The Prime Minister Youth Loan Scheme 2023 For Business and Agriculture is a government initiative launched by the Prime Minister of Pakistan to provide financial assistance to young entrepreneurs. The scheme aims to provide easy access to credit for young individuals who want to start their own business or expand an existing one. In this article, we will guide you on how to apply for the Prime Minister Youth Loan Scheme online.
Prime Minister Youth Loan Amount and Interest
|Sr. No||Tier||Limit of Loan||Interest Rate|
|1||T-1||Upto 5 Lac (0.5 million)||Interest-Free|
|2||T-2||5 lac to 15 Lac (0.5 million to 1.5 million)||5%|
|3||T-3||15 lac to 75 Lac (1.5 million to 7.5 million)||7%|
- The applicant must be between the age of 21 and 45 years.
- The applicant must be a Pakistani national.
- The applicant should have a business idea or be running a business for at least one year.
- The applicant’s business should not be related to any prohibited sector as per the State Bank of Pakistan’s guidelines.
- CNIC/NICOP of the applicant
- Proof of business ownership or registration
- Business plan
- Financial statements of the business (if applicable)
- Personal and business bank statements
- Tax returns (if applicable)
Online Application Process:
- Go to the official website of the Prime Minister Youth Loan Scheme: https://www.pmyp.gov.pk/
- Click on the “Apply Online” button.
- Fill in the online application form with all the required information.
- Upload all the necessary documents.
- Click on the “Submit” button.
- You will receive a confirmation message with your application number.
Loan Calculator for Prime Minister Youth Loan Scheme 2023
List of Banks For PM Youth Business Loan Program
The following banks are participating in this scheme:
- Allied Bank Limited
- Albaraka Bank Limited
- Askari Bank Limited
- Bank Al Falah
- Bank Al Habib
- Bank Islamic Pakistan Limited
- Bank of Khyber
- Bank of Punjab
- Dubai Islamic Bank Limited
- Faysal Bank Limited
- First Woman Bank Limited
- Habib Bank Limited
- Habib Metropolitan Bank Limited
- JS Bank Limited
- MCB Bank Limited
- Meezan Bank Limited
- MCB Islamic Bank Limited
- National Bank of Pakistan
- Sindh Bank Limited
- Soneri Bank Limited
- United Bank Limited
Loan Amount and Repayment:
The loan amount ranges from Rs. 100,000 to Rs. 5,000,000 with a markup of 8% per annum. The repayment period is up to 8 years with a grace period of 1 year.
Prime Minister Youth Business Loan 2023 Tiers Details
|Tier-1||The range is 100,000 up to 1 million PKR with a 3% markup. No Security is required for a loan in this tier.|
|Tier-2||The range is above 1 Million up to 10 Million PKR with a 4% markup.|
|Tier-3||The range is above 10 Million up to 25 Million PKR with a 5% markup.|
Prime Minister Youth Loan Scheme Details
|Eligibility Criteria||Must be between the age of 21 and 45 years, Pakistani national, have a business idea, or be running a business for at least one year, business should not be related to any prohibited sector as per SBP guidelines.|
|Required Documents||CNIC/NICOP, proof of business ownership or registration, business plan, financial statements, personal and business bank statements, tax returns|
|Online Application Process||Go to the official website, click on the “Apply Online” button, fill in the form, upload documents, submit|
|Loan Amount||Rs. 100,000 to Rs. 5,000,000|
|Markup||8% per annum|
|Repayment Period||Up to 8 years|
|Grace Period||1 year|
The Prime Minister Youth Interest Free Loan Scheme is a great opportunity for young entrepreneurs to access credit and start or expand their businesses. By following the online application process and providing all the necessary documents, eligible individuals can apply for this loan and take the first step toward achieving their business goals.