PM Youth Loan Scheme 2024
In today’s latest news, the PM Youth Loan Scheme 2024 is designed to provide financial assistance to young, aspiring entrepreneurs in Pakistan. This shocking news offers all the essential details, from how to apply online to the eligibility criteria, making it easier for youth to access opportunities for growth and financial stability.
PM Youth Loan Scheme 2024 Online Application: Simplified Process
The PM Youth Loan Scheme is a government initiative aimed at helping underprivileged youth who are eager to work but lack the resources. This program provides loans at a low 15% commercial markup, issued by Islamic and SME banks, with flexible repayment options. Applicants can easily apply online through the official government portal.
For more details on related programs: Ehsaas Tracking Pass Government of Pakistan
Required Documents for PM Youth Loan Scheme Registration
Before applying for the PM Youth Loan Scheme, make sure to have the following documents scanned and ready:
- Passport-sized photo
- Front and back copies of the National ID card (CNIC)
- Latest degrees from educational institutions (High School, Bachelor’s, Master’s, etc.)
- For existing businesses: Reference letter from a relevant Chamber of Commerce, Trade Organization, or Union
- If applicable, a license or registration with a trade organization
These documents are crucial for the application process and ensure that your submission is smooth and complete.
Read more about government assistance: Ba Himmat Buzurg Program Registration
PM Youth Loan Scheme Eligibility: Who Can Apply?
To be eligible for the PM Youth Loan Scheme, the applicant must be:
- A Pakistani national with a CNIC
- Between the ages of 21 and 45
- For IT or E-Commerce-related businesses, the minimum age is 18 years, with at least a Matriculation certificate.
- Eligible for sole proprietorships, partnerships, or companies under the legal age limit.
Special Focus on Women:
25% of loans will be allocated to women borrowers, empowering female entrepreneurs across Pakistan.
For more youth empowerment programs: Ehsaas Program Registration
Objectives of the PM Youth Loan Scheme
The primary objective of the PM Youth Loan Scheme is to help young people achieve financial stability and contribute to the country’s economic growth. By providing interest-free loans of up to 500 million rupees, the scheme empowers youth to build businesses, gain employment, and thrive in their careers.
Loan Repayment Terms and Conditions
The repayment period varies depending on the type of loan:
- For long-term development loans under T2 and T3, the tenor can range from 1 to 8 years.
- For working capital loans, the maximum repayment period is 5 years.
- For the first two years, only the markup is required to be paid. Afterward, the principal and markup are paid over the remaining term.
قرض واپسی کی شرائط اور ضوابط: طویل مدتی ترقیاتی قرضوں کے لئے T2 اور T3 کے تحت مدت 1 سے 8 سال تک ہو سکتی ہے۔ ورکنگ کیپیٹل قرضوں کے لئے زیادہ سے زیادہ واپسی کی مدت 5 سال ہے۔
PM Youth Loan Scheme Helpline
If you need assistance with your application or have any inquiries, you can contact the PM Youth Loan Scheme helpline:
- Call Center: 021-111 265 265
- Service Hours: 24/7
- Official Website: BOK Contact
For more updates, visit: BISP Check Online Payment Update
Updated Information (September 10, 2024)
As of September 2024, the PM Youth Loan Scheme has expanded its reach to even more youth in Pakistan, especially women, offering faster loan processing times and more accessible online application portals. Additionally, new programs targeting agriculture and small-scale industries have been introduced to support rural youth.
For the latest updates, visit: Strategic Plan of SBP
FAQs (Frequently Asked Questions)
Who is eligible for the PM Youth Loan Scheme? Any Pakistani national aged 21 to 45, with specific requirements for IT-related businesses.
What is the minimum loan available under the scheme? The minimum loan amount depends on the business plan, with interest-free loans up to Rs. 500 million.
What documents are needed for the application? A CNIC, latest educational degree, business registration (if applicable), and other relevant certificates.
Can I apply online for the PM Youth Loan Scheme? Yes, the application process is fully online through the government’s official website.
What is the role of women in the PM Youth Loan Scheme? 25% of the total loans are reserved for women borrowers to encourage female entrepreneurship.
What is the repayment period for loans? Depending on the loan type, repayment can range from 1 to 8 years, with flexible terms.
Can I apply if I already have a business? Yes, both new and existing businesses are eligible, provided they meet the necessary criteria.
Is there a helpline for the PM Youth Loan Scheme? Yes, you can call 021-111 265 265 for assistance or visit the BOK contact page for more support.
How does the equity ratio work for new businesses? For T1 loans, the equity ratio is 90:10, while for T2 and T3 loans, it’s 80:20.
What are the objectives of the PM Youth Loan Scheme? The primary objective is to empower youth by providing them with financial support to start and grow their businesses.
For further information, Read More: Read More