Pakistan’s deteriorating economic situation has become a burden for citizens in the country, causing many businesses to shut down, resulting in layoffs and increased unemployment. To ease this issue, the Punjab government has introduced the ‘Punjab Rozgar Scheme.’ Daily wagerers, labor class, employees, and small business owners are all experiencing a halt in their monthly incomes with less and less to spend. As of now, it has become increasingly challenging for the common man to survive amidst the crisis in the country. Punjab Rozgar is a channel to provide sustainable interest-free loans to needy families, allowing them to set up a livelihood by CM Maryam Nawaz Sharif.
Key Features of the E-Rozgar Scheme Punjab
| Particulars | Key Features |
|---|---|
| Age | 20 to 50 years |
| Gender | Male/Female/Transgender |
| Qualification & Experience | University/College Graduates with entrepreneurial skills Diploma / Certificate holder from TVET having technical/vocational training. Artisans and skilled workers |
| Residence Status | Citizen of Pakistan, Resident of Punjab verified through CNIC |
| Business Type | Applies to New & Existing Business Both |
| Loan Limit | Clean: Rs. 100,000/- to Rs. 1,000,000 Secured: Above Rs.1,000,000 up to Rs. 10,000,000 |
| Loan Tenure | 2 to 5 years (including 6 months grace period) |
| Loan Type | Term Based Loan |
| Equality Ratio for Debt | Males= 80:20 Females, Transgender & Disabled= 90:10 |
| Security Requirement | Up to Rs. 500,000/-: Personal Guarantee of Borrower along with net worth statement Above Rs. 500,000/- up to Rs. 1,000,000/-: Personal Guarantee of borrower + (At least 01 Third Party Guarantee having collective net worth at least equal to the amount of loan OR Guarantee of Government Employee of BPS-10 and above.) Net Worth may be in the form of Tangible Asset i.e Property or Vehicle ownership, and may be assessed as follows: a) Property may be valued at DC rate by the bank. b) Property valuation may be established from the Wealth Tax statement. c) Evaluation by Pakistan Banks Association (PBA) approved evaluator d) Vehicle valuation shall be the Purchase price less Depreciation (10% for each passing year). The third party should be a citizen of Pakistan and a resident of Punjab have a valid CNIC and must not be older than 55 years. Moreover, the e-CIB of the third parties should be clean i.e. it should not have any overdue or write-off history. Above Rs. 1,000,000/- up to Rs. 10,000,000: Mortgage of Residential / Commercial / Industrial / Agricultural Property / Vehicle having a clean title and clear access acceptable to the bank. |
| Pricing | Type Customer Pricing Clean 4% Secured 5% |
| Sectors | Applicable for all sectors |
| Applications | All applications shall be submitted online through the portal designated by PSIC |
| Processing Fee | Rs. 2,000/- (Non-Refundable) |
Step by Step Process to Apply for the Punjab Rozgar Scheme
- Register Your Account for the Punjab Rozgar Scheme:
- Visit the official Punjab Rozgar Scheme website.
- Click on the ‘Applicant Sign Up’ Button.
- Complete the form with your details.
- Verify your registration with the OTP received on your mobile phone.
- Sign in using your CNIC and Password.
- Completing Application for Punjab Rozgar Scheme:
- Sign into your account.
- Click on ‘New Application’.
- Fill in all required details in the application form.
- Review and submit your application.
Can a government employee secure a loan through this scheme?
No. Government employees have a monthly source of income and allowances that fund their livelihood. This scheme is specially designed to assist underprivileged people.
What is the Repayment Period for the loan?
You can pay the loan back in easy installments within the time period of 2 to 5 years.
Conclusion
In conclusion, the Punjab Rozgar Scheme offers a ray of hope for individuals seeking financial stability amidst economic uncertainties. By providing accessible loans and guidance, the scheme empowers citizens to establish or expand their businesses, contributing to both personal and national economic growth. Apply today and pave your way towards financial independence with the Punjab Rozgar Scheme.