Prime Minister Loan Scheme 2024: Check Eligibility & Online Registration

The Prime Minister Loan Scheme 2024 is a transformative initiative to empower young entrepreneurs by giving them financial cash. Through this program, the young generation of Pakistan can start small businesses or invest in programs that provide them with financial independence at a very young age. The program also aims to foster economic growth by reducing unemployment and opening more opportunities for earnings.

The government gives easy access to loans with manageable terms, including low-interest rates and flexible repayment plans, which address the significant barrier to entrepreneurship in Pakistan. The registration for the PM Youth Loan Scheme has started for 2024. Register for the scheme now if you want monetary aid to run your business.

پرائم منسٹر یوتھ لون سکیم کے تحت نوجوانوں کو کاروبار کے آغاز و توسیع اور زرعی ترقی کیلئے 75 لاکھ تک کے آسان قرضہ جات حاصل کریں۔
پہلی کٹیگری میں 5 لاکھ تک کا بلاسود قرضہ حاصل کریں دوسری کٹیگری میں 5 لاکھ سے 15 لاکھ تک کا قرض 5٪ مارک اپ پر حاصل کریں اور تیسری کیٹگری میں 15 لاکھ سے 75 لاکھ تک کا قرض 7٪ مارک اپ پر حاصل کریں۔
اکیس سال سے لے کر پینتالیس سال تک کے مرد و خواتین، خصوصی افراد اور ٹرانسجینڈر اپلائی کرنے کیلئے اہل ہیں اور 25 فیصد قرضہ جات خواتین کیلئے مختص ہیں۔

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Prime Minister Youth Loan Program

The Government of Pakistan launched the Prime Minister Youth Business and Agriculture Loan Scheme (PMYB & ALS) in collaboration with SBP. The Program’s primary purpose is to cater to the young entrepreneur’s working capital financing requirements and term loans. The agriculture loan is given to the agriculture sector at a low-interest rate, aiming to increase jobs in rural areas.

The Program targets individuals aged between 21 to 45 years and with an entrepreneurial spirit. The PM Youth Loan encourages entrepreneurs to venture into many industries, including agriculture, technology, manufacturing, etc. Moreover, female entrepreneurs are also encouraged to apply under this program as they have a dedicated quota that ensures gender equality and supports female entrepreneurship.

PM Youth Loan Program Objectives

The primitive objectives of the Youth Loan Program are given below:

To increase entrepreneurship and self-employment in youth.
To provide them with financial assistance for creating new business ideas or expanding previous one.
To provide job opportunities to the rural masses.
To uplift the economic growth and development of the country.

Youth Loan Amount & Interest Percentage

Prime Minister Muhammad Shahbaz Sharif has announced the start of registration for the Youth Loan Program 2024. Now, you can get a loan of 5 lakhs to 75 lakhs on low markup rates and grow your business. This program allocates around 25 % of loans to female entrepreneurs under the Prime Minister Loan Scheme for Ladies.

Loans under the Prime Minister Youth Loan Scheme are divided into three tiers and each tier specifies the loan amount and % markup. In tier 1, you will get a loan of Rs 1 Lakh to Rs 5 lakh with no markup rate. In tier 2, you can receive a loan of Rs 5 lakh to Rs 15 Lakh with a 5% interest rate. Additionally, in tier 3, you can get a loan of Rs 15 Lakh to Rs 75 Lakh, for which you have to pay 7% interest.

Tier	Loan	Interest Rate %
Tier 1	100,000 – 500,000	0%
Tier 2	500,000 – 1,500,000	5%
Tier 3	1,500,000 – 7,500,000	7%

Eligibility Criteria For The Youth Loan Program 2024

All the social welfare programs have defined criteria to fulfill to register in the Program. The eligibility criteria for the PM loan scheme are:

Applicant must have a valid CNIC.
Applicants must have Pakistani Nationality and apply from everywhere, including Azad Jammu and Kashmir and Gilgit Baltistan.
Applicant age must be between 18 and 45 years.
Have a solid and authentic business idea.
Must have the minimum educational qualification to run a business (Matric is required for IT and e-commerce business sector).
Not a defaulter in previous government loan scheme.
Regarding agriculture loans, the State Bank of Pakistan’s credit limit and terms and conditions apply to farmers.

Prime Minister Loan Scheme Online Apply & Registration Process

After accessing the eligibility criteria, you can apply for the Prime Minister Loan Program 2024 by complying with the following steps:

First, go to the official website of the Prime Minister’s Youth Program (PMYP) at https://pmyp.gov.pk/
Go to the Prime Minister’s Youth Business & Agriculture Loan Scheme link.
After visiting the link, an application form will appear.
Enter all the required information, including your CNIC number, tier type, and CNIC issue date

After entering, you will be redirected to the next page, where you can upload the necessary documents.
Note down the application reference ID number for future use.

Note: It is important to note that the applications are only submitted online through the official PMYP website. No physical applications or other registration methods are applicable.

Required Documents For PM Loan Application

For the Prime Minister Youth Loan Scheme 2024 online apply, an applicant has to submit the following set of documents:

Valid CNIC of the applicant.
Passport-size pictures.
Educational certificates & degree.
Proof of relevant technical skills and experience.
Active bank account details.
Any extra documents are required by the PMYP bank.

Prime Minister Youth Business & Agriculture Loan Scope, Offering & Tenor

Prime Minister Business Loan has some set scope, eligibility, offerings, and loan tenor. Before applying for the loan, you must review the scope and pertinent information.

Scope

As mentioned above, the applicant’s age limit must be between 21 and 45 years (18 for IT or e-commerce-related businesses).

The age limit is applied to the business owner and sole proprietors.
In other types of business, such as partnerships and companies, only one kind of partner should meet the age limit prescribed above.

SMEs, including startups and existing businesses owned by young entrepreneurs falling in the age bracket, are applicable for the loan scheme prime minister.

Loan Offerings

Long-Term/ Development Loans.
Working Capital/ Production Loans.

Loan Tenor

The tenor of long-term development loans is up to 8 years (Grace period up to 1 year).
The tenor for a working capital/ production loan is up to 5 years (Optional Grace Period, while the markup will be payable during the first 2 years).

Kamyab Jawan Program Loan Scheme Online Apply 2024

The Prime Minister Youth program was initiated in 2013 during Mr. Muhammad Nawaz Sharif’s presidency. The program started to provide jobs to Pakistan’s young, unemployed citizens. The program has different segments, including the Prime Minister’s interest-free loan scheme, the Prime Minister’s youth business loan, and the Prime Minister’s youth training scheme.

It also includes several other initiatives, like providing students with free laptops and financial assistance to underprivileged students to meet their educational expenses. The Kamyab Jawan Loan Scheme, also known as the Kamyab Nojawan Program, is part of the PM Youth Scheme. The PTI government proposed the plan in 2019 but was initially led by Maryam Nawaz in 2014. The PML-N government allocated 20 billion for the Prime Minister scheme between 2013 and 2018.

Kamyab Jawan Loan Program Online Registration

Kamyab Nojawan/ Kamyab Jawan Loan Program or PM loan program registration is simple and easy to navigate with online registration. You can visit the official PMYP website at www.pmyp.gov.pk and check the instructions. You can select the language options English and Urdu. After opening the page, you must fill in some vital information to register for the scheme.

First, you have to fill in your valid 13-digit CNIC number and CNIC issue date and select the tier (I, II, III). Once you fill in all the information, click on the enter button. In Tier I, you can get a 5 Lakh Loan without interest in Pakistan. In Tier II, you can get a loan between 500,000 and 1,500,000 at an interest rate of 5%. Moreover, a loan between 1,500,000 and 7,500,000 is granted in Tier III, and 7% interest will be applied.

How To Register For Kamyab Jawan Program 2024 Online Apply?

If you want to get loan aid for your business or find it suitable, you can apply for the Kamyab Jawan Loan or the Prime Minister Youth Loan Scheme online. The steps are straightforward to fulfill.

Visit the official website.
Fill out the application form provided on the website.
Enter all the required information.
Upload all the essential documents, including passport-size pictures, a copy of your CNIC, and other required certifications and degrees.
To check the Kamyab Jawan Program application status, visit the official website at www.pmyp.gov.pk and enter the “Track Application” option.

How To Apply For The Prime Minister Youth Loan Application Form?

To apply for the Prime Minister Youth Loan, you have to fill out an application form, which you navigate on the official program website. Here’s how you can apply for the application form:

Go to the official Kamyab Jawan Program website.
Verify your CNIC, date of birth, and CNIC issued date.
After filling in the information, you will get an application form.
Complete the application form to apply for the Kamyab Nojwan loan.
With the help of the PM Youth Loan Online Application, you can apply for a loan ranging between 100,000 to 25 million.

How To Apply For A Loan On Kamyab Jawan Program Website?

You can apply for a loan on the official PM youth program website. For the PM loan application, you must fill out the application and mention the amount of loan you want to take. After applying for the application, you can track it on the provided link: www.pmyp.gov.pk.

On the website, you can apply for a loan. Moreover, if you need any information, this website entails a detailed overview of the program details, eligibility criteria, and application process for other initiatives such as the Youth Entrepreneurship Scheme. Once you apply for the program, you can receive a loan from the affiliated banks.

Affiliated Banks With The Prime Minister Youth Loan Program

You can get a loan from the below-affiliated bank. For instance, you have approved a Rs 100,000 loan, now you can receive it from one of the previous banks below:

National Bank of Pakistan (NBP)
Bank of Khyber (BOK)
Bank of Punjab (BOP)
Zarai Taraqiati Bank Limited (ZTBL)
Habib Bank Limited (HBL)
Meezan Bank Limited (MBL)
JS Bank Limited (JSBL)
Faysal Bank Limited (FBL)
Askari Bank Limited (ABL)

Prime Minister Youth Loan Status Check Online

After you complete the online application form, the management authorities will verify your information, and a representative from the bank will call you to verify all the information. After assessing and checking all the steps, you will receive a confirmation message showing you can receive your loan. Moreover, you can also check and track your application online on the Program website. For Prime Minister Youth Loan Scheme 2024 Online Apply Check Status, go to www.pmyp.gov.pk “track application.”

Benefits Of The Prime Minister Youth Program Loan

The benefits of the Prime Minister Business and Youth Program Loan are manifold. Some of the significant benefits are discussed below:

Economic Empowerment & Development

The Prime Minister’s Youth Loan is one of the critical initiatives for providing financial empowerment to young entrepreneurs. By giving financial resources to people to start and grow businesses, the scheme contributes to economic empowerment and reduces unemployment. This scheme also gives people a platform to showcase their entrepreneurial talent.

Entrepreneurial Growth

Sometimes, a lack of financial help stops entrepreneurs from coming forward with innovative and brilliant ideas. With credit access, young people feel motivated and encouraged to develop new products, fostering a culture of entrepreneurial growth and innovation in the country.

Job Creation

In developing countries like Pakistan, where young people are looking for jobs due to limited job opportunities, creating a culture of self-employment is essential. Moreover, new businesses or startups can generate employment opportunities for the owner and others. To run a business, you need a workforce, which creates job opportunities.

Inclusivity & Diversity

The PM Youth Business Loan caters to all demographic groups, including women, those from underdeveloped areas, and those from rural masses. The scheme also includes a quota for ladies entrepreneurs, promoting inclusivity and gender equality.

Economic Growth

When the government provides financial assistance to small and medium enterprises, it will help them expand and grow. The collective impact of those enterprises contributes to the country’s overall economic growth and development by generating revenue and playing an essential role in building the economy.

Frequently Asked Questions

What Is the PM Youth Loan Scheme 2024?

The PM Loan Scheme 2024, Kamyab Jawan Program Loan, or PM Youth Business & Agriculture Loan, is the social flagship program initiated by the Government of Pakistan which helps people within the age bracket prescribed above by giving them loans to start a business or expand their current one. To enroll in the program, you have to go to the PM loan scheme online apply page through the online web portal. After successful registration, you can take prime minister youth loan from the affiliated banks.

How Can I Get 100,000 Loan In Pakistan For A Business?

You can quickly get a one lakh loan in Pakistan through the Kamyab Jawan Program Loan or PM Youth Program Loan. To do this, you have to apply online for the loan application. After applying, you can track your application status by Kamyab Jawan program application status online. Once your application gets approved, you can get the one lakh to 5 lakh loan without interest in Pakistan. So, what are you waiting for get and register through Prime Minister Youth Loan Scheme 2024 Online Apply.

What Is An Interest Free Loan In Pakistan In 2024?

The Pakistani government launched several initiatives providing loans to citizens, including the Interest-free Loan program that mainly focused on providing low or interest-free loans to poor families through which they can start small businesses and get another means of income (e.g., Rickshaw). As a result of this program, many individuals and low-income households can get a permanent means of earning.

Who Is Eligible For The PM Loan Scheme?

Specifically, all Pakistani citizens aged between 21 and 45 are eligible for the government loan scheme. However, there is a diverse scope and eligibility, which we have already explained in the above article. Read the article and get complete insights.

What Is The 5 Lakh Loan Scheme In Pakistan?

Under the PM loan scheme, you can now get a loan of RS 5 Lakh to RS 75 Lakh. At 5 lakh, there is no markup or interest rate. But as your amount grows, you have to pay a small interest on it.

How Can I Apply For A 10000 Loan In Pakistan?

To apply for a 10000 loan in Pakistan, you can use the Prime Minister Youth Loan Program. Visit the official website to access the Prime Minister Youth Program online apply section. Here, you can complete the Prime Minister Youth Loan apply process to secure your loan.

Conclusion

In Pakistan, around half of the young citizens and honed individuals are unemployed because of a lack of job opportunities. Moreover, while some people want to go into entrepreneurship to overcome unemployment, a lack of financial resources stops them. If you’re struggling due to no or less monetary support, don’t worry; the Prime Minister Youth Loan Program is here to alleviate your burden. Under this program, you can avail yourself of a 5 lakh to 75 lakh loan on no or minor markup percentage.

The program gives flexible loan return years, mainly to alleviate financial burden and make the young entrepreneur grow. By going on the official website, you can check your eligibility, apply for the PM Youth Program Loan online registration, and track your application status. After successful registration, you can take a loan from the affiliated banks.

The Prime Minister Kamyab Jawan Loan Program fosters the culture of self-employment, entrepreneurship, and resilience and opens job opportunities for other citizens. Overall, collective business growth strongly impacts economic development and growth.

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