As you know the Prime Minster’s Youth Business Loans programme has been started and the Pakistani and AJK nationalities men and women whose age is between 21 years to 45 years can apply for this loan. You will have the deposit the loan amount in 8 years. 1st installment will be started after one year. Thus the period of the loan installments is 7 years. Now I ll discuss about the guarantees. Only one guarantee is required for this loan. The detail of the same is as under:
In consideration of the request of Mr. ABC S/D/WO XYZ having CNIC No. 123456789 for financing under Prime Minster’s Youth Business Loans. I hereby agree to provide guarantee in favour of NBP subject to the approval of the finance by NBP as per its policy and procedure.
I also hereby confirm that I am not a defaulter of any bank with no rescheduling history. The applicant is known to me for the past ___ years. I also agree to provide the documents to the bank as per its requirements. I also allow the bank to verify my credentials as a guarantor as per the following:
- Documents Verification
- NADRA Verification
- ECIB Report
- Residential/Office Address Verification
- Six Months Bank Statements Verification
- Telephonic Verification
- Net Worth Verification
- Property Verification
- Any other verification by the bank as per its satisfaction
After approval of the finance by the Bank, I hereby agree to sign-off of guarantee agreement (on Bank’s specified format) and submit three postdated cheques (covering the total finance and mark-up amount) favouring NBP.
In case of default, I shall assume the role of principal debtor covered under my guarantee and will become primarily responsible for discharging debts outstanding in the name of applicant.
The Application Form for Prime Minster’s Youth Business Loans has already been published by me.
The post What Kind of Guarantee Required for Prime Minster’s Youth Business Loans appeared first on Galaxy World.
