Soft loans to be disbursed among Balochistan youth on Wednesday

ISLAMABAD: Senior Leader of Pakistan Tehreek-e-Insaf Muhammad Usman Dar has said that the successful candidates of Youth Entrepreneurship Scheme (YES) from Balochistan would receive their soft loans' cheques on Wednesday.

In a video message on Tuesday, he said tomorrow Prime Minister Imran Khan would distribute cheques among the successful candidates of YES during his one-day visit to Quetta.

He congratulated the YES’ qualified entrepreneurs from Balochistan for succeeding in availing the concessionary loans.

Usman Dar said loans amounting to Rs8 billion had been disbursed among 10,000 youth under Kamyab Jawan Programme. Such massive disbursement had helped create around 70,000 employment opportunities, he added.

He said in line with the directions of prime minister, at least Rs5 billion would be distributed among the youth of Balochistan by this year end for supporting them in setting up their own businesses.

Skill scholarships would be given to the young people of Balochistan, he added.

He said the government, in line with the directions of Prime Minister Imran Khan, had expedited the cash disbursement process under Kamyab Jawan Programme throughout the country.

The YES was launched in October 2019 under the banner of Kamyab Jawan Programme to provide the youth soft loans for initiation of their own businesses.

Recently, the government has enhanced the scope of YES which was meant to offer huge amount of concessionary loans ranging between Rs 100,000 and Rs 25 million to the youth. Earlier, it was limited to Rs 5 million only.

According to the State Bank of Pakistan, under the YES, financing was segregated into three tiers. Under tier-1, loan limit is from Rs 100,000 upto Rs 1 million, whereas tier-2’s loan limit is from above Rs 1 million and upto Rs 10 million and under tier-3, loan limit is from above Rs 10 million and upto Rs 25 million.

For tier-1 loans, mark up rate is 3 percent, while mark up rate for tier-2 loans is 4 percent, and for tier-3, mark up rate is 5 percent.