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January 17, 2024

Apply PM Youth Business Loan Scheme- Latest Update 2024

PM Youth Loan Scheme: The loan will be disbursed within 45 days on straightforward terms. People who are citizens of Pakistan can apply for this loan. If they qualify for the loan, it will be transferred to the bank account provided within 45 days. You must have a National Identity Card to avail the loan within 45 days. You should be between 21 to 45 years of age. You must meet this criteria to be able to get the loan.

PMYB&ALS 2023 provides loans to small and large businesses at easy instalments and low markup rates so that people can do business on a large scale and improve the economy of the country.

On behalf of the Government of Pakistan, Prime Minister Shahbaz Sharif has launched a new policy under the Prime Minister Youth Business and Agriculture Loan Scheme (PMYB&ALS). Under which the loan amount can be obtained from the Government of Pakistan in 45 days.

Under this PM Loan Scheme, all citizens in Pakistan between the ages of 21 to 45 years can avail a loan of up to 75 lakhs from the Government of Pakistan for doing business.

pm-youth-loan-scheme (1)
pm-youth-loan-scheme (1)

PM Youth Loan 2024 Goal

The loan scheme was launched by the Prime Minister of Pakistan to provide loans to the youth. Its main objective 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 large businesses, the future of the young generation will be bright, and the economy of Pakistan will grow pm youth loan scheme.

The provision of loans by the government to IT business startups is a very important initiative that will promote Pakistan globally. Loans for agriculture will increase new technology in agriculture.

pm youth loan scheme (1)
pm youth loan scheme (1)

As agriculture is the backbone of Pakistan, providing loans to farmers will also increase agricultural production. Its aim is to provide loans within 45 days so that many people can benefit from this loan scheme pm youth loan scheme .

Loan Tiers and Markup Rate of PM Youth Loan Scheme

  • Tier-1st (T1): Loan limit up to Rs.0.5 million (5 lakh) with 0% markup rate.
  • Tier-2 (T2): Above Rs.0.5 million (5 lakhs) and up to Rs.1.5 million (15 lakhs) with 5% markup rate.
  • Tier-3rd (T3): Above Rs 1.5 (15 Lac) million and up to Rs 7.5 million (75 Lac) with 7% markup rate.

Loan Term:

  • The maximum loan tenure for a T1 loan is 3 years.
  • For T2 and T3 loans, they are for long term up to 8 years.
  • Eligibility Criteria for PM Youth Loan Scheme 2024
  • To avail loan under 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 want to start a business pm youth loan scheme.
  • Age limit for IT / e-commerce related business is 18 years.
  • Classification of farmers for availing loan for agribusiness will be applicable as per SBP’s “Indicative Credit Limits and Eligible Items for

Documents Required for 45-Day KPM Loan 2024

You should get the money within 45 days.

  • It is mandatory to have a National Identity Card.
  • You must have a bank account. Funds under the Prime Minister Youth Loan Scheme will be disbursed within 45 days after your application is verified.
  • Those doing IT business must also have a matriculation certificate.
  • To start an agriculture business, you need documents showing the nature of the business, such as monthly income and expenses and tubewell bills.
  • Those who are not eligible for the Youth Loan Scheme.
  • In 45 days, the following people cannot benefit from the Prime Minister.

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