Excited news for entrepreneurs! The Prime Minister Youth Loan Scheme (PMYLS) has been issued. This is an excellent initiative taken by the Government of Pakistan to provide support for small businesses and entrepreneurs. This loan scheme aims to reduce the rate of unemployment. It will give an opportunity to youth with access to affordable financing.
Below is the complete detail about the Prime Minister Youth Loan Scheme, how to apply, and the eligibility criteria:
* Key Features of the Scheme:
In these years youth are facing a financial crisis and it hinders their skills and development opportunities. Of course, the PM loan scheme facilitates youth to grow their own businesses.
* Eligibility Criteria:
Individuals aged between 21 to 45 years are eligible for this loan scheme. For IT businesses and entrepreneurs, the lower age limit is 18 years. Application should be a citizen of Pakistan for availing Prime Minister Youth Loan Scheme.
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* Loan Tiers:
Different types of loan ties have been set for loan schemes. Before applying PM Youth Loan Scheme, ensure you have thoroughly all the tiers.
1. Tier 1: The applicant will receive up to PKR 0.5 million with 0% interest (no markup).
2. Tier 2: PKR 0.5 million to PKR 1.5 million will be given as a loan with 5% interest (the markup is 5%)
3. Tier 3: Entrepreneurs will get an amount of 1.5 million to PKR 7.5 million with 7% interest (7% markup)
4. Repayment of loan (Tenure): The repayment period is up to 8 years with a grace period of 1 year Collateral.
5. Security is mandatory for availing PM loan.
* Requirements Loan Scheme:
Vary depending on the loan size and lending institution Target Sectors: Open to all sectors including agriculture, manufacturing, services, and e-commerce.
* How to Apply for the PM Loan Scheme:
Visit the official website: https://pmyp.gov.pk and apply online through this portal. When you register, prepare your required documents like business information and your personal details. After submitting an application, wait for verification and approval from the Government.
٭ Why Prime Minister Youth Loan Scheme:
This loan scheme will provide a growing step in your ongoing business or even to new one. This initiative will help the youth of Pakistan to build their own business, create jobs, and contribute to economic growth. By facilitating the resources for youth, the unemployment rate will be reduced and young people will get self-reliance.
* So Apply for the Prime Minister Youth Loan Scheme Now!
If your business is facing a financial crisis or even your dream is to establish your own new business, the Prime Minister Youth Loan Scheme could be your opportunity. Comment on this post or contact us at dailypostjob.com to gain an online application facility. Your step will take you toward financial independence!
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