First Women Bank Limited has been assigned to provide loans to the female entrepreneurs. Females aged 21 to 45 are eligible to apply for PM Youth Small Business Loan from First Women Bank Limited, Pakistan.
PM Youth Small Business Loans will be subjected to the following things as they have been issued by FWB Ltd in order to aware the females before the starting dates. Females are required to prepare and follow the following instructions.
PM Youth Small Business Loan (FWB Ltd)
Purpose of Scheme:
To provide small business loans in shape of Term loan focus on (but will not restricted to) unemployed youth, especially educated youth looking for establishing or extending business enterprise.
Females age between 21 to 45 year having ability to start their own business or intend to expand the existing business. Applicant should have some experience of relevant field or holds a business related diploma/certificate pertaining trade of proposed business setup.
Maximum 7 years. The tenor will depend upon the nature of business, pattern of income and repayment capacity. First year of loan is grace period, pay back will start from the onset of 2nd year of loan.
Minimum Finance Limit : Rs. 500,000/-
Maximum Finance Limit : Rs. 2,000,000/-
Processing time will not exceed 15 working days after submission off complete basic documents by the applicant.
10% of the loan amount
From Rs. 500,000/- to Rs 749,999/- will be secured against Hypothecation of stocks/Assets & two personal guarantees of high net/credit worthy individuals including one of government servants minimum in BPS 17. From Rs. 750,000/= up-to Rs 2,000,000/= will be secured against tangible securities such as Lien on deposit certificates, property mortgage, pledge of gold ornaments, Pledge of stocks.
Repayment of Loan:
Equal monthly installments with grace period of 6 months for principal payment
Sector and Products:
All sectors. Borrowers will be encouraged to obtain standardized schemes/projects/undertakings from SMEDA or any other body but this will not be mandatory for the borrower.