ISLAMABAD, Pakistan: Prime Minister Shahbaz Sharif on Tuesday launched Youth Business and Agricultural Loan Scheme in Islamabad, aimed at promoting self-employment and entrepreneurship amongst the youth.
All Pakistani residents, aged between 21 and 45 years are eligible for the Loan Scheme, where there is a relaxation of the age limit is 18 years for IT/Commerce related loan plans.
Islamic banking facilities are also available as, according to the prime minister, we respect everyone’s point of view and ideologies, the only purpose is to make Pakistan Prosperous and give equal opportunities to youth for growth and progress.
Under the current Loan Scheme, the youth can apply for a loan up to Rs. 75 lac on easy terms & conditions (there is no interest on loan up to Rs. 5 lac). I strongly encourage our women, transgenders & differently abled people to apply & contribute to national development. https://t.co/xNllsmrAvo
— Shehbaz Sharif (@CMShehbaz) January 25, 2023
Salient features of Youth Business and Agricultural Loan Scheme:
- Loans of up to Rs 5 million can be availed on personal guarantee of the borrower
- There will be no interest rate on the loan of up to Rs 5 million
- 5% interest will be charged on the loan of over 0.5 million to Rs 5 million
- 7% interest rate will be charged on the loan of over Rs 5 million to Rs 7.5 million
- 25% quota has been reserved for women
- Islamic banking facilities can also be availed on the Loan Scheme
The addition of agricultural loans will help the rural youth in bringing innovation to farming which can include mechanized farming, the creation of agricultural value chains and the Solarization of farming equipment to create more sustainable energy resource management in a climate-challenged country like Pakistan.
Here is how you can apply for Shahbaz Sharif Loan Scheme 2023 online:
- Aspirants need to visit the Prime Minister’s Office Website (https://www.pmo.gov.pk/) and Click on the Prime Minister’s Youth Programme.
- Click to Apply for Loan under the title the “Prime Minister’s Youth Business and Agricultural Loan Scheme”
- Fill the Form mentioning the CNIC Number, CNIC Issue Date, and Select the Tier before clicking the Enter button.
Loan is divided into three tiers that are Loan Tiers;
- T1 – up to Rs 0.5 million with no markup (interest-free)
- T2 – above Rs 0.5 million up to Rs 1.5 million with a 5% markup
- T3 – above Rs 1.5 million up to Rs 7.5 million with a 7% markup