Apply PM Youth Business Loan Scheme- Latest Update 2023
PM Youth Loan Scheme: Loan will be provided within 45 days on very easy terms. People who are citizens of Pakistan can apply for this loan. If they are eligible for the loan, it will be transferred to the provided bank account within 45 days. You must have a national identity card to get a loan within 45 days. Your age must be between 21 to 45 years. If you do not meet this criteria, you will not be able to get the loan.
PMYB&ALS 2023 provides loans to small and large businesses in easy installments and at low markup rates so that people can do business on a large scale and improve the country’s economy.
On behalf of the Pakistani government, Prime Minister Shahbaz Sharif has launched a new policy under the Prime Minister’s Youth Business and Agriculture Loan Scheme (PMYB&ALS). Under which the loan amount can be obtained from the Government of Pakistan within 45 days.
Under this PM loan scheme, all the citizens in Pakistan who are between the age of 21 to 45 years can get a loan of up to 75 lakhs from the government of Pakistan for doing business.
Purpose of PM Youth Loan 2023
The loan Scheme was started by the Prime Minister of Pakistan to give loans to the youth; its main purpose is to improve the economy of Pakistan so that Pakistan can stand on its own feet economically. By providing loans to the youth for small and big businesses, the future of the young generation will be bright, and the economy of Pakistan will develop.
The provision of loans by the government to start an IT business is a very important step that will promote Pakistan globally. By providing loans for agriculture, new technology will increase in agriculture.
As agriculture is the backbone of Pakistan, agricultural production will also increase by providing loans to farmers. The aim is to provide loans within 45 days so that many people will be able to benefit from this loan scheme.
Loan Tiers and Markup Rate of PM Youth Loan Scheme
- Tier-1st (T1): loan limit is up to Rs 0.5 million (5 Lac) with a 0% markup rate.
- Tier-2nd (T2): Above Rs 0.5 million(5 Lac) and up to Rs 1.5 million (15 Lac) with a 5% Markup rate.
- Tier-3rd (T3): Above Rs 1.5 (15 Lac) million and up to Rs 7.5 million (75 Lac) with a 7% Markup rate.
Loan Tenor:
- The maximum loan tenure for a T1 loan is 3 years.
- For T2 & T3 loan tenors, they are up to 8 years for the long term.
Eligibility Criteria for PM Youth Loan Scheme 2023
To get a loan under the PM Youth Business Loan Scheme:
- You must have a National Identity Card.
- This loan can be availed only by those who are between 21 years of age and 21 to 45 years of age, and they want to do business.
- The age limit for IT / e-commerce-related business is 18 years.
- Classification of farmers for availing credit for agribusiness will be applicable as per SBP’s “Indicative Credit Limits and Eligible Items for Agriculture Financing 2020.
- If many people are doing business together, then the age limit will be applicable only for one partner in whose name the loan will be availed.
You can also read: PM Youth loan online registration
Documents required For 45-Days PM loan 2023
You have to get the money within 45 days
- It is mandatory to have a National Identity Card.
- You must have a bank account. Money will be sent under the Prime Minister Youth Loan Scheme within 45 days after the confirmation of your application.
- Those who are doing IT business must also have a matriculation certificate.
- To start an agriculture business, you need to have documents showing the nature of the business, such as monthly income and expenses and tubewell bills, etc.
People who are not eligible for Youth Loan Scheme
Within 45 days the following people cannot benefit from Prime Minister
You Can Also Read: Youth Loan Scheme2023:
- Persons holding fake identity cards or persons having multiple identity cards.
- Pakistanis who live abroad are also not eligible to take a loan.
- Government employees are strictly prohibited from taking loans under the scheme.
- To get a loan for doing IT business, you must have a matric certificate, if you do not have a certificate, you will not get a loan.
If you meet any of the above then you will not be able to get the loan within 45 days.