Mon. Mar 4th, 2024
Prime Minister Loan Scheme Registration Has Been Started 2024

Prime Minister Loan Scheme

Youth are an important part of our society. The development of a country depends on the youth of that country. If the youth are developed, they play an important role in the development of this country. Keeping this in mind, the Prime Minister of Pakistan launched the Prime Minister Loan Scheme. This loan is given to youth between the ages of 21 to 45 years. 

The Ministry of Industries and Production is actively playing an important role in the Prime Minister Youth Business Loan Scheme for these people and encourages them with various creations of the youth. The Ministry of Industries and Production will continue to support the Prime Minister’s initiatives for the betterment of Pakistan. All citizens of Pakistan, including Azad Jammu Kashmir and Gilgit Baltistan, 

who have a National Identity Card, are between the ages of 18 to 45 years, and possess business acumen are eligible to avail of this loan. A minimum age limit of 18 years and an education minimum of Matric is required for ID/NE commerce sector candidates. The age limit is applicable for Malkan persons only. In the case of all other types of companies, only one of the owners or directors needs to be within this age limit. 

Also Read: Government Of Pakistan Has Launched Ehsaas Rozgar Scheme

Youths who own small and medium enterprise startups and existing businesses and meet the age limit can be eligible for this loan. In the case of agricultural loans, the terms and conditions set by the State Bank of Pakistan for farmers in 2020 will be applicable. Loans provided under the Prime Minister Youth Business and Agriculture Scheme are divided into three tiers.

Tire 1.

 0% markup on range Rs.0.5 million

Tier 2.

5% markup on range 0.5 million to 1.5 million rupees

Tire 3.

7% markup above Rs.1.5 to Rs.7.5 million

Prime Minister Loan Scheme Registration Has Been Started 2024

Prime Minister Loan Scheme 2023

In the Prime Minister Youth Land Scheme, all sectors of Pakistan are eligible, both crop and non-crop sectors in terms of production. In the case of agriculture, a consumer can avail of one production loan and one development loan with an aggregate maximum financial limit of Rs 7.5 million. The Small and Medium Enterprises Development Authority (SMEDA) has been tasked with the Prime Minister’s Youth Program as a supporting role to provide free guidance to applicants.

Also Read: BISP Cash Withdrawal from BISP Payment Center 2024

Prime Minister Loan Scheme 2023 Online Apply

The online application form for the Prime Minister Youth Lawn Scheme has been suggested through the portal. The form will be in both English and Urdu. The portal aims to provide a centralized flat form through which all loan applicants can apply directly to the respective banks. All applications are to be submitted online only through www.gov.pk. Follow the instructions to complete the four-step application form

  • Personal Information
  • Business Information
  • Loan details
  • The financing details

Prime Minister Loan 

Through a centralized system designed by the State Bank of Pakistan, verification of the applicant’s pre-acquired loan, physical verification, verification of the applicant’s residence, and verification of the business plan will be done. After which the application will be approved or rejected as per the financing policy of the bank. The applicant will be informed about the decision through SMS on the registered number. 

The Bank will monitor credit utilization through an independent monitoring process and verification will be arranged by the Bank. Physical application form is not available, all applications have to be submitted online. This scheme is not available for overseas Pakistanis, only people living in Pakistan can benefit from it. 

Also Read: Ehsaas Program 9000 Payment Registration Check Online CNIC

Prime Minister Loan Scheme For House

Housing with adequate facilities is the basic right of any nation and the government of Pakistan is also striving for it. The former Prime Minister of Pakistan Imran Khan launched Naya Pakistan Housing Scheme in 2019 to provide shelter to the poor, homeless, and government employees. 

It was a very good scheme for those people who are very middle class and don’t dare to buy their own house. We have to learn from international experiences how to provide housing facilities to the poor sections of society who do not have a place to live on a priority basis. Ensure the provision of adequate basic amenities without displacing poor people in slums. Try to solve all their problems. 

This scheme was started to provide relief to people who could not afford their own houses, or those whose houses would be washed away in floods. In this, money was provided to help people in building houses, easy loans were given. State Bank has urged all the banks to give loans for the new house housing scheme. This scheme is running successfully in Lahore and many people are benefiting from it.

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Prime Minister Loan Scheme For Business

To provide opportunities for self-employment, to guide the youth of the country on the path of development, and to help the farmers, the government of Pakistan launched the Prime Minister Youth Business and Agriculture Lawn Scheme and introduced a low-cost financing scheme. 

They offer concessional loans to meet long-term and short-term financial needs. The program aims to provide business solutions to meet the financial needs of small businesses. New business establishment or expansion of existing business. This program mainly focuses on young entrepreneurs.

Prime Minister Loan Scheme For Ladies

Under this scheme, only women-owned businesses can be eligible. The bank will sanction loans to eligible customers keeping in view the financing limits of their financial needs, repayment capacity, and risk profile. Under this scheme, women entrepreneurs will be provided preferential loans under the personal guarantee of the consumer.

Also Read: Ehsaas Emergency Program Check Online Registration 2024

Selling access to credit for women entrepreneurs across the country. All women entrepreneurs across the country can be eligible for this scheme. The maximum loan amount will be up to five million rupees. Financing is available at a markup rate of up to five percent. The loan repayment period is a maximum of five years and the grace period is a maximum of six months.

By Mehmood

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