The PM Youth Business and Agriculture Loan Scheme (PMYBS&ALS) was introduced by Prime Minister (PM) Shehbaz Sharif on Tuesday. Earlier, this initiative was known as the PM Kamyab Jawan Entrepreneur Loan Scheme.
In particular, the prime minister urged women, transgender people, and people with disabilities to apply for loans through the program.
The governor of the State Bank of Pakistan (SBP), Jameel Ahmad, said that banks have received specific instructions to handle loan applications promptly.
This article goes into great detail about the PM Youth Business and Agriculture Loan Scheme.
All Pakistanis with a valid CNIC or a Form-B are eligible to apply for loans, including those from Gilgit Baltistan (GB) and Azad Jammu and Kashmir (AJK).
The minimum age requirement is 18, while the maximum age requirement is 45.
- current academic standing
- A certificate of experience (if applicable)
- Registration/licensing with a chamber, trade association, or union (if applicable)
- A letter of support from the appropriate chamber, trade association, or union (required in the case of an already-existing business)
Other Important Details
- National Tax Number (NTN)
- Consumer ID from a current address’s electricity bill (if applicable)
- Vehicles that are registered in the applicant’s name and their registration number (if applicable)
- Two references who are not related by blood should provide their names, CNICs, and cellphone numbers.
- An estimate of monthly business income, expenses, household costs, and other income in the case of a new business; an accurate estimate of monthly business income, expenses, household costs, and other income in the case of an existing business.
How to Apply?
Candidates who meet the requirements must submit an online application for the PM Youth Business and Agriculture Loan Scheme. The procedure for applying is described in detail below.
Loan Amount and Interest Rate
There are three tiers in which the loans are divided:
|Tier||Loan Amount (Rs.)||Interest Rate|
|2||500,001 – 1,500,000||5%|
|3||1,500,001 – 7,500,000||7%|
Please note: Once an application has been filed, changes cannot be made. Therefore, it is strongly recommended that all applicants complete the application completely and truthfully. Save the filled-out form, double-check that all the fields are accurate, and then submit it.