JS Bank to offer subsidised loans to cab drivers

ISLAMABAD: JS Bank on Monday showed its commitment to offer a financing facility under Prime Minister’s Youth Business Loan Scheme, in collaboration with CAREEM, an online cab booking service.

Prime Minister’s Youth Programme Chairperson Leila Khan on Monday chaired a meeting on Prime Minister’s Youth Business Loan Scheme at the PM Office with a delegation from JS Bank, led by its President and CEO Khalid Imran.

Under the arrangement, JS Bank will offer subsidised loans at 6% mark-up rate to potential cab drivers for buying cars to run their cab service business. The cabs under this scheme will be properly insured, and fitted with tracker facility.

JS Bank, one of the leading SME financing banks with around Rs11 billion SME portfolio, is processing loan applications under this scheme initially through its 15 hub branches in 10 major cities across the country. 

Leila Khan appreciated the efforts of JS Bank in developing a viable banking product for creating more business and employment opportunities for youth, using the platform of Prime Minister’s Youth Business Loan Scheme.