Kamyab Pakistan program will start from backward areas
The Kamyab Pakistan program will be launched in the most backward districts of Sindh and Punjab and in Khyber Pakhtunkhwa, Balochistan, Gilgit-Baltistan and Azad Kashmir.
The Ministry of Finance has invited applications from Islamic and traditional commercial banks for funding of Kamyab Pakistan Program till October 27.
Under the Kamyab Pakistan program, loans of Rs. 10 billion per month and Rs. 30 billion on a quarterly basis will be provided. The government will provide a guarantee of Rs 5 billion per month. An interest free loan of Rs. 5 lakh for small business will be repayable in 3 years.
Loans of Rs. 10 billion per month will be given for house, business, farming, each family in different categories will be allowed to take loans up to Rs. 2,850,000.
Under this program, each bank will be allowed to offer at least Rs. 1 billion per month, loans of Rs. 10 billion per month will be given to the backward classes. The government will give a monthly guarantee of Rs 5 billion to the banks. Banks providing capital will also get 9% profit in addition to the Karachi Interbank Offered Rate.
Under the program, a 5 marla house will get a loan of Rs. 27 lakh on easy installments for 20 years. The government will subsidize for 15 years. For a successful business, a loan of Rs 5 lakh has to be repaid in 3 years.
Successful farmers will get Rs 1.5 lakh for one crop on personal guarantee, farmers will have to repay in six months, while loans for agricultural machinery or equipment will be Rs 2 lakh for one year.
Under the program, borrowers will also receive a Family Health Card. Microfinance banks will only be allowed to lose up to 10% in lending.
Prime Minister Imran Khan inaugurated the Kamyab Pakistan program on October 4. Finance Minister Shaukat Tareen said the move was aimed at empowering low-income groups and helping them improve their living standards.