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PM emphasized on merit & transparency in Business Loan Scheme

PM emphasized on merit & transparency in Business Loan Scheme

lonISLAMABAD: Prime Minister Muhammad Nawaz Sharif has said that the youth of Pakistan are showing great interest in the Business Loan Scheme as is evident from millions of downloads of pre-feasibilities studies and forms available on SMEDA website.

He said this while chairing a meeting to review the Prime Minister’s Youth Business Loan Scheme at National Bank of Pakistan’s Headquarter in Karachi. The meeting was also attended by Governor Sind Dr. Eshrat-ul-Ebad Khan, Federal Information Minister Senator Parvez Rashid, Minister Defence Khawaja Muhammad Asif, Minister Interior Chaudhry Nisar Ali Khan and President National Bank of Pakistan (NBP).

The Prime Minister was given detailed briefing on the scheme with special emphasis on the receipt of applications and their scrutiny. PM directed that the implementation of the scheme rules should be in a manner that it facilitates the applicants. He directed the President NBP to personally supervise the scheme.

The issue of the guarantors also came under discussion during the meeting. PM was told that in order to facilitate the applicants, three categories of guarantors have been identified: firstly a Grade-15 or above Government Officer, secondly any civilian person having an amount of net worth of 1.5 times the amount of loan applied for and thirdly if a person has a running business and wants to expand it, he can be his own guarantor if he has net worth of 1.5 times the loan amount in National Bank or any other bank from where the loan is disbursed.

Prime Minister said that service delivery by the banks should be to facilitate the applicants and directed that the service delivery mechanism should be improved based upon the valuable suggestions / feedback received for the public. The standard of services towards these applicants should be the same as given to the commercial borrowers. He advised the bank officers working on the loan scheme to consider it as service to the nation.

PM emphasized upon merit and transparency in the scheme so that only the deserving and genuine could get the loan.  Prime Minister said that the Government wants to provide various opportunities to the youth including skilled education, trainings, employment and scholarships so that they could contribute positively in all fields.

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