Breaking News Prime Minister Youth Loan Scheme has Three Categories Full Details In 2024

Youth Loan Scheme has Three Categories

The Prime Minister Youth Loan Scheme is a vital action aimed at empowering the youth of the nation through fiscal support and entrepreneurship stimulants. This scheme is divided into three orders, each  acclimatized to meet the varied  requirements of aspiring youthful entrepreneurs. In this blog post, we will claw into the Youth Loan Scheme has Three Categories Full Details of each order, including eligibility criteria, loan limits, prepayment terms, and other essential information. Read More: New Housing Scheme for Low- Income Earner

Prime Minister Youth Loan Scheme has Three Categories

Scheme 1: Micro Loans  

Overview   

  • Loan Amount: Up to PKR 500,000  
  • Interest Rate: 3 per annum  
  • Prepayment Period: 3 to 5 times  
  • Grace Period: 6 months  
Youth Loan Scheme has Three Categories
Youth Loan Scheme has Three Categories

Eligibility Criteria   

Age: 21 to 45 times  

Education: No minimum demand  

Collateral: Not needed  

Purpose   

Micro loans are designed to support small business startups and micro-enterprises. These loans are ideal for individuals looking to establish or expand small- scale operations similar to retail shops, home- grounded businesses, and small services.  Read More: Apna Ghar Scheme Applying Process

Application Process  

  • Aspirants must submit a detailed business plan.  
  • Give necessary identification and address evidence.  
  • A simplified operation form is available online and at designated banks.  

Scheme 2: Small Loans  

Overview   

  • Loan Amount: PKR 500,001 to PKR  
  • Interest Rate: 4 per annum  
  • Prepayment Period: 5 to 7 times  
  • Grace Period: 1 time  

Eligibility Criteria   

Purpose   

Small loans are aimed at supporting small and medium- sized enterprises( SMEs). These loans can be used for colorful purposes, including copping outfit, force, and working capital requirements.  

Application Process   

  • Submission of a comprehensive business plan is obligatory.  
  • Aspirants need to give collateral or a patron.  
  • The operation can be filled online or at the mate banks.  

Scheme 3: Medium Loans  

Overview   

  • Loan Amount: PKR to PKR  
  • Interest Rate: 5 per annum  
  • Prepayment Period: 7 to 9 times  
  • Grace Period:1.5 times  

Eligibility Criteria   

  • Age: 21 to 45 times  
  • Education: minimal intermediate or original  
  • Collateral: obligatory  

Purpose   

Medium loans feed to established businesses looking to gauge operations. These loans can fund major expansions, purchase of advanced ministry, or large- scale functional advancements.Read More: Restarting the Laptop Scheme

Application Process   

  • Detailed business plan with fiscal  protrusions needed.  
  • Submission of collateral attestation.  
  • Applications are reused through designated banks with strict evaluation criteria.  

Comparison Table: Youth Loan Scheme has Three Categories Full Details

Category Loan Amount (PKR) Interest Rate Repayment Period Grace Period Collateral Education Requirement
Micro Loans Up to 500,000 3% per annum 3 to 5 years 6 months Not required None
Small Loans 500,001 to 1,500,000 4% per annum 5 to 7 years 1 year Required Matriculation or equivalent
Medium Loans 1,500,001 to 25,000,000 5% per annum 7 to 9 years 1.5 years Mandatory

Final Thought 

The Prime Minister Youth Loan Scheme is a transformative program that offers a significant boost to youthful entrepreneurs in Pakistan. By grading loans into micro, small, and medium parts, the scheme ensures that a wide array of business  requirements are met. Whether you are starting a small retail shop or planning a large- scale manufacturing unit, this action provides the necessary fiscal support to turn your entrepreneurial dreams into reality. Read More: Honhaar Merit Scholarship Application

FAQs  

  1. Can I apply for the loan if I’m over 45 times old?
  • No, the age limit for aspirants is rigorously between 21 to 45 times.   
  1. What if my business fails, will I still need to repay the loan?
  • Yes, prepayment is obligatory as per the terms agreed upon during the loan blessing process. Still, if your business faces genuine difficulties, you can bandy implicit cataloging options with your lender.   
  1. Is there any processing figure for the loan operation?
  • Yes, a nominal processing figure is applicable, which varies grounded on the loan order.   
  1. Can I apply for a loan online?  
  • Yes, the operation process is eased both online and through mate banks.   
  1. What documents are needed for the loan operation?  
  • generally, you’ll need identification  evidence, address evidence, educational instruments, and a detailed business plan.   
  1. Are there any sectors not covered by the loan scheme?  
  • Certain sectors supposedly high-  threat or non-compliant with public interests may not be eligible. It’s stylish to consult the scheme’s guidelines or your bank for detailed information.   

 

Leave a Comment