Prime Minister Kamyab Jawan Program Loan Schemes

 Successful' interest free loan schemes: People are not taking or are not able to take cheap government loans?

Prime Minister Kamyab Jawan Program Loan Schemes
Prime Minister Kamyab Jawan Program Loan Schemes

Anwar Shaheen runs a small business but he wants to grow his business. Anwar Shaheen cannot take a loan from a bank because he has nothing to mortgage to get a loan from there.

When the government launched an interest-free loan scheme for youth to do business, Anwar Shaheen applied for a loan under the scheme and also completed all the paperwork on behalf of the bank.

However, Anwar Shaheen has not yet received the loan. Anwar Shaheen also applied for a successful Pakistan program from the government, but he has not yet succeeded in getting a loan.

Iftikhar Rasool is a software developer and works on a limited scale of software development. Iftikhar wants to expand his work for which he needs capital. This capital can be obtained from them in the form of interest free loan from the government and they are also willing to get this loan. However, Iftikhar Rasool has not yet applied for this loan.

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He said that in order to avail the benefits of the government scheme, some paperwork and other requirements have to be fulfilled and many forms have to be filled which he has not been able to fill up yet.

Explaining the reason, he said that on the one hand, they do not have time and on the other hand, they feel tired in filling up many forms. Iftikhar Rasool needs 15 to 20 lakhs to expand his business.

Muhammad Ismail had applied for a loan under the Prime Minister's Successful Youth Scheme and he had fulfilled the forms and conditions but the loan could not be repaid. Ismail, who wants to set up a general store, says he does not know why he did not get the loan and now he has stopped worrying about it.

In Pakistan, as in previous governments, the current government has introduced interest-free loans for people to do business, including successful youth programs and successful Pakistan programs. However, most people complain that they did not get the loan despite applying for it.

The scheme of successful Pakistan program was launched by the present government in the month of October, under which people are to be given interest free loans for doing business, buying agricultural land and houses which banks have provided to deserving people through microfinance institutions. To distribute

However, the figures for disburseent of loans under this scheme in the months of November and December show that they have been provided only up to two and a half per cent of the target for two months. Under this scheme loan up to Rs. 500,000 is provided without interest.

According to banking and economists, the loans that will be given under the Successful Pakistan program may have the same effect as the schemes of the past which did not bring much benefit.

On the other hand, the government has rejected the expectation of success and failure of the scheme in just two to three months as the scheme spans three years and its success or failure at the end of three years. I can give a final opinion.

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What is Successful Pakistan Program Scheme?

According to the operational framework of the Successful Pakistan Program, available on the Ministry of Finance's website, this is the flagship project of the present government which aims to make the poor sections of the society financially independent. Under this scheme, successful business, successful farmer category as well as house buying category has also been introduced. Five lakh rupees for three years for successful business as well as one and a half lakh agricultural loan through successful farmer and purchase of two lakh agricultural implements has been announced. Similarly, a loan of up to Rs 2.7 million has been announced for house purchase.

How beneficial can the scheme be?

Can a successful Pakistan program help ordinary people expand their business?

Regarding this, banker Rashid Masood Alam told BBC Urdu that the announcement of starting a business with a sum of Rs 500,000 under this scheme does not look very profitable as no one can do it even on a small scale. Can't work

Rashid said that such schemes have been launched in the country in the past but the result has not been so spectacular that the common man has got any special benefit from it and he has become financially independent.

He said that although the government would have to disburse funds for the scheme through microfinance institutions which would be provided by the banks, it should be kept in mind that banks should also look at the risk management aspects before granting loans so that their capital is safe. ۔

He said that government schemes often increase the non-performing loan portfolio of banks which is not to the advantage of banks.

Shahbaz Rana, an economics journalist with the English language newspaper, told BBC Urdu that the scheme was not well planned, which indicates that the government was involved in it. There is also a political agenda.

He said that if the figures for just two months are taken into account, the provision of loans is less than the government's own targets. Shahbaz Rana said that the government does not seem to be able to remove the obstacles that are being encountered in the implementation phase of this scheme.

Rana said that under this scheme, loans provided by banks are to be disbursed through microfinance institutions. Due to shortcomings in the planning of this scheme by the government, microfinance institutions are taking advantage of it and there is a problem in providing loans under this scheme.

Under this scheme, the condition is that these institutions will be obliged to give the money to the bank on the day they receive it, however, these institutions are seeking some concession in this.

Muzammil Aslam, spokesperson for the finance minister, said that the scheme was launched a few months back and the impression of failure of the scheme was not correct.

He said that the scheme has just started and the lending products are being developed by the microfinance institutions.

Muzammil Aslam said the scheme includes marketing and information technology methods so that homeless people can be provided loans through microfinance institutions to the people of the society who were not allowed to enter the banks.

What are the common problems in loan schemes?

Shehab Rizwan, who handles loan applications in the digital department of a local bank, said it was important to know firsthand when the government schemes were being implemented by banks. When loans are provided under this, specific banking products are prepared for it which take some time to prepare. Similarly, handling of these products requires manpower which the bank cannot hire immediately.

Shehab said that it is also important to train the staff about these products and to be aware of the fulfillment of related documentary requirements.

Shehab said that most of the applicants complain about the method of obtaining loans, the main reason being that those who apply or fill up the online form often misspell the basic information.

"For example, small borrowers are people who do not have the ability to fill online forms due to lack of computer literacy and those who fill online forms in their place make such basic mistakes as borrowers. Affect the procedure.