We would like to inform you that Soneri Bank has informed us that State Bank of Pakistan has introduced Refinance Scheme to Support Employment & Prevent Lay Off of Workers (Rozgar Scheme). This scheme is aimed to address the cash flow constraints of the employers and thereby avoid the layoffs of employees & workers. In order to incentivize banks in extending loans to collateral deficient SMEs & small corporates with sales turnover of up to Rs.2 Billion, SBP with funding support from Government of Pakistan has also introduced Risk Sharing Facility (RSF). Under RSF, Federal Government will bear 40% first loss on principal portion of disbursed loan portfolio of the bank. The salient features of the scheme is appended below for your information, please.
|Scope & Eligibility Criteria:||The scheme aims to finance wages and salaries of permanent, contractual, daily wagers as well as outsourced employees of existing as well as new borrowers of banks and DFIs for the months from April 2020 to June 2020. Government Entities, Public Sector Enterprises, Autonomous Bodies and Financial Institutions (except non-deposit taking financial institutions) will not be eligible.|
|Maximum Financing Limit:||Category-A: 100% of Wages & Salaries bill of 3 Months where bill amount is upto Rs.500M (Maximum Refinance Limit: Rs.500M) Category-B: Rs.500M or 75% of Wages & Salary bill of 3 Months, whichever is higher (Maximum Refinance Limit: Rs.1,000M)|
|Tenor of Financing:||Repayment in 8 equal quarterly installments, starting from January 2021 with grace period of 6 months|
|Mark-up Rate:||Maximum 5.00% p.a.|
|Mark-up Rate for Active Tax Filers:||Maximum 3.00% p.a.|
|Collateral/Documentation:||As per Bank’s/SBP’s Policy|
|Other Charges:||No loan processing fee, credit limit fee or prepayment penalties for loans under this Scheme|
|Special Condition:||The employer will undertake not to lay off employees/workers (permanent, contractual, outsourced, daily wagers) except in cases of disciplinary actions|
For further details you may please contact:
Asghar Ali Butt
Regional Manager-Credit North
Tel: +92 (051) 2803354 Ext: 111 / (021) 111-766-374 (SONERI).