Prime Minister youth loan scheme procedure & Form
LAHORE: Prime Minister Pakistan Nawaz Sharif has announced a small business loan scheme for the benefit of unemployed and educated youngsters. The scheme will help the people who want to start their own business and to utilize their abilities to boost county’s economy. From 5, 000, 00 to 20, 000, 00 could be borrowed from the government under this small bossiness loan scheme and total 1lakh loans will be distributed to the youngsters.
The mark up ratio on this loan is fixed at 8% and borrowers will have to pay back the amount with mark up in 7 years. Women are the main focus of this loan scheme as the 50% of the loan will be given to the females. Keeping in view the risk factor the government announced to bear the 50% of the losses subject to a maximum of the loan prize.
The individual who want to get this loan should have a solid business pale and 16 years of education. At first the age limit was announced 35 years but later it was exceed to 45 years. Legible candidates can apply for the loan in National bank of Pakistan and First Women Bank of Pakistan. Respective bank will start receiving application form from the candidates from 2 Dec 2013.