Prime Minister’s Youth Loan Scheme relaunched with interest-free microloans. Prime Minister’s Youth Loan Scheme Registration Last Date Pakistan eligibility criteria requirements website, form download selection process all eligible successful candidates lists, Approved universities colleges lists required documents details.
Prime Minister’s Youth Business & Agriculture Loan Scheme
The federal government has relaunched Prime Minister’s Youth Loan Scheme to provide interest-free and subsidized loan schemes to youth. The Prime Minister’s Youth Loan Scheme is a program in Pakistan that provides financial assistance to young people in the form of loans to help them start their own businesses. The aim of the scheme is to reduce unemployment among young people and to support the development of small businesses in the country.
The loans are offered at low interest rates and can be used to purchase equipment, machinery, and other assets needed to start a business. The program is managed by the National Bank of Pakistan and eligible individuals can apply for loans of up to PKR 2 million.
Prime Minister’s Youth Loan Scheme Registration Last Date
After remaining suspended for the last five months, the project has again launched with tweaks to make it more beneficial for businesses and agriculture operating at small and medium levels.
In a notification, the State Bank of Pakistan said ‘the revised scheme has introduced two new components of financing, namely micro-loans and agriculture loans’.
SBP maintained that the scheme offers financing of up to Rs 75 lace each in three slabs, for a maximum period of up to nine years. It further added that one-fourth of the loans will go to women borrowers and the processing time will not exceed 1.5 months.
PM Youth Loan Scheme Eligibility Criteria
- Pakistani national, aged between 21 and 45 years with entrepreneurial potential
- Matriculation or equivalent education for IT/E-Commerce related businesses; age limit lowered to 18 years
- For agriculture loans, State Bank Indicative Credit Limits & Eligible Items for Agriculture Financing 2020 will be applicable
Loan Size Instalments
Tier 1 (T1)
|Up to Rs 0.5 million|
Tier 2 (T2)
|Above Rs 0.5 million and up to Rs 1.5 million|
Tier 3 (T3)
|Above Rs 1.5 million and up to Rs 7.5 million|
The ousted government led by Imran Khan first introduced Kamyab Jawan Youth Entrepreneurship Scheme while the Sharif-led government revised the scheme and renamed it to Prime Minister’s Youth Business & Agriculture Loan Scheme.