The prime minister will unveil the youth business and agricultural loan programs on Tuesday in Islamabad.
The program aims to promote entrepreneurship and self-employment among young people.
Amounts of up to 7.5 million rupees in loans are available under these programs to borrowers between the ages of 21 and 45. For IT and e-commerce companies, 18 years old is the minimum age requirement.
The nation’s youth bulge would gain access to microfinance through small business loans if job creation became the norm rather than job seeking.
The expansion of agricultural loans will help rural youth implement farming innovations, such as mechanized farming, the creation of agricultural value chains, and the solarization of farming equipment to produce more sustainable energy resource management.
Personal guarantees from the borrower are required in order to obtain loans up to 1.5 million rupees.
The maximum 0.5 million rupee loan would not have an interest component. A 5% interest rate will be charged on loans between 50 and 150 million rupees. Interest will be charged at a rate of 7% on loans between 1.5 million and 7.5 million rupees.
Women are entitled to a quota of 25%.
Additionally, you may use Islamic banking services on the loan program.
The PML (N)-created loan program, which has been in place since 2013, has assisted young people in realizing their dream of opening their own businesses. Recently, the plan was suspended while it underwent organization and revision.