Lahore: Prime Minister Pakistan Nawaz Sharif has declared a small business loan scheme for the advantage of jobless and educated youngsters. The scheme will help the people who want to start their own business and to utilize their capabilities to enhance county’s economy. From 5, 000, 00 to 20, 000, 00 could be borrowed from the government under this small business loan scheme and total 1lakh loans will be delivered to the youngsters.
The noted ratio on this loan is fixed at 8% and borrowers will have to pay back the amount with mark up in 7 years. Females pay major attention of this loan scheme as the 50% of the loan will be given to the females. Keep in mind that the risk factor the government declared to bear the 50% of the losses subject to a maximum of the loan prize. Click Here to Download the Form
Everyone who wants to get this loan should have 16 years of education and have a solid business pale. At first the age limit was declared 35 years but later it was increase to 45 years. Intelligible applicants can apply for the loan in NBP (National bank of Pakistan) and First Women Bank of Pakistan. Related bank will begin receiving application form the applicants from 2 Dec 2013.
How to apply for PM Youth Loan:
Documents are needed to apply for PM Youth Loan. The following documents are needed in combination with the PM Youth Loan form.
- Application Form
- Copy of Computerized Identity Card Number
- Feasibility Report for the business category applied
- If you are educated then Educational / Experience Certificate (If any) is required and if you are not educated then it is not required.
After your business loan application is authorized then the bank will said you to bring two contracts if your loan amount is less then Rs. 749,999 otherwise you will be needed to acknowledge the papers of property or gold as security to the relevant bank if the amount of loan is equal to or greater than 7,50,000 to 20,00,000.
All the photocopies should be verified by a registered public representative.