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According to this form, there should be guarantee from a government servant of BPS-15 or higher and attachment of his pay slip. This is definitely not possible for a common man to achieve.
In either case the guarantee is needed from some rich persons who should have at least one-and-a-half times the money against which the loan is sought. It is partially possible but not easy for poor people.
According to the second form (the fourth page which is not available on the NBP website), an applicant must submit the ECIB report. The people are not aware of the meaning of the ECIB. Then it needs six months’ bank statements as a proof of verification. It is not workable as people do not have such types of accounts. This is a headache for the guarantor.
It also needs signature on the guarantee agreement between the guarantor and the bank on a specified format, and submission of three postdated signed cheques by the guarantor (covering the total finance and mark-up amount) in favour of the NBP.
These two prerequisites are illogical. It is not possible because the burden of loan is transferring on the guarantor.
If an applicant has the support of a guarantor, then no loan or guarantee is needed. The guarantor should provide this loan to this type of applicant from his own pocket instead of the government. The loan should be provided against the applicants’ own or their parents’ property.
The agreement should be between the applicant and the bank instead of the guarantor. It is seems that the NBP or the government is going to issue loans to the guarantor instead of the applicant who is unemployed and poor.
I urge the government to think seriously. Are these terms and conditions possible for a common man? However, one thing is certainly possible. The people holding influential positions in the government and the NBP will take away all the benefit of the scheme.
