Hi everyone! I hope you are doing well. Today I’m here with another article. The people can apply for the PM Youth Business Loan Scheme 2023 for business and agriculture purposes. The government will provide financial assistance to all the young and skilled people who want to start their businesses and they do have not many sources. You can apply for the opportunity and become an entrepreneur. The candidates who are interested to apply for the loan have to visit the official website of the government. The candidates have to accept all the terms and conditions and which are simple and maximum of 7% profit with a loan amount of 75 lac.
PM Youth Business Loan Scheme 2023 is announced for all young people. All the eligible candidates can apply for the loan. The age people must be 21 to 45 years when they apply for a PM youth business loan 2023. If the candidates are interested to start their business in the IT field then they must be above 18 years old when they apply for a loan. The candidates will get the loan amount from 15 commercial, SME, and Islamic banks in Pakistan. The prime minister has launched a program for the youth to provide them the business loan so they can help the country for the growth.
The program is available for all males, females, and transgender. The people will get the loan amount from 5 lac to a maximum of 75 lac. There will be a quota for females of 25%. The PM loan for Business is given in three basic sections.
PM Youth Business Loan Scheme 2023 Tiers Scheme
|Tier-1||The variety is 100,000 up to 1 million PKR with a 3% markup. No Refuge is obligatory for a loan in this tier.|
|Tier-2||The assortment is above 1 Million up to 10 Million PKR with a 4% markup.|
|Tier-3||The assortment is above 10 Million up to 25 Million PKR with a 5% markup.|
List of Banks For PM Youth Business Loan Scheme 2023
- Meezan Bank Limited
- MCB Islamic Bank Limited
- National Bank of Pakistan
- Sindh Bank Limited
- Soneri Bank Limited
- United Bank Limited
- First Woman Bank Limited
- Habib Bank Limited
- Habib Metropolitan Bank Limited
- JS Bank Limited
- MCB Bank Limited
- 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
PM Youth Business Loan Scheme 2023 Eligibility
- The information is the same for the both Kmayab Jawan program and the loan scheme.
- Both genders who have CNIC and are between the age of 21 to 45 and have a business plan are eligible to apply for the program. The government especially announces the program for the IT/Commerce relevant fields and their age must be 18 years.
- The applicant must have a business plan that is ethical and permitted under the law of the scheme.
- The candidates must have to provide a business plan that is ethical, legal, commercially viable, and suitable for candidates’ individual areas and the applicants must have the maximum knowledge about the business that they have to start.
- The business is at a small level and as per the definition of SBP and they have already started the business and they more money to grow the business.
- The candidates who need loans for their IT commerce business must have matriculation or equal education.
- The people who have just started or already have taken the initiative of business can apply.
- People can apply for more than one loan.
- The people who are working in government institutes are not eligible to apply for the scheme.
- The candidates can apply for the loan again and again.
- The applicants have to submit the application online. No physical application will be accepted.
- Applicants with private jobs are eligible to apply.
- One member cannot apply to another name of the family.
- Only Pakistani citizens can apply for a loan.
Prime Minister PM Youth Business Loan 2023 Installments
- There is no specific time period in which you have to submit your loan.
- You can make the installments of the loan according to your feasibility.
- You can submit the complete loan payment if you are eligible to pay.
- The balloon payments will decrease the time period of your loan.
- The candidates can repay their loans in one year and they can also take more time to repay their loans.
How To Apply For PM Youth Business Loan Scheme 2023?
- You must have scanned copies / clear visible pictures of the following documents ready before you start your application:
- Passport Size Picture
- CNIC – Front Side and CNIC – Back Side
- Latest Educational degree/certificate, if and whichever is eligible: Matric, Intermediate, Bachelor, Masters, Ph.D., etc.
- Experience certificate(s), if applicable
- License / Registration with Chamber or Trade Body, if applicable
- Recommendation Letter from respective chamber/trade body or Union, this is mandatory in case of existing business.
- You must have the following information handy before you start your application:
- National Tax Number, in case you don’t have one please register at https://fbr.gov.pk/categ/register-income-tax/51147/30846/71148 https://fbr.gov.pk/categ/register-income-tax/51147/30846/71148
- Consumer ID of Electricity bill of your current address. (NITB to link the image of where consumer ID is written on electricity bill)
- Consumer ID of the Electricity bill of your current office address, if applicable.
- Complete the Registration number of any vehicle registered in your name, if applicable.
- Name, CNIC, and Mobile numbers of Two References other than Blood relatives.
- An approximation of Monthly business income, business expenses, household expenses, and other details will be given in the documents when you apply for the new business. You have to submit your actual Monthly business income, business expenses, household expenses, and other income, if any details
|PM-Youth Website||Registration Online|