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Prime Minister’s Youth Business
The Prime Minister’s Youth Business & Agriculture Loan Scheme, supported by 15 Commercial Islamic and SME Banks, aims to foster entrepreneurship among young people by offering business loans with favorable terms and low markups. This program is open to all Pakistani residents aged 21 to 45, with a lower age limit of 18 for IT and e-commerce-related businesses. . The loan scheme is structured into three tiers:
Loan Tiers
- Tier 1: Up to 0.5 million PKR with 0% markup.
- Tier 2: Above 0.5 million up to 1.5 million PKR with a 5% markup.
- Tier 3: Above 1.5 million up to 7.5 million PKR with a 7% markup.
You Can Also Read:3 New Types of Benazir Families Get Payment Through ATM
Loan Types
The scheme provides two types of loans:
- Long-Term/Development Loans
- Working Capital/Production Loans
Eligibility Criteria
The scheme, initiated by Prime Minister Mian Shahbaz Sharif, targets small businesses and the agriculture sector. Eligible applicants include:
- Pakistani citizens aged 21 to 45 with business potential.
- Individuals involved in IT or e-commerce businesses aged at least 18 years.
- Applicants must have at least matric-level education.
- For partnerships or companies, at least one partner or director must meet the age criteria.
- Small and medium-sized enterprises (SMEs) and startups owned by youth.
- For agricultural loans, farmers must meet the State Bank of Pakistan’s credit limit and agricultural financing criteria.
You can also apply for Akhuwat Loan.
How to Apply
Applying for the loan is straightforward:
- Application Form: Click the Application Form button on the website.
- Information Submission: Fill out the form with the required information.
- Eligibility Check: The Government of Pakistan will review the submitted information to determine eligibility.
- Application Status: Check the status of your application by clicking the application status button on the website.
- Loan Calculator: Use the loan calculator to determine your monthly installment plan.
New Update 2024
In response to rising inflation and unemployment, the Government of Pakistan has introduced several programs to provide employment opportunities. The loan terms are designed to be long-term, offering substantial support for starting businesses. Individuals without jobs can apply for loans from programs like the Benazir Income Support Program or the Ehsaas Program. Applications can be submitted online, detailing the nature of the business you intend to start. The government will process the application and inform you about your eligibility and loan details.
PM Loan Collection Center
To collect your loan:
- Visit your nearest bank with your identity card.
- Print out the application form.
- Complete the necessary formalities.
For more information and to apply, visit the official website and follow the provided steps.
