Prime Minister Imran Khan on Wednesday has launched interest-free loans under the Kamyab Pakistan Program for small businesses, housing, and farmers.
The prime minister said Kamyab Pakistan Program, which was launched in November 2021 for some parts of the country, will be further expanded.
He was addressing a large number of people at the Faisal Mosque of Islamabad, gathered for the launch of interest-free loans.
Under the program the loans will be disbursed among the youth, women, farmers and for the construction of low-income houses during the next two years.
The prime minister said 4.5 million families would benefit from the interest-free loans to start small businesses, construction of homes, farming and learn technical education.
Kamyab Pakistan Program to provide loans of Rs. 407 billion by the financial year 2023-24 & Rs 1000 billion by the financial year 2025-26 with the govt. picking up subsidy of Rs 56 billion in 2023-24 & Rs. 168 billion in 2025-26 respectively. pic.twitter.com/KLGHIbanWl— Government of Pakistan (@GovtofPakistan) March 2, 2022
Rs 5 lac would be provided to the families to start their own business, Rs 3.5 lac to the families for farming equipment and investment in their land besides, providing technical skill to one individual to the family as well as Rs 2 million for construction of houses.
One loan per family is allowed under each component of the program: Kamyab Karobar, Kamyab Kissan, & Low-Cost Housing. Maximum loan per family under all components combined is capped at Rs 2.85 million.
How to get interest free loans under the program?
The government has developed a portal for obtaining loans under the Kamyab Pakistan Program and any person wishing to take a loan can know through the free phone number whether he can get the loan or not.
Forms in Urdu and English languages of the program will be available on the government portal once confirmation of eligibility for loan.
Application approval time is 30 days. The fee is Rs. 100 which includes NADRA ID card verification fee.
Under this scheme, a loan of Rs 500,000 can be taken for small business while a farmer can get a loan of up to Rs 350,000 under this program. Similarly, loans of up to Rs 2 million will be provided for house construction.