Financing Scheme for Payment of Wages and Salaries
Scope & Eligibility Criteria
The Scheme aims to finance wages and salaries of permanent, contractual, daily wagers as well as outsourced employees of existing and new borrowers of the bank. State Bank of Pakistan has extended validity of the scheme from June 30, 2020 to September 30, 2020. Hence, businesses will now be able to avail facility to cover wages of three more months. Further, in order to encourage those businesses who have met the terms and conditions of the scheme but could not avail this facility, will also be allowed to apply for 6 months salaries and wages including reimbursement for the months of April, May, and June 2020.
End User Rate
Maximum 3% per annum rate for eligible borrowers on Active Tax Payer List
Maximum 5% per annum rate for all the rest
Islamic Modes available
Validity of the Facility
September 2020
Condition for Loan
Customers availing this Scheme shall undertake that there shall be no layoffs of their workers/employees during the months from April till September 2020.
Terms & Conditions
This scheme is being launched in accordance to SBP IH&SMEFD Circular # 06 dated April 10, 2020, Circular # 07 dated April 24, 2020 and Circular # 09 dated May 06, 2020. Approval of loan will be subject to bank’s internal credit criteria.
Note: Above mentioned information is subject to change as per SBP directive
