PM Youth Loan Scheme 2023
An excellent entrepreneurship program for the youth of Pakistan has been launched by the Prime Minister of Pakistan, Shehbaz Sharif, under the Prime Minister Youth Business and Agriculture Loan Scheme. Under this program, more than 15 Commercial, Islamic, and SME banks will provide loans to the youth at very low interest rates and easy installments.
PMYB&ALS promotes entrepreneurship among youth by providing business loans through banks on easy terms and with low markups.
- All residents of Pakistan between the age of 21 to 45 years can be a part of the Prime Minister’s Youth Business and Agriculture Loan Scheme, a scheme launched by the Government of Pakistan. People between the age of 21 to 45 years can apply online for a new business loan under this scheme.
- The minimum age to get a loan for an IT and a commerce-related business is 18 years.
This is a very good step by the government of Pakistan for the youth, which they can take advantage of to improve their future and make Pakistan famous in the whole world.
You can submit your application online to get a loan under the Prime Minister Youth Business and Agriculture Loan Scheme. Visit the official website now to submit your applications online for a loan.
You can also apply PM Laptop Scheme.
Prime Minister of Pakistan Shahbaz Sharif has recently launched a loan scheme for youth businesses and agriculture. So that employment opportunities can be increased within Pakistan. And unemployment can be eliminated. Under this PM loan program, all Pakistanis between the age of 21 to 45 years can get a loan of up to 75 Lac for their business at low markup rates. And can expand your business extensively.
Loans under the Prime Minister’s Youth Business & Agriculture Loan Scheme will be provided in three Tiers. The markup rate on the loan amount depends on the loan amount. For this purpose, three different tiers have been created for availing loans from the government.
For those who want to get a loan of up to 5 Lac (0.5 million), the Markup rate is 0%.
For those who want to get a loan from 5 Lac (0.5 million) to 15 Lac (1.5 million), the markup rate is 5%.
For those people who want to get a loan from 15 Lac (1.5 million) to 75 Lac (7.5 million), the markup rate is 7%.
Banks List who provide PM Youth Loan:
- Bank Alfalah Islamic
- Askari Islamic Banking
- Bank of Khyber Raast Islamic Banking
- Zarai Taraqiati Bank Limited
- United Bank Limited
- Meezan Bank Limited
- MCB Bank Limited
- Habib Bank Limited
- First Woman Bank Limited
- Bank Islamic Pakistan Limited
- Bank Al Habib
- Bank Al Falah
- Askari Bank Limited
- Allied Bank Limited
- Bank of Khyber
- Bank of Punjab
- National Bank of Pakistan
Purposes of youth loan scheme:
The main objective of the Prime Minister Youth & Agriculture loan program is to improve Pakistan economically because:
- Under this scheme, the trend of the young generation will increase towards business, strengthening Pakistan economically.
- Agriculture loans will improve the agriculture of Pakistan and increase agricultural production.
- Providing loans to people in the IT field will improve the future of the young generation because, With this money, they can open their own e-commerce store and do business all over the world from home, which will increase Pakistan’s foreign exchange.
How is Eligible for PM Youth Loan Scheme?
- Do you want to know who can be eligible for the PM Youth Loan Scheme?
- People who fulfill the following criteria can easily qualify for this scheme
- All Pakistani citizens between the age of 21 to 45 years with entrepreneurial ability are eligible to apply
- Also, the minimum age requirement for IT and e-commerce-related firms is 18 years
- You can easily check the complete application procedure by visiting the official website
Benefits of the PM Loan Scheme:
Following are some major benefits of the PM loan scheme
- People’s tendency will be towards business.
- New technology will increase agriculture.
- The future of the young generation will be better.
- The economic condition of Pakistan will be strong.
- New employment opportunities will increase, and unemployment will also end.
- Poverty will be eradicated due to new businesses.
- The best thing is that the markup rate of this loan is very low, making it easy to repay the loan amount.
Youth Loan Application Form:
You can get an online application form for the Prime Minister Youth and Agriculture Loan. And can complete and submit it online. You must have your original CNIC card to submit an online application.
To get this loan, you must fill in all the original data in the application form. In case of fake data, your application will be canceled.
Click on this link to get an online application form.
Procedures for Youth Loan Program:
To get a Prime Minister Youth Agricultural Loan, you must submit an online application. No application can be submitted physically to avail of this loan. To avail of the loan, you have to apply to the official website of the Government of Pakistan.
An online application has to be filled out to get a loan under the Prime Minister Loan Programme. You must have a PakistanCNIC card to submit this application.
- First, enter your CNIC card number and the Date of issue of CNIC to be entered.
- After that, you have to select your Tier(T1, T2, T3) according to your loan amount.
- After that, you must select the bank under which you want to get the loan.
- Complete Futhers details which were required for the loan like bank details…
This is how to complete and submit your application online.
The applicant should register his information correctly so that he does not face any problems in getting the loan. The Youth Loan Board will verify your application with NADRA data. After that, you will be transferred your money to the respective bank.
Fees and charges of application for Loan:
The fee for submitting this application is around Rs.100 only.
If any bank representative asks you to pay more than Rs.100 in the morning, you can file a complaint against him.
Eligibility Criteria for PM Youth Loan Scheme 2023
- All citizens of Pakistan ID card holders between the ages of 21 to 45 years can easily avail of this loan and grow their businesses.
- Applicants for this loan must be at least 18 years of age to start IT and e-commerce-related businesses. And his education must be at least matriculation or its equivalent to matriculation education.
- People from every province of Pakistan can avail of this loan amount and increase their business.
Required Documents for PM Loan Scheme
- To avail Prime Minister Youth and Agriculture Loan, you only need to have a Pakistan ID card. Without an ID card, you cannot get the loan amount.
- Bank Account and details. You must also have a bank account to transfer your loan amount.
- People who want to get a loan to start an IT or e-commerce-related business. They must have this matriculation certificate and proof of their business.
Youth Loan Tenure:
- The loan tenure for Tier 1 is approximately 5 years.
- The loan tenure for Tier 3 & Tier 2 is around 8 years.
The repayment period of the loan can be shortened or extended. It depends on the bank you choose. You can pay your markup amount in the first two years and pay the remaining amount(capital) in the next three years.
How is not eligible for the PM Youth Loan Program?
Under the Prime Minister’s Youth Loan Program, only those who meet the criteria will get loans.
Following people cannot benefit from the scheme
- Who has applied physically?
- Persons with fake CNIC cards.
- Pakistanis living abroad.
- Government employees are strictly prohibited from applying for loans under this scheme.
- People starting IT/E-commerce-related businesses who do not have a matriculation certificate
- Those who have taken a loan from the government before and have not repaid it can also not apply for this scheme.
Which gender has the upper hand in the PM Youth Loan Scheme?
- In this loan scheme, all men and women will be provided loans. Equally, no one will get any preference.
- Loans will be provided to all men and women under the same arrangement; moreover, women will be given priority in about 25 percent of the loans.