PM Youth Loan Scheme - Check Your Eligibility/Status [Apply Now]

The Government of Pakistan is launching an amazing program to help intelligent youth fulfill their dreams of starting their own business. The Prime Minister of Punjab Pakistan Mian Muhammad Shahbaz Sharif recently offered the Youth Business and Agricultural Loan Projects, which aim to promote independent business and the creation of profitable possibilities among the country’s youth.

Youth Loan Scheme

The government promises to provide not just financial support, but also extensive advice on how to properly use funds for entrepreneurial initiatives. This article goes into the online application process, loan specifics, eligibility criteria, and more to help consumers take advantage of this great scheme.

Let’s have a detailed view of the eligibility criteria and method for applying for the Youth Loan Scheme.

Also check: Solar Panel Scheme and Ehsaas Program.

What is the Eligibility Criteria for Youth Loan Scheme 2024?

To apply for this amazing Youth Loan users must follow the eligibility criteria mentioned below. If any person does not fulfill this given criteria he/she will not be able to apply in this scheme.

Any citizen from Pakistan with a valid CNIC between the ages of 21 and 45 who can start their own company can be qualified for this scheme.
The minimum age requirement for IT/E-Commerce enterprises will be 18 years old, with matric or an equal level of education.
The age restriction listed above applies to both people and sole owners. Only one of the owners, partners, or directors of any other type of business, particularly collaborations, and corporations, must be within the ages listed above.
Young persons between the mentioned ages who manage small and medium-sized businesses are also eligible.

How to Apply for the Youth Loan Scheme 2024?

Documents Required:

If you want to apply for this loan, you need to fill out the form and submit the following documents.

Passport-sized image of CNIC from both front and back sides.
Latest educational degree or certificate.
Experience certificate.
License/Registration with the Chamber or Trade Body.
Recommendation Letter from the relevant Chamber.
Business strategy or feasibility research.
Evidence of ownership or a security interest, depending on the loan tier criteria.
Bank account details.
Any additional documentation required by the bank.

What amount of loan will be given to a beneficiary?

The Prime Minister’s Youth Business and Agriculture Loan gives loans in three categories.

Tier 1: The price range is 0.5 million PKR (50,000), with 0% charge.
Tier 2: The price range is above 0.5 million to 1.5 million PKR with a 5% charge.
Tier 3: The price range is above 1.5 million to 7.5 million PKR with a 7% charge.

Anyone who meets those requirements and qualifies for a government loan can apply directly for the Prime Minister Youth Loan Scheme.

How to Apply online application for the Youth Loan Scheme?

To Apply online application for the Youth Loan Scheme follow the steps mentioned below:

Visit the official website, www.pmyp.gov.pk. This is your entry point to the Youth Loan Scheme.
Get the application form on the website. It should be immediately accessible and direct you to the next actions.
Complete the application form by providing all required information. Maintain careful attention to detail.
It will include a passport-sized photograph, a copy of your CNIC, and any further degrees or certifications required.
After you’ve filed your application, maintain track of its status. Return to the website and pick the “Track Application” option to see the current status.
By completing these easy directions, you can guarantee a smooth application process and make the Youth Loan Scheme open to everyone looking for financial aid as well as personal and professional growth opportunities.

It is important to note that applications must be submitted online through the official PMYP site. Only online applications will be accepted there is no physical submissions are accepted.

Types of Loans and Duration

The Prime Minister Youth & Agriculture Loan Scheme provides a variety of loan types geared to specific company needs:

Term loans, working capital loans, financing for machinery and locally manufactured cars for commercial use, and Murabaha are also available.
Every borrower is only entitled to own one car. A restaurant franchising and marketing business borrower may be able to obtain finance for many cars.
Civil works may use up to 65% of the total financial ceiling. Agriculture is eligible for output and economic growth loans.

Loan Duration

Tiers 2 and 3 are long-term loans having an absolute maximum term of 8 years and an annual grace period.
Tiers 2 and 3 offer operating capital as well as manufacturing loans with repayment periods of up to five years.

FAQ’s

How Can I track the current status of my Youth Loan Scheme?

Candidates can check the current condition of their loan applications online using the specified portal. Individuals can track the status of their applications by providing their CNIC number, cellphone number, CNIC issuing date, and date of birth.

How can I verify my eligibility for the PM loan scheme?

Anyone in Pakistan between the ages of 21 and 45 who is interested in starting their own business is qualified to apply for a loan. For companies involved in information technology and e-commerce, the minimum age is 18. Only online applications received through the official website will be considered.

Can I Change the Youth Loan Scheme Application Form?

Unluckily, after an application has been submitted, it cannot be edited. To avoid disapproval, the form must be completed accurately.

Conclusion

The Prime Minister’s Youth and Agriculture Loan Scheme 2024 provides a great chance to enable Pakistani youth and landowners to start or expand their companies with financial assistance. Eligible persons aged 21-45 can apply for multiple loan tiers with favorable terms and minimal prices by completing a simple online application process.

The program not only gives financing but also guidance to help businesses succeed. With loans ranging from 0.5 million PKR to 7.5 million PKR, which the initiative meets a wide range of demands while boosting economic growth and lowering unemployment.