PM Youth Loan Scheme: If you are 18-45 years of age and want to get a loan to start a new business or want to expand/invest in an already-running business.
PM Youth Loan Scheme is a government initiative for young entrepreneurs, and after successfully submitting application forms, everyone can get the following amount of loans under this scheme:
- Tier 1: 0.5 million PKR with 0% markup.
- Tier 2: 0.5 Million up to 1.5 Million PKR with 5% markup.
- Tier 3: 1.5 Million up to 7.5 Million PKR with 7% markup
Now the question arises who can get a loan of up to 7.5 Million under the PM Youth Loan Scheme?
Every applicant having a valid CNIC, a successful business plan, or a currently running business, and having no liabilities to any other bank or institution can get these loans under the PM Youth Program.
Having said that let’s explore eligibility, document requirements, and step-by-step online application process for the PM Youth Loan Scheme. Here we go!
Recommended Reading: Shehbaz Sharif Youth Development Package {80 Billion}
PM Youth Loan Scheme Online Apply | PM Loan Scheme Online Apply
Table of Contents
- PM Youth Loan Scheme Online Apply | PM Loan Scheme Online Apply
- What Is The Prime Minister Youth Loan Scheme
- PM Youth Loan Scheme Eligibility Criteria
- How To Apply For the PM Youth Loan Scheme
- Prime Minister Youth Loan Scheme Application Status Check
- Prime Minister Youth Loan Scheme Calculator
- Prime Minister Youth Loan Scheme Helpline
- FAQs | Prime Minister Youth Loan Scheme
What Is The Prime Minister Youth Loan Scheme
PMYB&ALS, also known as the Prime Minister’s Youth Business and Agriculture Loan Scheme, is a dynamic initiative aimed at fostering entrepreneurship among the youth of Pakistan.
This program facilitates aspiring entrepreneurs by offering accessible business loans with favorable terms and reduced interest rates, administered through a network of 15 leading Commercial, Islamic, and SME banks.
Eligibility is open to all Pakistani residents falling within the age bracket of 21 to 45 years, with the lower age limit reduced to 18 years for those venturing into IT and E-Commerce-related enterprises.
To streamline the application process, prospective borrowers are required to submit their loan applications exclusively through the program’s official website.
The loans provided under PMYB&ALS are thoughtfully categorized into three distinct tiers, catering to a broad spectrum of entrepreneurial endeavors
Loans provided under PMYB&ALS are segregated into 3 tiers:
- Tier 1: The range is 0.5 million PKR with 0% markup.
- Tier 2: The range is above 0.5 Million up to 1.5 Million PKR with a 5% markup.
- Tier 3: The range is above 1.5 Million up to 7.5 Million PKR with a 7% markup.
Tier 1
Tier 1 The amount is 500,000 PKR with a 0% extra charge. At the Prime Minister’s Youth Program, we trust in the great abilities of young people. That’s why we’re committed to helping and backing them up.
Tier 2
In the Prime Minister’s Youth Program, we know that everyone needs different kinds of help. In Tier 2, you can ask for money, starting from more than 500,000 PKR up to 1.5 million PKR.
But, there’s a little extra cost a 5% markup on the loan. This helps us keep on supporting you and others who dream big. So, if you want to start a business or go to school, Tier 2 is here to give you a hand with the money you need.
Tier 3
Tier 3: In this category, you can request funds from over 1.5 million PKR up to 7.5 million PKR. But, there’s a little extra charge – a 7% markup on the loan.
In the Prime Minister’s Youth Program, we understand that ambitious plans often require extra help. So, in Tier 3, if you’re thinking about something important, like starting a larger business or pursuing advanced studies, you can apply for a bit more money, and we’re here to support you!
PM Youth Loan Scheme Eligibility Criteria
- Age Requirement: Applicants must fall within the age bracket of 18 to 35 years at the time of application.
- Nationality: The scheme is open to all Pakistani citizens, including residents of rural and urban areas across the country.
- Educational Qualifications: The scheme is inclusive and welcomes applicants from diverse educational backgrounds. There is no specific educational qualification required to apply for the PM Youth Loan Scheme 2023.
- Entrepreneurial Project: Applicants must have a well-defined business idea or a project proposal for which they are seeking financial assistance. The project should demonstrate potential for growth and economic impact.
- Good Credit History: Individuals with a good credit history are given preference during the selection process. A positive credit record indicates financial responsibility and increases the chances of loan approval.
How To Apply For the PM Youth Loan Scheme
To apply for the PM Youth Loan Scheme, you can follow these general steps:
- Research and Gather Information: Familiarize yourself with the eligibility criteria, terms, and conditions of the PM Youth Loan Scheme. Make sure you meet the age requirements and other necessary qualifications.
- Prepare Your Business Proposal: Develop a comprehensive business proposal that outlines your business idea, target market, financial projections, and loan utilization plan.
- Choose a Participating Financial Institution: The PM Youth Loan Scheme is implemented through various partnering financial institutions.
- Complete the Loan Application Form: Obtain the loan application form from the selected financial institution or their website. These documents may include your national identity card, business plan, financial statements, and any other documents required by the institution.
- Submit the Application: Submit your completed loan application form along with the supporting documents to the designated office or branch of the selected financial institution.
- Application Review and Evaluation: The financial institution will review your application and evaluate the feasibility of your business proposal.
- Loan Approval and Disbursement: If your application is approved, you will receive an offer letter specifying the loan amount, terms, and conditions.
- Utilize the Loan for Business Purposes: Use the loan amount as per your business plan and the agreed terms.
- Loan Repayment: Adhere to the repayment schedule provided by the financial institution. Make timely loan repayments as per the agreed terms to avoid any penalties or adverse effects on your credit history.
Prime Minister Youth Loan Scheme Application Status Check
To check the application status of the Prime Minister Youth Loan Scheme, you can follow these general steps:
- Contact the Participating Financial Institution: Reach out to the financial institution through which you submitted your loan application. You can visit their branch in person, call their customer service helpline, or check their website for any online application status tracking facility.
- Provide Application Details: Provide the necessary details related to your loan application, such as your application reference number, applicant name, and any other information requested by the financial institution.
- Inquire About Application Status: Ask the financial institution representative about the current status of your loan application.
- Follow-Up and Communication: Maintain regular communication with the financial institution to stay updated on your application status.
- Online Application Tracking (if available): If the financial institution offers an online application tracking system, visit their website and log in to your account using the provided credentials.
Prime Minister Youth Loan Scheme Calculator
The Prime Minister Youth Loan Scheme Calculator serves as a valuable resource for individuals seeking to evaluate their potential loan repayment obligations within the framework of the Prime Minister Youth Loan Scheme.
By inputting the loan amount, interest rate, and chosen repayment period, applicants can derive an estimate of their monthly installment or overall repayment sum.
Typically, a Prime Minister Youth Loan Scheme Calculator requires the following inputs:
- Loan Amount: The desired loan amount that the applicant intends to apply for under the scheme.
- Interest Rate: The applicable interest rate set by the participating financial institution for the loan.
- Repayment Period: The duration within which the loan is expected to be repaid, usually specified in months.
Prime Minister Youth Loan Scheme Helpline
- Official Website: https://pmyp.gov.pk/
- Phone: 051 9203585
- Email: Complaint@pmyp.gov.pk
Recommended Reading: Shehbaz Sharif Youth Development Package {80 Billion}
FAQs | Prime Minister Youth Loan Scheme
How can I apply for the PM Youth Loan Scheme?
PM Youth Loan Scheme: If you are 18-45 years of age and want to get a loan to start a new business or want to expand/invest in an already-running business.
PM Youth Loan Scheme is a government initiative for young entrepreneurs, and after successfully submitting application forms, everyone can get the following amount of loans under this scheme:
Tier 1: 0.5 million PKR with 0% markup.
Tier 2: 0.5 Million up to 1.5 Million PKR with 5% markup.
Tier 3: 1.5 Million up to 7.5 Million PKR with 7% markup
What documents are required to apply for the PM Youth Loan?
The required documents may include identification proof, educational certificates, income statements, and other relevant paperwork. Applicants should refer to the guidelines for a complete list.
How can I apply for the PM Youth Loan?
The application process can typically be completed online through the official website, where applicants need to fill out forms and upload necessary documents. Specific instructions are available on the program’s website.
What are the different tiers in the PM Youth Loan, and how do they differ?
The PM Youth Loan is divided into tiers: Tier 1 offers PKR 500,000 with 0% markup, Tier 2 ranges from above 500,000 PKR to 1.5 million PKR with a 5% markup, and Tier 3 allows amounts from over 1.5 million PKR up to 7.5 million PKR with a 7% markup.
What are the Eligibility Criteria required for the PM Youth Loan Scheme?
Eligibility Criteria required for PM Youth Loan Scheme:
Age: 18 to 35 years.
Nationality: Open to all Pakistani citizens.
Education: No specific qualification required.
Project Idea: Requires a well-defined business idea or project proposal.
Credit History: Preference for individuals with a good credit record.
How to apply for the PM Youth Loan Scheme?
Here are the details of How to apply for the PM Youth Loan Scheme:
Research Eligibility: Understand PM Youth Loan Scheme criteria.
Prepare Proposal: Develop a detailed business proposal.
Choose Institution: Pick a partnering financial institution.
Complete Form: Obtain and fill out the loan application form.
Submit Documents: Submit the required documents to the institution.
Review Process: The institution will review and assess your application.
Approval and Disbursement: If approved, receive an offer letter and funds.
Business Utilization: Use the loan as per your business plan.
Repayment: Adhere to the repayment schedule to maintain a positive credit history.
What is the Prime Minister Youth Loan Scheme Helpline?
Prime Minister Youth Loan Scheme Helpline
Official Website: https://pmyp.gov.pk/
Phone: 051 9203585
Email: Complaint@pmyp.gov.pk
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