State Bank Announces Loan Program for Pakistanis Seeking Jobs Abroad

The State Bank of Pakistan has announced a new loan program for Pakistani citizens aged 21 to 45 who wish to work abroad. The initiative aims to ease financial constraints for individuals securing overseas jobs by providing them with a five-year loan at an interest rate three percent above the market rate.

To qualify, applicants must present a verified job offer from an overseas employer and outline how they plan to use the loan. Additionally, a family member residing in Pakistan must act as a guarantor, meaning the loan will be issued jointly to both the applicant and their family member.

Minhas Naveed Ahmed Qureshi from Khalique Recruitment Agency in Rawalpindi praised the initiative, noting that many individuals face significant financial burdens even after receiving job offers due to visa fees, travel expenses, and initial settlement costs.

He stated, “Many workers sell their assets or take private loans to cover these expenses. This government-backed loan will help ease their financial strain.”

While the State Bank has yet to specify which banks will offer the loan, the program is expected to be a game-changer for overseas job seekers. According to the Bureau of Immigration and Overseas Employment, a significant number of Pakistanis continue to seek jobs in Gulf countries, with Saudi Arabia and the UAE being top destinations.