Prime Minister Youth Loan Scheme 2023 Latest Updates

 

 

 

 

 

Apply for Prime Minister Youth Loan Scheme 2023-2024

PM Youth Loan Scheme: Easy terms and a 45-day loan period are offered. Pakistani citizens are eligible to apply for the Prime Minister Youth Loan Scheme 2023-2024. Within 45 days, the loan amount—should it be approved—will be deposited into the specified bank account. To apply for a loan within 45 days, you need to have a national identity card. You have to be between the ages of 21 and 45. You won’t be eligible for the loan if you don’t fit these requirements.

In order to encourage large-scale business ventures and boost the nation’s economy, the PM Youth Loan Scheme offers loans to both small and large firms at low-interest rates and convenient installment plans.

Prime Minister Shahbaz Sharif has introduced a new initiative under the Prime Minister’s Youth Business and Agriculture Loan Scheme (PMYB&ALS) on behalf of the Pakistani government. which allows the Pakistani government to provide the loan amount in 45 days.

All Pakistani residents between the ages of 21 and 45 are eligible to apply for a maximum 75 lakh loan under this PM loan program from their country in order to finance business ventures.

Purpose of Prime Minister Youth Loan Scheme 2023-2024

The prime minister of Pakistan launched the loan scheme with the aim of lending money to young people. The ultimate goal is to strengthen Pakistan’s economy and enable it to stand on its own two feet. The youthful generation will have a bright future, and Pakistan’s economy will grow if youth are given loans for small and large businesses.

One crucial move that would help Pakistan get international recognition is the government’s loan support for the establishment of an IT company. Agriculture will use more new technology if loans are made available for it.

Since agriculture is Pakistan’s main industry, lending money to farmers will boost agricultural output as well. The goal is to offer loans in 45 days or less so that a large number of people can take advantage of this lending program.

Loan Tiers and Markup Rates of Prime Minister Youth Loan Scheme 2023-2024

  • Tier-1st (T1): There is no markup on loans up to Rs 0.5 million (5 Lac).
  • Tier-2nd (T2): With a 5% markup rate, over Rs 0.5 million (5 Lac) and up to Rs 1.5 million (15 Lac).
  • Tier 3 (T3): With a 7% markup rate, any amount beyond Rs 1.5 million (15 Lac) and up to Rs 7.5 million (75 Lac) is considered.

Tenor of Loan

  • A T1 loan might have a maximum loan term of three years.
  • The lengthy-term for T2 and T3 loan tenors is up to eight years.

Eligibility Criteria for Prime Minister Youth Loan Scheme 2023-2024

To apply for a loan through the PM Youth Business Loan Program:

  • A national identity card is required.
  • Only individuals who wish to conduct business and are between the ages of 21 and 45 are eligible to apply for this loan.
  • For businesses involved in IT or e-commerce, the minimum age is eighteen.
  • Farmers will be categorized in accordance with SBP’s “Indicative Credit Limits and Eligible Items for Agriculture Financing 2020” in order to receive credit for their agribusiness.
  • If multiple individuals are involved in a company venture, the age restriction will only apply to the first partner whose name is on the loan.

Documents required for Prime Minister Youth Loan Scheme 2023-2024

  • Possession of a national identity card is required.
  • A bank account is a requirement. Following the confirmation of your application, funds under the Prime Minister Youth Loan Scheme will be disbursed in 45 days.
  • An additional need for those conducting IT business is a matriculation certificate.
  • Documentation demonstrating the nature of the business, such as monthly income and expenses and tubewell bills, is required in order to launch an agriculture business.

People who are not eligible for the Prime Minister Youth Loan Scheme 2023-2024

  • Those with several identity cards or those with phony identity cards.
  • Additionally, Pakistanis who reside overseas are ineligible to apply for loans.
  • Under the plan, taking out a loan is strictly prohibited for government employees.
  • You need a matriculation certificate in order to be eligible for a loan for IT company ventures; without one, you will not be granted one.

You won’t be able to acquire the loan within 45 days if any of the aforementioned conditions are met.

 

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