Guide to Apply for PM’s Youth Business and Agricultural Loan Schemes
How to Apply for the PM's Young Entrepreneur and Agricultural Loan Programs
How to Apply for the PM's Youth Business Loan and Agricultural Loan Schemes
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eligibility requirements
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The Pakistani government has unveiled a fresh program to support outstanding young people in following their entrepreneurial aspirations. The Youth Business and Agricultural Loan Schemes were just introduced by Prime Minister Shahbaz Sharif to encourage youth self-employment and the development of jobs as a standard.
People between the ages of 21 and 45 may apply for a loan of up to 75 lakh under the PM's Youth Loan Scheme. However, the minimum age requirement is 18 for those with an interest in the IT and e-commerce industries.
"The loan up to PKR 0.5 million will not have an interest rate. The loan amount over PKR 0.5 million to 1.5 million will be subject to a 5% interest rate, the prime minister announced at the inauguration event in Islamabad. "The loan amount over PKR 1.5 million and up to PKR 7.5 million would be subject to a 7% interest rate."
Additionally, the credit facility will assist in introducing and promoting the use of cutting-edge technologies in agriculture among young people in rural areas. Businesses might become more sustainable, ecologically friendly, safe, and, of course, profitable as a result of innovation in this area.
Eligibility Standards for Pakistan's PM Youth Loan Program
Applicants for the prime minister's youth loan program must be Pakistani citizens who fit within the aforementioned age range. Additionally, those who work for the bank chosen for the loan application as well as those who are politically exposed are ineligible for this project.
It is also crucial to note that submitting the application does not require supplying a National Tax Number (NTN). However, holding an NTN can improve your chances of selection, per the scheme's official website.
For further details, feel free to look at our tutorial on how to submit taxes in Pakistan.
WHAT IS NECESSARY TO APPLY FOR THE LOAN PLAN?
The materials listed below are required to complete your application.
passport-sized photograph
CNIC scanned copy (both sides)
most recent academic degree or certificate (Matric, Intermediate, Bachelor, Master, PhD etc.)
certificates of experience, if any
If applicable, a license or registration with a chamber or trade body
A letter of reference from the relevant chamber, trade association, or union in the case of an existing firm
Financial records
business strategy
bank statements over the past six months
Additionally, you should have this information on hand:
National Tax ID
the consumer identification number on your most recent utility bill
If there is one, it can be found on your current office address' electrical bill.
Any car that is registered in your name with a registration number
Two references' names, CNICs, and mobile numbers (other than blood relatives)
specifics of your household's, your business's, and other expenses each month
APPLICATION PROCEDURE FOR PM'S YOUTH LOAN SCHEME
Here is a step-by-step tutorial for applying to Pakistan's new youth business loan program.
Clicking here will bring up the registration page. Please enter (https://pmyp.gov.pk/bankform/
To avoid any confusion, click the 'Instructions' tab and carefully read each tip.
Choose a tier, enter your CNIC number, and the CNIC issuing date:
Tier 1: 0%-margin loans up to PKR 5 lakh.
Tier 2: A 5%-added loan up to PKR 15 lakh.
Tier 3: A 7%-added loan up to PKR 75 lakh.
To be taken to the application form, press enter.
There are several sections on the form. Fill in the necessary fields in Section A: Initial Selection starting at the top of your abilities. Please take note that all required fields are indicated with an asterisk (*).
Add the information about your selected references in the appropriate fields once you have completed all nine parts. Their names, your relationship to them, their CNIC numbers, and their mobile numbers are among these details.
A Declaration Form is located at the bottom of the form. Before signing the final part, please double-check your application.
Please be aware that NADRA will verify all of the data you've provided. A modification or update cannot be made to the form after it has been submitted. Additionally, users have the option to submit the form all at once or save their progress at any time. However, if you have all of your paperwork ready, registration should only take a half-hour or less.
This concludes our blog post on the Youth Business and Agricultural Loan Schemes application process. Here are 39 low-cost business ideas you can start if you need some entrepreneurial inspiration in 2023.
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