Prime Minister Youth Scheme was started by former prime minister Nawaz Sharif in 2013 to empower the young generation of our country. It was initiated with the aim of providing opportunities to the youth so that they can prosper in their lives.
PM Youth Loan Scheme
There are multiple schemes under this project that are actively working for youth in Pakistan. PM Youth loan scheme has been introduced to provide interest-free loans to young entrepreneurs who want to start their own ventures and need capital.
Eligibility Criteria for Applying to the PM Youth Loan Scheme
The PM loan scheme is valid for people aged between 21 to 45 years. The loan is available in 3 tiers for business and agriculture purposes.
- Any person who is a citizen of Pakistan has a CNIC, and is between the ages of 21 and 45, can participate if they have the potential to start their own business.
- If someone wants to start an IT or E-Commerce business, they can be as young as 18 years old, but they must have at least completed matriculation or an equivalent level of education. The age requirement applies to individuals and people who own their own businesses. For other types of businesses like partnerships or companies, only one of the owners, partners, or directors needs to be in the age range mentioned earlier.
- Young people who fall within the age ranges mentioned above can also participate if they own small or medium-sized startups or existing businesses.
- When it comes to agriculture, the classification of farmers will be based on the guidelines provided by the State Bank of Pakistan in their “Indicative Credit Limits & Eligible Items for Agriculture Financing 2020” document.
|Tier 1||Tier 2||Tier 3|
|Up to Rs 0.5 million||Above Rs 0.5 million and upto 1.5 million||Above Rs 1.5 million and upto 7.5 million|
What are the Requirements?
According to a report, the Government of Pakistan has allocated 30 billion rupees to 40,000 eligible people for business and agriculture. Registration for the subject matter is open and you can apply by visiting the website of the prime minister youth program.
You can also visit the branches of the following banks to get the application form and apply for the Prime Minister Youth Agriculture and Business loan scheme.
Prime Minister Shehbaz Sharif took many initiatives for the empowerment of the youth of Pakistan. The loan scheme is one of the projects that was initiated to provide loans for businesses and agriculture purposes. Anyone who is over the age of 21 and under the age of 45 can apply and get the loan. Thus far, the government of Pakistan has allocated 30 billion rupees in this regard.