Prime Minister’s Youth Loan Scheme Begins for Punjab University Students

All the students of Punjab University are urged to apply loans under Prime Minister’s Youth Loan Scheme. This small business loan Scheme will focus on educated youth looking for establishing new business / enterprise.

The interested students need to submit small description of proposed business plans / projects to their heads of departments in next 24 hours. The applicants must have 10% of seed money with them on requested loan amount.

The Top 50 students selected by the university will be invited in PM House, Islamabad on 25th of November, 2013. logo

Salient Features of the scheme are:

  1. Loan up to Rs. 2 Million (Rs. 0.5 Million – Rs. 2 Million)
  2. Only 8% markup
  3. To be distributed by NBP (National Bank of Pakistan) & FWB (First Women Bank)
  4. Total loans are 1 lakh
  5. All Pakistani nationals
  6. Eligibility – 21 years to 40 years
  7. Minimum educational qualification is Middle
  8. Students need to submit feasibility of the proposed project
  9. One personal guarantee required
  10. The applicant must have 10% seed money
  11. 15 days approval time
  12. The loans will be awarded transparently on pure merit basis
  13. 50% quota is for women
  14. The loans are to be paid back in seven years
  15. Monthly installments
  16. To mitigate risk, Government will share 50% of the losses subject to the maximum of 10% of the loan amount

For more information click here