Prime Minister Shahbaz Sharif Scheme 2024 For Loans on Low Interest-Apply Online
Federal government has launched Prime Minister Youth Loan Scheme 2024. This scheme has been introduced for providing loans to youngsters on low interest rate. Today we shall guide you about all the aspects of Prime Minister Loan Scheme 2024 or PMYBL. Shaza Fatima Khawaja is monitoring this scheme SAPM on Youth Programme.
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Prime Minister Loan Scheme 2024, Apply Online For PMYBL Loans
65% population of Pakistan is between 21 to 45 years old. IT and Ecommerce specialists may apply even at the age of 18 years. About 1 million youngsters are coming in job market every year. Jobs are not available in both private and public sectors due to low growth rate. Pakistan is facing an economic crisis. Still Prime Minister Shahbaz Sharif has decided to do something for the youth of Pakistan. If you want to start a business then apply for loan under Prime Minister Loan Scheme 2024. If your idea is practical then you can 100% get loan on low interest. There is no discrimination on the basis of gender in this Prime Minister Shahbaz Sharif loan scheme 2024. You may get the loan for a new or existing business.
Points To Be Remember About Prime Minister Loan Scheme 2024 For Low Interest Loans
1-Total 1 million youngsters will be given loans on low interest rate under this scheme.
2-PMLN government has reserved billion of rupees for this scheme.
3-25% quota has been reserved for females.
4-Youngsters from 18 to 45 years can apply for loans under this Prime Minister Loan Scheme 2024.
5-Interest free loans will be given up to 0.5 million rupees. Required equity will be 10%.
6-Loans from 5 lakh to 1.5 million rupees will be will be given on 5% interest rate. Equity for such loans will be 10%.
7-Loans from 1.5 million to 7.5 million rupees will be provided on 7% interest rate. Equity for these loans will be 20%. Government will pay extra interest to the banks on the behalf of borrowers.
8-You will have to pay back these loans in forms of monthly installments of equal amount.
9-You may get maximum two loans.
10-Your application will be processed within 45 days.
11-Candidates will have to pay 100 rupees as application fee.
12-Security deposit is must for Tier3 loans as per the policy of the bank but not needed for tier1 and tier2 loans.
13-There are total 3 tiers of loans i.e tier1 for loan of up to 500000 rupees, tier2 for loans of 500000 to 1500000 PKR and tier3 for loans of 1500000 to 7500000.
14-These loans will be given for the period of 3 to 8 years. Tier1 loans will be paid back within 3 years and tier2 and tier3 in 8 years.
Conclusion
PM youth plus portal is being designed for providing the details and form of this scheme. Soon the portal will be activated for youngsters. This loan scheme will be for candidates from all over the Pakistan. After processing names of selected candidates will be announced in newspapers and on PM’ Youth Plus website. You may read the details about Prime Minister Loan Scheme 2024 for loans at https://www.sbp.org.pk/smefd/circulars/2022/C12.htm too. Soon more details and official ad will be shared on this page of studysolutions.pk. Best of luck for your new business.
Click Here To Apply Online For Prime Minister Loan Scheme 2024
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