Thu. Nov 30th, 2023
PM Youth Loan Scheme
PM Youth Loan Scheme

PM Youth Loan Scheme: The loan will be granted in 45 days under favorable conditions. Pakistani citizens are eligible to apply for this loan. Upon meeting the loan requirements, the funds will be deposited into the designated bank account within 45 days. A valid national identity card is necessary to obtain the loan within this timeframe. Applicants must be aged between 21 and 45 years. Failure to meet these criteria will result in ineligibility for the loan.

PMYB&ALS 2023 facilitates businesses, both small and large, by offering loans with convenient installment plans and competitive interest rates. This enables individuals to engage in large-scale business operations and contribute to the growth of the nation’s economy.

On behalf of the Government of Pakistan, Prime Minister Shahbaz Sharif has introduced a new policy called the Prime Minister’s Youth Business and Agriculture Loan Scheme (PMYB&ALS). This scheme enables individuals to secure a loan from the government of Pakistan within a span of 45 days.

Through the PM loan scheme, all citizens of Pakistan aged between 21 and 45 years can obtain a business loan of up to 75 lakhs from the government.

PM Youth Loan Scheme

Purpose of PM Youth Loan 2023

The government’s provision of loans for initiating IT businesses is a significant step that will enhance Pakistan’s global presence. Additionally, the loans allocated for agriculture will facilitate the adoption of new technologies in the agricultural sector.

The loan scheme, initiated by the Prime Minister of Pakistan, aims to provide loans to the youth with the main objective of improving Pakistan’s economy and fostering economic independence. By extending financial support to young individuals in small and large businesses, the loan scheme ensures a promising future for the younger generation and contributes to the development of Pakistan’s economy.

Given that agriculture serves as the foundation of Pakistan’s economy, providing loans to farmers will lead to an increase in agricultural production. The objective is to disburse loans within 45 days, enabling a wider range of individuals to benefit from this loan scheme.

Loan Tiers and Markup Rate of PM Youth Loan Scheme

  • Tier-1st (T1): Loan limit of up to Rs 0.5 million (5 Lac) at 0% markup rate.
  • Tier-2nd (T2): Loan amount above Rs 0.5 million (5 Lac) and up to Rs 1.5 million (15 Lac) at a 5% markup rate.
  • Tier-3rd (T3): Loan amount above Rs 1.5 million (15 Lac) and up to Rs 7.5 million (75 Lac) at a 7% markup rate.

Eligibility Criteria for PM Youth Loan Scheme 2023

  • National Identity Card is required to avail the loan.
  • The loan is available for individuals aged between 21 and 45 who wish to engage in business.
  • The age limit for IT/e-commerce-related businesses is 18 years.
  • Classification of farmers for agribusiness credit follows SBP’s guidelines.
  • In the case of multiple business partners, the age limit applies to only one partner, in whose name the loan will be obtained.

Loan Tenor:

  • T1 loans have a maximum tenor of 3 years.
  • T2 and T3 loans have longer-term options, with tenors of up to 8 years.

Documents required For 45-Days PM loan 2023

  • Money will be disbursed within 45 days under the Prime Minister Youth Loan Scheme.
  • Possession of a National Identity Card is mandatory.
  • A bank account is required to receive the loan amount.
  • IT business applicants must provide a matriculation certificate.
  • For starting an agriculture business, documents indicating the business nature, monthly income and expenses, and tubewell bills are necessary.

People who are not eligible for Youth Loan Scheme

  • Individuals with fake or multiple identity cards are not eligible for the Prime Minister Youth Loan Scheme2023.
  • Pakistani citizens residing abroad are also ineligible for the loan.
  • Government employees are strictly prohibited from availing loans under the scheme.
  • A matric certificate is required to obtain a loan for an IT business; without it, the loan cannot be obtained.
  • If any of the above conditions apply to you, you will not be able to receive the loan within 45 days.

Who is eligible for PM Youth loan?

All Pakistani citizens possessing CNIC, falling within the age range of 21 to 45 years, and demonstrating entrepreneurial potential are qualified. Youth-owned Small and Medium Enterprises (including startups and existing businesses) within the specified age brackets are also eligible.

What is the interest rate for prime minister youth loan?

Click here for FAQs. Interest rate: 20.52% p.a.

What is the age limit for youth loan?

Citizens of Pakistan aged 21-45 with entrepreneurial potential, holding CNIC, are eligible.

Who is eligible for Kamyab Jawan loan?

All individuals with valid CNIC, aged 21-45 years, and possessing entrepreneurial potential are eligible. For IT/E-Commerce businesses, the minimum age requirement is 18 years. Matriculation or equivalent education is mandatory for IT/E-Commerce ventures.

Is there any loan without interest in Kamyab Jawan?

Loans ranging from Rs10,000 to Rs100,000 will be interest-free and given priority in 45 underprivileged districts of Pakistan. Tier-1 loans up to Rs500,000 will have a 6% per annum markup rate, while Tier-2 loans above Rs500,000 will have an 8% per annum markup rate.