Prime Minister Loan Scheme 2023 For Low Interest Loans in Pakistan, Apply Online
Level of unemployment is increasing day by day in Pakistan. Interest rate has reached up to the level of 16.25 percent in banks. Youngsters can not even think to launch a business with loan of such a high mark up. Federal collation government of Pakistan has decided to facilitate the youngsters for launching business of their choice. That’s why federal government has launched a low mark up loan scheme. First tier of loans will be given with zero mark up, This scheme is known as Prime Minister Youth Loan Scheme 2023.
Prime Minister Youth Loan Scheme 2023, Eligibility, Terms, Apply Online
This page of jobsstudy.pk will provide you complete information about Prime Minister Youth Loan Scheme 2023. You can also apply online for Prime Minister’s Youth Loan Scheme 2023 within few seconds. We shall also provide you all latest news and updates about this PM Shahbaz Sharif loan scheme 2023 for men and women. Local Pakistani citizens from all districts of country are eligible to apply for loan of up to 7.5 million rupees under this low interest loan scheme. Government is very serious for empowering the youth specially women as 25% quota of this low interest PM loan scheme 2023 has been been reserved for females.
Tiers of Prime Minister Loan Scheme 2023
There will be following three Tiers of loans.
Tier 1 or T1-Up to 0.5 million rupees
Tier 2 or T2-0.5 to 1.5 million rupees
Tier 3 or T3-1.5 million to 7.5 million PKR
Details of Prime Minister Youth Loan Scheme 2023
Low mark up loans will be distributed on merit among 1 million citizens of Pakistan. One hundred billion rupees have been reserved for this scheme in first stage. Soon more funds will be allocated. 1/4 loans will be given to females who want to become business women. Lower age limit of applicants is 21 years. Upper age limit is 45 years. No relaxation in age limits will be granted but individuals of 18 years may also apply if they are related to information technology or E-Commerce based businesses. Remember that your business plan must be feasible. 10% equity will be required for loans of Tier 1 and Tier 3. Interest rate will be 0% and 5% for Tier 1 and Tier 2 loans. 20% equity will be needed for loans of Rs/. 1500000 to 75 million rupees (Tier 3). Mark up rate for such big loans of Tier 3 will be 7%. Government will pay the rest of mark up to the banks.
Prime Minister Youth Loan Scheme 2023 Loan Tenor
Tenor of T1 loans will be upto 3 years but for crop loans the tenor will be upto one year.
Tenor of T2 and T3 loans will be upto 8 years. Grace period of one year is separate.
Points to Be Remember About Prime Minister Loan Scheme 2023
1-Loans will be paid in easy and equal monthly installments.
2-A customer can get maximum 2 loans.
3-Processing time of loan will be maximum 45 days.
4-100 rupees is the application processing fee and fee for the verification of CNIC from Nadra.
Visist PM Youth Program (PMYP) Portal https://pmyp.gov.pk or https://www.sbp.org.pk/smefd/circulars/2022/C12.htm for more details about Prime Minister Loan Scheme 2023.
5-No security deposit is needed for Tier 1 and Tiers 2 loans as these loans will be disbursed on personal guarantee of the borrower while for Tier 3 loand will be secured as per the banks policy.
6-On https://pmyp.gov.pk/pmyphome/Yes you may track your application and can also calculate the monthly installment of your loan.
Final Words
Soon more details will be announced on this blog post. Till then read the details in given in the Portal https://pmyp.gov.pk . Kindly share the details given on this page with those who need funds on low mark up for launching a new business. Remember that soon more schemes will be launched for youth of Pakistan by this new PMLN government. Visit jobsstudy.pk and its facebook page for more information about Prime Minister Youth Loan Scheme 2023 and other federal and provincial government schemes.
Click Me To Apply Online For Prime Minister Youth Loan Scheme 2023
