The government has designed Prime Minister’s Youth Business and Agricultural Loan Scheme to promote self-employment and entrepreneurship amongst the youth.
A document states that under this programme, applicants between the ages of 21 and 45 are eligible for loans totaling up to 7.5 million rupees. The minimum age requirement for IT and e-commerce companies is eighteen years old.
Small company loans for microfinance will encourage the norm of job creation rather than job seeking among the nation’s youth bulge. The inclusion of agricultural loans will aid rural youth in bringing innovation to farming, including mechanized farming, the development of agricultural value chains, and the solarization of farming equipment to create more sustainable energy resource management in a country with a challenging climate like Pakistan.
On the basis of the borrower’s personal guarantee, loans up to 1.5 million rupees may be obtained.
A loan of up to 0.5 million rupees will not have an interest rate. On loans between 0.5 and 1.5 million rupees, an interest of 5% will be applied. On loans between 1.5 million and 7.5 million rupees, an interest rate of 7 percent will be applied.
A quota of 25% has been aside for women.
On the loan programme, you can also use Islamic banking services.
