PM Youth Business & Agriculture Loan Scheme 2024

Pakistan’s Prime Minister Shahbaz Sharif has recently launched the PM Youth Business & Agriculture Loan Scheme (PMYB&ALS) 2024 to promote self-employment and a culture of job creation among the youth in the country. The initiative aims to provide financial support to young entrepreneurs, enabling them to start their businesses and contribute to the nation’s economic growth.

Highlights show

Eligibility Criteria

The PMYB&ALS is open to all Pakistani citizens holding a CNIC, aged between 21 and 45 years with entrepreneurial potential. For IT/E-Commerce-related businesses, the lower age limit is 18 years, and at least matriculation or equivalent education is required. Both men and women are eligible to apply for the loan scheme.

Loan Tiers and Interest Rates

The loan scheme is segregated into three tiers:

Tier 1 (T1): Loans up to PKR 0.5 million
Tier 2 (T2): Loans above PKR 0.5 million to PKR 1.5 million
Tier 3 (T3): Loans above PKR 1.5 million to PKR 7.5 million

A 5% interest rate will be charged on loans in Tier 2, while a 7% interest rate will be charged on loans in Tier 3. The interest rates have been kept low to encourage more young entrepreneurs to avail of the loan facility.

Participating Banks

The PMYB&ALS is being offered through 15 Commercial, Islamic, and SME banks across Pakistan. These banks have been selected to ensure that the loan scheme reaches a wide range of potential entrepreneurs in various regions of the country.

Application Process

To apply for the PM Youth Business & Agriculture Loan Scheme 2024, eligible candidates must submit their applications online through the official website. The application form requires personal information, business details, and a comprehensive business plan. Applicants are advised to provide accurate and complete information to increase their chances of approval.

Benefits of the PMYB&ALS

The PM Youth Business & Agriculture Loan Scheme 2024 aims to empower the youth of Pakistan by providing them with financial support to start their businesses. By promoting entrepreneurship among young people, the scheme hopes to create job opportunities, reduce unemployment, and contribute to the overall economic growth of the country.

Moreover, the low-interest rates and simple terms of the loan make it more accessible and attractive to potential entrepreneurs, encouraging them to take the leap and start their ventures.

Conclusion

The PM Youth Business & Agriculture Loan Scheme 2024 is a commendable initiative by the Government of Pakistan to empower the youth and promote entrepreneurship in the country. By providing financial support and fostering a culture of self-employment, the scheme has the potential to transform the lives of many young Pakistanis and contribute significantly to the nation’s economic progress.