Prime Minister Youth Scheme, initially launched by former Prime Minister Nawaz Sharif in 2013, has been reinstated by the current Prime Minister Mian Muhammad Shahbaz Sharif to continue empowering the young generation of Pakistan. The revival of this scheme is aimed at providing opportunities for youth to prosper in their lives, particularly through initiatives like the PM Youth Loan Scheme.
PM Youth Loan Scheme
Under the Prime Minister Youth Scheme, several initiatives are operational, among which the PM Youth Loan Scheme stands out. This scheme aims to offer interest-free loans to young entrepreneurs aspiring to start their ventures and in need of financial support.
Eligibility Criteria for the PMYP Loan Scheme
To apply for the PMYP Loan Scheme, certain eligibility criteria must be met:
- Applicants must be citizens of Pakistan holding a valid CNIC.
- Individuals aged between 21 to 45 years are eligible.
- For IT or E-Commerce businesses, individuals as young as 18 years can apply if they have completed at least matriculation or an equivalent level of education.
- The scheme is also open to owners of small or medium-sized startups or existing businesses.
- For agricultural ventures, guidelines provided by the State Bank of Pakistan are followed.
Loan Tiers of Kamyab Jawan Program
| Tier | Loan Amount |
|---|---|
| Tier 1 | Up to Rs 0.5 million |
| Tier 2 | Above Rs 0.5 million to 1.5 million |
| Tier 3 | Above Rs 1.5 million to 7.5 million |
Requirements PM Loan Scheme
Applicants need to provide the following documents for loan application:
- Loan Application Form (in English and Urdu)
- Two recent Passport size Photographs
- Valid CNIC/SNIC
- Feasibility Report
- Financials of the business
- Clean E-CIB of the applicant
- Undertakings from the obligor
- Collateral details (if applicable)
- Two References CNICs
- Additional documents may be required based on the nature of the business.
Prime Minister Youth Loan Scheme Online Application Process
- Register on the PM Youth Loan Scheme website:
- Visit the official website and click on the “New Applicant Registration” button.
- Fill out the required information and verify your account using the received email code.
- Login to your account:
- Use your email and password to log in to your account.
- Fill out the application form:
- Select “New Application” and complete the form with personal, educational, and business details.
- Upload the required documents:
- Scan and upload all necessary documents as per the provided checklist.
- Submit the application:
- Review the application for accuracy and completeness before hitting the “Submit” button.
- Track the application status:
- Keep track of your application status through the dashboard and receive updates via SMS and email.
- Receive loan approval:
- Upon approval, the lending institution will contact you to proceed with the loan disbursement process.
Who is eligible to apply for the PM Youth Loan Scheme?
Individuals aged between 21 to 45 years, with aspirations to start their businesses, are eligible to apply. Age relaxations are provided for specific business sectors.
What are the key documents required for a PM loan application?
Essential documents include CNIC, feasibility reports, financial records, clean E-CIB reports, and other relevant certifications as per the bank’s credit policy.
Conclusion
The revival of the Prime Minister Youth Scheme, particularly the PM Youth Loan Scheme, reflects the government’s commitment to fostering youth entrepreneurship and economic growth in Pakistan. By providing accessible financial support and resources, this initiative aims to empower young individuals to realize their entrepreneurial dreams and contribute to the country’s development.