hundred billion rupees under Kamyab Jawan Program to empower the young people for starting their own startups.
He said that any young man having a business idea could benefit from the loan facility under Kamyab Jawan Program.

He further said that the youngsters basically aspire for the government jobs but it is actually the private sector or the small and medium enterprises where they can find wonderful positions.

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