Are you looking to start a business? The Prime Minister Youth Loan Program 2023 – Online Apply is the perfect choice for young entrepreneurs. This guide will provide an in-depth look at the prime minister youth loan scheme 2023, including eligibility criteria and how to apply online. We’ll also discuss loan amounts available, processing times, and all other details related to Prime Minister Youth Loan Program 2023.
Eligibility Criteria & Other Requirements for Prime Minister Loan Program 2023
In order to be eligible for a loan through Prime Minister Youth Loan Program 2023, applicants must:
– Applicants must be men/women holding a CNIC, aged between 21 and 45 years with entrepreneurial potential. For IT/ E-Commerce related businesses, the lower age limit is 18 years.
– Small and medium enterprises (startups and existing businesses) as per definition of SBP are eligible.
– For IT/E-Commerce related businesses, at least matriculation or equivalent education will be required.
– This scheme is available to both startups as well as existing micro and small business enterprises.
– The minimum age for applicants under this scheme is 21 years; relax-able to 18
– The maximum age limit is 45 years at the time of application submission.
– At least one business partner’s/director’s age should comply with the age limit defined under this scheme (21-45 years).
– There is no general requirement for minimum educational qualification, though it will be a favorable consideration for decision-making by banks.
– No gender discrimination in this scheme; however, a 25% share on an aggregate basis of all loans is kept for women.
– Persons employed in private jobs can also apply.
– Existing micro and small enterprises can also benefit from this scheme.
– One family member cannot apply in another name.
– This scheme is only for resident Pakistanis.
– A person cannot avail more than one loan.
– Blood relatives of employees of participating banks cannot apply for loans under this scheme from the banks where their blood relatives are employed.
– Government employees are strictly barred from applying under this scheme.
– All businesses which are ethical and permitted under the law are eligible for this scheme.
– Applicants should select businesses which are ethical, legal, commercially viable, and suitable for applicants’ respective areas and for which applicants possess required minimum knowledge, experience, training and support.
Tiers Details of PM Youth Loan Program 2023
|Tier 1||The range is 0.5 million PKR with 0% markup|
|Tier 2||The range is above 0.5 Million upto 1.5 Million PKR with 5% markup|
|Tier 3||The range is above 1.5 Million upto 7.5 Million PKR with 7% markup|
List of Banks For PM Youth Loan Business Program 2023
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
How to Apply for a Loan under the Prime Minister Youth Loan Program?
To apply for a loan under the Prime Minister’s Youth Loan Program 2023, applicants need to submit an online application form.
– The necessary documents that must be submitted along with the application are:
- Passport-sized photograph
- CNIC (front and back)
- Educational degree or certificate (if applicable)
- Experience certificate (if applicable)
- License/registration with chamber of trade body (if applicable) and recommendation letter from respective chamber/trade body or union (mandatory in case of existing business).
– Applicants must have their National Tax Number ready before starting the application process and can obtain one through the Federal Board of Revenue website. Along with this, they must also have their current address electricity bill consumer ID as well as office address electricity bill.
– Furthermore, applicants should also have the registration number of any vehicle registered in their name (if applicable) and the contact details of two references other than blood relatives.
– For existing businesses, applicants must provide actual monthly business income, business expenses, household expenses and other income (if applicable).
– An estimate of these figures is required for new businesses.
– In order to submit an application form, applicants need to register with a mobile number which is registered under their name. It may take at least 15 minutes to complete the entire application process depending on how much information they have available. Applicants may save a draft before submitting it as well.
– Financial statements, business feasibility reports and last 6 months bank statement can be uploaded to help evaluate the application better.
– Once the form is submitted, applicants will receive a SMS with their application registration number. They can also track their application status through this website at any time. SMS notifications will be sent when the application moves to the next stage of processing.
Applicants should ensure that all information provided on the form is correct and up-to-date for successful submission and evaluation of the application. The prime minister youth loan program 2023 provides an opportunity for startups and young entrepreneurs to avail financing for their projects and businesses, thus enabling them to reach new heights in their respective fields. The program offers attractive interest rates along with a repayment schedule which can be tailored according to individual needs.
The prime minister youth loan program 2023 is an excellent chance for eligible applicants to get access to capital and take their projects or businesses to the next level. By submitting a successful application, applicants can avail secure financing with attractive interest rates in order to achieve their goals. We strongly encourage all interested individuals and startups to apply for this scheme and make use of this special opportunity.
For further information about the prime minister youth loan program 2023, please visit the official website or contact our representatives at the given phone numbers on official website. We wish you the best of luck!
Prime Minister Youth Loan Program 2023 Official website: https://pmyp.gov.pk/
Online Apply for Prime Minister Youth Loan Program 2023: Click Here
Track your Application: Click Here
Calculate Loan Amount and Period: Click Here
Register Complain: Click Here
Email Contact: Complaint@pmyp.gov.pk