Thu. Jul 11th, 2024
PM Youth Loan Scheme Registration Started news update 2024

Prime Minister Youth Loan Scheme 2024

Prime Minister Youth Loan Scheme: Prime Minister Shehbaz Sharif has announced to provide business loans to youth with low markup. Will provide loan on free terms. People in the age group of 20 to 45 years are eligible to apply for this program to enhance their entrepreneurship. ITE Commerce Youth should be 18 years of age. PM Youth Loan Scheme

Loans provided by the Prime Minister under the Agriculture Credit Scheme and Youth Business Scheme will be divided into three tiers: Tier 1 will range from zero to Rs 50 lakh with zero percent markup and Tier 2 will range from zero to Rs 50 lakh.  At the top, a tip is made with a markup of five million and five percent.

Prime Minister Youth Loan Scheme 2024

How to apply for a loan?

If you want to submit an application in PM Youth Scheme Business and Agriculture Loan Scheme then you are given an easy way to apply here with the help of which you can easily submit an application for this scheme.  You will be presented with the official portal issued by the Government of Pakistan, from where you have to enter your information.

Eligibility Criteria for the PM Youth Loan Scheme

Before applying for the PM Youth Loan Scheme, it is essential to ensure that you meet the eligibility criteria set by the government. The following are the key requirements:

  • You must be a citizen of Pakistan.
  • Your age should be between 21 and 45 years.
  • You should have a viable business idea or plan.
  • You must possess the necessary skills and qualifications to execute the proposed business.
  • You should not have any outstanding loans or defaults with any financial institution.

Meeting these criteria will increase your chances of being selected for the

Document Required For PM Youth Loan

  • You must have a National Identity Card.
  • You should have an account with any bank.
  • The money will be credited to your account after 45 days as soon as you apply.
  • IT business should have a matriculation certificate.

PM Youth Loan Amount And Interest Rate

Tiers Amount Of Loan Interest Rate Of Loan
1 500,000 0%
2 500,001-1,500,000 4.99%
3 1,500,000-7,500,000 7.99%

Purpose of PM Youth Loan

The beneficiaries of this scheme have to fulfill the prescribed conditions. If an individual cannot fulfill the prescribed conditions, he/she cannot avail loan through PM Youth Scheme. The age of the borrower should be between 18 to 45 years. Through the PM Youth Business Scheme, loans are given to small and big entrepreneurs in easy installments to improve the economy of the country and provide facilities to the youth. To be provided on easy terms.

Purpose of PM Youth Loan

Benefits of the PM Youth Loan Scheme

The PM Youth Loan Scheme offers numerous benefits to the aspiring entrepreneurs of our country. Some of the key advantages include:

  • Access to interest-free loans: The scheme provides interest-free loans, making it easier for borrowers to repay the amount without any additional financial burden.
  • Empowerment of the youth: The scheme aims to empower the youth by enabling them to become self-employed and contribute to the economic growth of the nation.
  • Promotion of entrepreneurship: By providing financial assistance to young entrepreneurs, the scheme encourages the culture of entrepreneurship in the country.

Conclusion

The commencement of the PM Youth Loan Scheme registration for the year 2024 brings hope and opportunities for the youth of our country. By availing this scheme, young entrepreneurs can turn their business dreams into reality and contribute to the economic development of Pakistan.

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