The Prime Minister Loan Scheme 2023 has been announced by the Government of Pakistan. Prime Minister Youth Business Loan Scheme and Agricultural Loan Scheme 2023 is back in operation for Pakistani citizens. Online application for the Prime Minister Youth Loan Scheme 2023 is available to all Pakistanis who wish to expand their businesses and increase agricultural production.
What is Prime Minister Loan Scheme
The Prime Minister Loan Scheme is an initiative of the Government of Pakistan to support and encourage young entrepreneurs to start their own business. The primary goal of the scheme is to provide financial assistance to youth between 18-45 years of age for setting up their own business, including startup projects.
This loan scheme helps them to pursue their dreams without worrying about the high-interest rates of regular loans. The Prime Minister Loan Scheme provides loans without interest, making it easier for young people to get the necessary funds to start their own business.
The scheme also provides special schemes such as Prime Minister Youth Business Loan Scheme, which helps young people to obtain a loan at a lower interest rate than usual. The scheme also encourages the growth of MSMEs and helps in creating jobs and economic opportunities for youth. In addition to providing loans, the scheme also provides mentorship, guidance and other resources to help young entrepreneurs.
The scheme has been successful in helping thousands of young people to start their own business and create job opportunities. For those interested in applying for this loan scheme, here are the details.
Loan Type of Prime Minister Loan Scheme
The Prime Minister Youth Loan Scheme provides financial assistance to youth between the ages of 18 and 45 for setting up or expanding a business. The loan is offered in three Tier.
Tier 1
The Prime Minister Youth Business Loan Scheme offers loans between 5,000,00 PKR with 0% markup. No Security required for loan in this tier. You can return upto 3 years and repayment will be in equal monthly installments. However, in case of crop loan, tenor will be upto 1 year and repayment will be lump sum on or before maturity, tied-up with the crop cycle.
Tier 2
You can take 5,000,00 up to 15,000,00 PKR with 5% markup from Prime Minister Loan scheme 2023. You can return loan upto 8 years for long term/development loans with maximum grace period of upto one year.
Tier 3
In this tier 3 Prime Minister Loan scheme give you 15,000,00 up to 75,000,00 PKR with 7% markup. You can return loan upto 8 years for long term/development loans with maximum grace period of upto one year.
For working capital/production loans and murabaha under T2 and T3, tenor will be upto 5 years. Banks will have the option to lend working capital/production loans wherein only markup will be payable during first 2 years and thereafter both principal along with the markup will be paid in next 3 years making it total repayment period of upto 5 years.
To apply for the Prime Minister Loan Scheme, eligible applicants must submit their applications online via the official website of the Prime Minister Youth Program. Applicants are required to provide supporting documents such as identity cards, income proof, bank statements, etc. and a repayment plan outlining how the loan amount will be repaid.
PM Loan Interest Rate
The Prime Minister Youth Loan Scheme offers an attractive interest rate for borrowers. The interest rate for the loan is determined by the government, and currently stands at 0% to 7%. This rate is applicable to all borrowers, regardless of their income level or other financial status.
It is important to note that in order to apply for the Prime Minister Youth Loan Scheme, borrowers must submit documents such as a passport-sized photograph, identity proof, address proof, bank statements, income certificate, and other necessary documents. Once these documents are submitted and verified by the lending institution, borrowers will be informed of the applicable interest rate on their loan.
Eligibility Criteria
In order to be eligible to apply for the Prime Minister Youth Loan Scheme, you must meet the following criteria:
1. You must be between the ages of 18 and 35 years old.
2. If you are 18 years old and want to take a loan from the government, then you should have knowledge of IT and e-commerce to take a loan from the government, because children of the age of 18 years will be given loans only for this field. If your age is 21 to 45 years then you can get loan for any business and agriculture fields.
3. You must be a citizen of Pakistan.
4. You must have a business plan or project proposal for which you need financing.
5. You must have an income source to repay the loan amount.
6. You should have a good credit score and must be able to demonstrate the ability to make timely payments.
7. For How to Apply Prime Minister Youth Loan Scheme, applicants can submit the application form along with the necessary documents to their nearest bank branch or visit the official website of the Prime Minister Youth Loan for more information about the scheme and its application process.
If you want to know about eligibility criteria, loan size, loan type, loan tenor, debit equity ration, Bank rate, end user rate, security requirements, rist mitigation, number of loans per borrower, sectors and products, executing agency (EA), focus on women, Allocation in budget, online application form on PM Youth Portal, Turn around time, Monitoring, Geographical distribution, and Additional Measures so you can read at State Bank Official website.
Prime Minister Loan Scheme Calculator
You can borrow as much as you want from the Prime Minister Loan Scheme. Before taking that loan, you can check how long you will repay the loan and how much markup you will have to pay. How many monthly installments you have to pay. Full details can be found here.
How to Apply Prime Minister Youth Loan Scheme
The Prime Minister youth loan scheme is a program that provides financial assistance to young entrepreneurs in Pakistan. In order to apply for the Prime Minister youth loan scheme, applicants must meet the eligibility criteria, which include age and income requirements.
The loan is available for various purposes such as setting up a new business, expanding an existing business, obtaining working capital, buying machinery or equipment and purchasing raw materials. The Prime Minister loan scheme also offers loans without interest for select categories.
To apply for the loan, applicants need to fill out an online application form available on the website of the Prime Minister Youth Program. Applicants will then be required to provide the required documents and submit them along with the application form.
Check Status of Prime Minister Loan Scheme
After Registration and online application loan scheme, your application will be processed with 45 working days. Once you have applied, you can check here status of your application regarding PM loan scheme 2023.
Conclusion
In this article we have provided you complete details about Prime Minister loan scheme. After reading this article you can get a loan from the government very comfortably.
If you feel that we have missed something in this article, you can let us know in the comments and we will update it for you.
What is Prime Minister Youth Loan Scheme?
The Prime Minister Loan Scheme is an initiative of the Government of Pakistan to support and encourage young entrepreneurs to start their own business. The primary goal of the scheme is to provide financial assistance to youth between 18-45 years of age for setting up their own business, including startup projects.
Who is Eligible for PM Loan Scheme?
In order to be eligible to apply for the Prime Minister Youth Loan Scheme, you must meet the following criteria:
1. You must be between the ages of 18 and 35 years old.
2. If you are 18 years old and want to take a loan from the government, then you should have knowledge of IT and e-commerce to take a loan from the government, because children of the age of 18 years will be given loans only for this field. If your age is 21 to 45 years then you can get loan for any business and agriculture fields.
3. You must be a citizen of Pakistan.
4. You must have a business plan or project proposal for which you need financing.
5. You must have an income source to repay the loan amount.
6. You should have a good credit score and must be able to demonstrate the ability to make timely payments.
7. For How to Apply Prime Minister Youth Loan Scheme, applicants can submit the application form along with the necessary documents to their nearest bank branch or visit the official website of the Prime Minister Youth Loan for more information about the scheme and its application process.
How to Apply for Prime Minister Youth Program?
The Prime Minister youth loan scheme is a program that provides financial assistance to young entrepreneurs in Pakistan. In order to apply for the Prime Minister youth loan scheme, applicants must meet the eligibility criteria, which include age and income requirements.
The loan is available for various purposes such as setting up a new business, expanding an existing business, obtaining working capital, buying machinery or equipment and purchasing raw materials. The Prime Minister loan scheme also offers loans without interest for select categories.
To apply for the loan, applicants need to fill out an online application form available on the website of the Prime Minister Youth Program. Applicants will then be required to provide the required documents and submit them along with the application form.