Young Business and Agricultural Loan Schemes were introduced by Prime Minister Shehbaz Sharif in Islamabad on Tuesday with the aim of encouraging youth entrepreneurship and self-employment. The Prime Minister Youth Loan Scheme Apply Online right this page, lending facility under the programs is available to individuals in the age group of 21 to 45 years. The minimum age requirement for IT and e-commerce companies is 18 years.
Prime Minister Youth Loan Scheme Apply Online
Prime Minister Shehbaz further said that the aim of the loan schemes is to make the youth self-reliant. Detailed instructions Prime Minister Youth Loan Scheme Apply Online are as follows:
- The inclusion of agricultural credit will help rural youth to innovate in farming, including mechanized farming, development of agricultural value chains, and solarization of farm equipment for more sustainable management of energy resources in a climate-challenged country like Pakistan.
- Small business loans for microfinance will encourage the habit of job creation among the country’s youth rather than job seeking.
- On the loan program, you can also use Islamic banking services.
- 25% quota has been fixed for women.
- The prime minister added that under the programs loans of up to Rs 2000 can be availed with personal guarantee of 1.5 million borrowers.
- He said that there will be no interest rate on loans up to Rs 0.5 million. Loans above Rs 0.5 million to Rs 1.5 million will attract interest at the rate of 5 percent, while loans above Rs 1.5 million to Rs 7.5 million will be subject to an interest rate of 7 percent.
Youth Business and Agricultural Loan Schemes 2023
State Bank of Pakistan (SBP) Governor Jameel Ahmed during his speech at the event remarked that “special instructions have been issued to banks to extend Youth Business and Agricultural Loan Schemes 2023”.
He further said that the main objective of the government and central bank is to provide loans to the farm industry. The State Bank Governor said that the farmers of the flood-affected areas will get the necessary assistance. “The maximum loan amount for agriculture has been increased by 44 percent.” The Youth Business and Agricultural Loan Schemes 2023 will take a role to improve the GDP of Pakistan.
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