Under the banner of Prime Minister Youth Business Loan (PMYBL), Careem put together a successful scheme for Careem Captains and managed to turn one thousand Careem Captains into entrepreneurs through PMYBL loans disbursed through JS Bank.
Regarding this achievement Junaid Iqbal, MD Careem Pakistan said,
“Pakistan needs entrepreneurs and creating 1000 new jobs is just one of the contributions Careem is making to the Pakistan economy. We strive to ensure our Captains are able to start their journey towards financial sustainability and our goal is to continue to ensure opportunities for all the maximum number of people. We are very proud of the scheme and how far we have come in such a short amount of time.”
Prime Minister Youth Business Loan (PMYBL) is a program initiated by the Government of Pakistan, aimed at socio-economic development of the country’s youth. Under this agreement, JS Bank is offering subsidized loans at a 6% mark-up rate, in an effort to facilitate entrepreneurship in Pakistan. In accordance to the agreement, all cars are insured and equipped with tracker facilities.
Careem Captains who clear the performance criteria are eligible to apply and their loans processed through JS Bank can purchase their own vehicles and drive independently for Careem. The program has proved to be immensely popular with Careem Captains applying in droves and has already pumped in over PKR 1bn into the automotive industry through purchase of cars.
Khalid Imran, CEO JS Bank, said,
“JS Bank launched this scheme to in an effort to make sure that people get a fair opportunity to run their own business and be entrepreneurs. The results of this scheme are beyond our expectations. We hope to continue working with Careem in future endeavors.”