First list of PM Youth Loan Scheme‘s successful candidates has been issued. Prime Minister of Pakistan himself participated in the function of first draw with his daughter Maryam Nawaz Sharif and Referral Minister for finance Ishaq Dar. The draw was done on computer in front of TV camera for ensuring transparency and merit. National bank of Pakistan and First women bank are funding the schemes. The higher officials of both banks were also present at the occasion.
Prime Minister has fulfilled its promise with the nation by initiating this wonderful scheme for the youth of Pakistan.Youth of Pakistan is glad that government of KPK has also lunched a loan scheme for youth.
In the first year about one lac unemployed people will get loan from this scheme and government is committed to provide more funds for this scheme in the coming years to combat unemployment and poverty in the country. Every Pakistani citizen between 21 to 45 year can apply for loan under this scheme. The mark up is also very low than market i.e eight percent only. 38000 candidates applied for loan under Prime minister youth loan scheme in the first stage from all over the Pakistan. The geographical distribution of the applicants was as under
Federal Capital Islamabad 600
Gilgit and Baltistan 100
But out of these 38000 applicants only 6127 persons could fulfill the required criteria. Out of which 5399 lucky applicants name were drawn in first balloting. The remaining candidates will have to wait till the next draw. This is the draw back of this scheme as a large number of applicants could not qualify for first draw and the all qualified candidates too could not get the loan in first stage. Please review the conditions for applying the loan under this scheme to facilitate the people. Government should consult Dr Amjad Saqib Chairman Akhuwat who is pioneer of interest free loans in the whole world. The recovery rate of these loans is also much better than other banks. This organization is lending micro loans to unemployed persons without interest. Kindly visit http://akhuwat.org.pk for details. We shall write a detail article on Akhuwat soon.
The successful applicants have been informed by their respective banks and you can also see and down load the list of all successful candidates by clicking the link below this page. We congratulate all successful applicants and hope that they will work hard not only for themselves but also for their nation.