Purpose of Scheme:
To provide small business finances in shape of Term facility focus on (but not restricted to) unemployed youth, especially educated youth looking for establishing or extending business enterprise.

Eligibility Criteria:
All men/women holding CNIC, aged between 21 to 45 years with entrepreneurial potential 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.
Clean Credit History with no write offs / restructuring of facilities / overdue 30+ days in ECIB. However it will be bank discretion to consider any facility application with overdue amount subject to availability of evidence that overdue amount is settled with relevant financial institution.

Profit Rate:
Pricing for the Customers: 6.00% p.a. or as advised by SBP under the subject PMYBF Policy.

Tenor:
Maximum 8 years. The tenor will depend upon the nature of business, pattern of income and payment/installment capacity.

Finance Limit:
Maximum up-to: Rs. 2,000,000/-

Processing Time and Fee:
Processing time will not exceed 15 working days after submission of complete basic documents by the applicant and a non refundable processing fee of Rs. 100 will be charged.

Products available under the scheme:
Facility is offered for asset- financing under Diminishing Musharakah and on Ijarah basis.

The Forms would be readily available both in IBBs/IBWs and can be downloaded from  website of the bank.

Customer’s Share/ Security Deposit:
10% of the facility/cost of asset amount.
The customer’s contribution of equity can  be in the form of cash &/ or property and will be required after the approval of facility.

Installment of Facility:
Rentals to be paid on monthly basis as per terms of the approval. Grace period of 12 months is allowed for purchase of Asset under Diminishing Musharkah.

Other Documentation:
(1) Personal guarantee of high net/credit worthy individuals:

• Must be a resident Pakistani, holding a valid CNIC.
• Any person include blood relation/family member having net worth of 1.5 times of the facility can give the guarantee.
• Can be a permanent Government Employee of at least Grade 15 with minimum 8 years of remaining service at the time of requested facility amount or a high net worth individual with verifiable financial means of at least 1.5 times of facility amount. No net worth is required if guarantor is government employee of BPS-15 or above.
• Age should be 60 years or less at the time of maturity of Facility for a government employee. This condition may be waived by competent authority only for the guarantors who are not government employee.
• Should have clean credit history.
• Guarantor will have to submit copy of their latest wealth statement or the net worth could be ascertained by third party / evaluator appointed by the bank on client’s cost.
• Guarantor can guarantee only one facility at a time and an undertaking in this regard would be submitted by the Guarantor that he/she has not issued any other guarantee for this program or any other type of facility.
• Guarantor can not avail any facility under PMYBL if his/her guarantee has been accepted as security to secure a facility under PMYBL.
• An employee of Summit Bank Limited cannot act as guarantor to secure facility of a customer availed from SMBL.
• Applicant can also provide guarantee of more than one guarantor (maximum 3) with aggregate net worth of 1.5 times of the requested facility amount.

Downloads
Application form
Borrower’s Basic Fact Sheet
Guarantor’s Information
Documentation Check List