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Prime Minister Loan Scheme in Pakistan 2023 | pmyp.gov.pk LoanPrime Minister Loan Scheme in Pakistan 2023 | pmyp.gov.pk Loan

Prime Minister Youth Loan Program Online Apply

Prime Minister Loan Scheme in Pakistan 2023: The loan is granted within 45 days at very favorable terms. Pakistani citizens can apply for this loan. If they are eligible for the credit, it will be transferred to the specified bank account within 45 days.

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To get a PM Youth loan within 45 days, you need a CNIC ID card. Your age must be between 21 and 45 years. If you don’t meet these criteria, you won’t be able to get the loan.

PMYB & ALS 2023 provides loans to small and large businesses at easy rates and low margins to enable people to do business at scale and improve the country’s economy.

On behalf of the Government of Pakistan, Prime Minister Shahbaz Sharif has introduced a new policy under the Prime Minister’s Youth Business and Agricultural Loan Scheme (PMYB&ALS). After that, the loan amount can be requested from the Pakistani government within 45 days.

Under this PM loan program, all Pakistani citizens between the ages of 21 and 45 can get a loan of up to 75 lakhs from the Government of Pakistan for business purposes.

Objectives Of The Prime Minister Loan Scheme

The Loan Scheme was created by the Prime Minister of Pakistan to provide loans to the youth. Their main goal is to improve the Pakistani economy so that Pakistan can survive economically. By providing youth loans to small and large businesses, the future of the young generation will be bright and Pakistan’s economy will grow.

The provision of loans by the government to start an IT company is a very important step that promotes Pakistan worldwide. By providing credit for agriculture, new technologies will increase agriculture.

Since agriculture is the backbone of Pakistan, agricultural production is also increased by providing credit to farmers. The aim is to provide loans within 45 days so that many people can benefit from this loan program.

PM Youth Loan Scheme Amounts And Premium Rates

  • Tier 1 (T1): The credit limit is up to Rs 0.5 crore (5 Lac) with a margin of 0%.
  • Tier 2 (T2): Above Rs 0.5 crore (5 Lac) and up to Rs 1.5 crore (15 Lac) with a 5% margin.
  • Tier 3 (T3): Above Rs 1.5 crore (15 Lac) crore and up to Rs 7.5 crore (75 Lac) with a 7% margin.

Loan Term:

  • The maximum repayment term for a T1 loan is 3 years.
  • For T2 and T3, the long-term loan terms can be up to 8 years.

Prime Minister Loan Scheme Eligibility

How to get a loan under the PM Youth Business Loan Program:

  • You must be in possession of a CNIC ID card.
  • This loan can only be availed by people who are between 21, 21, and 45 years old and want to do business.
  • The age limit for IT-related companies/e-commerce is 18 years.
  • The eligibility of farmers for receiving agribusiness credit is based on the SBP’s 2020 Indicative Credit Limits and Eligible Items for Agricultural Finance.
  • If many people do business together, the age limit only applies to one partner for whom the loan is granted.

Required Documents for 45-Day PM Loan Scheme

You must receive the money within 45 days:

  • It is mandatory to carry the national identity document with you.
  • You must have a bank account. Funds will be transferred under the Prime Minister’s Youth Loan Scheme within 45 days of your application being approved.
  • Anyone who runs IT businesses must also have a registration certificate.
  • In order to start an agricultural business, you must have documents showing the nature of the business, such as Monthly income and expenses, pipe well bills, etc.

Prime Minister Loan Scheme Non-Eligibility

Within 45 days, the following will not be eligible for the Prime Minister’s Youth Loan Scheme 2023:

  • People with fake IDs or people with multiple IDs.
  • Pakistanis living abroad are also not eligible for a loan.
  • Government employees are strictly prohibited from borrowing under this program.
  • To get a loan for an IT business, you must have a matric certificate. If you don’t have a certificate, you won’t get a loan.

If you meet any of the above conditions, you will not be able to receive the loan within 45 days.

Also Read: Ehsaas Program Registration Center Check CNIC On 8171

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