In order to enhance the scope of scheme, Government of Pakistan has added a new tier (as ‘Tier-4’) to provide financing for prospective overseas workers for training, travel & visa related expenses and settlement expenses at 0% markup rate
| 1 | Purpose | To provide loans to prospective overseas workers for training, travel & visa related expenses and settlement expenses. |
| 2 | Eligibility Criteria | 1. Citizens of Pakistan holding CNIC, aged between 21 and 45 years.
2. Having valid job letter/offer letter in hand or duly recruited by the arrangement through Overseas Employment Promoter (OEP). 3. The Job letter to be duly authenticated by respective Pakistan Mission abroad/ Community Welfare Attaches (CWA), OEP and the Protector Office. 4. Must provide details of overseas training, job offer etc. to justify utilization of funds |
| 3 | Loan Size | Up to Rs. 1,000,000 |
| 4 | Loan Tenor | Up to 5 years |
| 5 | Debt: Equity Ratio | 80:20 |
| 6 | Customer Rate | 0% |
| 7 | Insurance | Not applicable |
| 8 | Early Payments/Balloon Payment | Borrower may make full prepayment before maturity any time during the tenor of financing.
Borrower may exercise the right to partially pay off the financed amount after completing minimum six months of financing. Balloon payment should not be less than the amount of 3 installments. |
| 9 | Documents to be Attached with Application | Valid job letter/offer letter in hand, duly authenticated by respective Pakistan Mission abroad / Community Welfare Attaches (CWA), Overseas Employment Promoter (OEP) and the Protector Office (for prospective overseas workers only)
Details of overseas training, travel and visa related expenses and settlement expenses to justify utilization of funds (for prospective overseas workers only) Income documents of Secondary Borrower, where applicable Personal guarantee of the family member only spouse, parents, son and brother of the borrower |