How to apply for PM Youth Loan Scheme 2023
Pm Youth Loan Scheme: Because of the growing poverty in Pakistan, the government of Pakistan has started a prime minister youth loan scheme so much so that the youth of Pakistan can run any business by getting a loan from the government of Pakistan. That loan is also called a youth loan. Some guidelines are given for this. By following them,
you can qualify for this program and get a loan from the Government of Pakistan to hire your Business, and you can run any business. Remember, this is Living Youth. So if you are among the youth eligible for loans in the program,
you must apply for this program. You can get information about the pmybl loan scheme of all banks of Pakistan. Also, we will provide you with all the information about this program that every man must know.
The Prime Minister Youth Loan Scheme (PMYLS) is a government initiative aimed at promoting youth entrepreneurship in Pakistan. The scheme provides interest-free loans to eligible individuals, allowing them to start their own business ventures. In this article, we will discuss the application process for PMYLS 2023, and provide a step-by-step guide to help you apply for this scheme.
Understanding the PM Youth Loan Scheme
Before we dive into the application process, it is essential to understand the eligibility criteria and the terms and conditions of the PMYLS. The scheme is available to all Pakistanis between the ages of 21 to 45 years who have a viable business plan. The loan amount ranges from PKR 100,000 to PKR 5,000,000, depending on the nature and scale of the business.
Preparing Your Business Plan
To apply for the PMYLS, you must have a viable business plan. Your plan should outline the nature of your business, its objectives, and how you plan to achieve them. It should also include details of the projected costs and revenue, along with a financial analysis of the business. If you need assistance in preparing your business plan, you can seek help from the Small and Medium Enterprises Development Authority (SMEDA).
Registering Your Business
Before you can apply for the PMYLS, you must register your business with the relevant authorities. You can register your business as a sole proprietorship, partnership, or a private limited company, depending on your requirements. The registration process may vary depending on the type of business you are starting, so it is essential to research the requirements thoroughly.
Applying for the PM Youth Loan Scheme
Once you have prepared your business plan and registered your business, you can apply for the PMYLS. Here is a step-by-step guide to help you through the process:
Step 1: Visit the PMYLS Website
The first step in the application process is to visit the PMYLS website. The website contains all the information you need to apply for the scheme, along with the application form.
Step 2: Download the Application Form
Download the PMYLS application form from the website. The form requires you to provide details of your business plan, along with your personal information.
Step 3: Fill in the Application Form
Fill in the application form carefully, ensuring that all the information you provide is accurate and up-to-date. Attach all the necessary documents, including your business plan, and proof of registration.
Step 4: Submit the Application Form
Once you have filled in the application form and attached all the necessary documents, submit it to the relevant authority. The authority will review your application and notify you of its decision.
This program was started by the former Prime Minister of Pakistan, Imran Khan, who started the successful National Youth Development Program and provided business loan facilities to the youth of Pakistan. Till now, people have been benefiting from it.
The purpose of this program was to engage only those youths who were troubled by poverty. After filling up the youth loan Form in Pakistan, you get a response message after a few days about whether you are eligible for this program.
- The National Bank of Punjab has given 50% of the Prime Minister’s Successful Youth Program, and other banks are responsible for 50%.
- Applicants can visit the official website of the successful young program and download the loan application form.
- Under the Prime Minister’s Successful Youth Program, the youth can get a loan from one lakh to five million. In case of any loss or repayment of a debt by the applicant
How To Apply For Prime Minister Youth Loan Scheme 2023
After applying for PM Youth Loan Business, you must wait a bit. We will tell you how to apply and get a loan from this loan scheme, the best in the country today. The major problem is poverty, which is increasing,
keeping in mind that the government of Pakistan has arranged interest-free loans for youth, which has been running since the era of Imran Khan, and this is to eradicate poverty in the country.
It will be a good source if you want to get admission to this program, run your own business, and start a new one. The procedure follows the instructions below Get Adopted by Govt of Pakistan.
Required Documents
- First, you must have the following documents to submit your application.
- A front and back copy of your identity card
- You must have your photos
- You are among the youth, and you are submissive. You must have a degree.
Youth Loan Scheme 2019 Imran Khan
If you also want to register online, the registration process is straightforward, you can get your registration at home, and you will know whether you are eligible. If yes, you are told the procedure and what you have to do, and if you are eligible, you are told from which bank you have to get it.
- Full registration number of any vehicle in your name, if applicable
- Apart from their institution’s name of two references, CNIC card, and mobile number
- No Monthly income in case of business Business income Business expenses Estimates of household expenses and other income you did not have while the business existed. Please do not prepare business documents at this time. You should have them. Details are important
- First, you go to the National Bank website and sign up there
- Also, if you have an Android mobile, you can download the Play Store application and go out and sign up
- It is essential to have the following information available. You can complete the evening at once to make limited reservations for later submission.
- Please upload as much information as you have and avoid uploading the wrong information; otherwise, action may be taken against you.
- You must have your last six months’ bank statement if you are an applicant.
- After submission, your application review number will circle on the screen, and you will get an SMS notification that your station has been transferred to the Bank of Punjab.
- Once your application moves to the next stage of the process, you will be ineligible, but you can check your status by submitting your application on this website.
Eligibility Criteria In Pm youth Loan Scheme
- Pakistan National age 21 to 45 Male Female can apply Younger age will be given to candidates who want to pursue Information Technology.
- Loan repayment is in 2 ways; in the first category, one lakh is accepted, and in the second category, the loan will be given from 5 lacks to 50 lacks. For Category B, 20% of your money should be invested in working cable and ten eight-year loans.
- The loan quota for women is limited to 20%. Loans from one lakh to five lakhs will be given on personal guarantee. The bank will consider loans above five lakhs after doing business information.
- Imran Khan started this program, and now Prime Minister Shehbaz Sharif is also narrating this program and giving youth loans.
| Eligibility Criteria | Requirement |
| Minimum Age | 18 Years |
| Maximum Age | 45 Years |
| Government Employees | Not Eligible |
| Non-Resident of Pakistan | Not Eligible |
| Agricultural Land | Eligible (Required) |
| Business Man | Eligible |
| Bank Accounts | Required |
PM Loan Interest Rate and Amount
The youth loan scheme is divided into three phases. You can avail of the 2023 BMYBL as per your requirement. Can repay the loan up to eight years
| Loan Amount Range | Interest Rate | Duration (Years) |
| 1 Lakh – 10 Lakh | 3% | 1 – 8 |
| 10 Lakh – 1 Crore | 4% | 1 – 8 |
| 1 Crore – 2.5 Crore | 5% | 1 – 8 |
Banks For PM Youth Business Loan Program List
| Bank Name | Branches |
| Allied Bank Limited | Nationwide branches |
| Albaraka Bank Limited | Nationwide branches |
| Askari Bank Limited | Nationwide branches |
| Bank Al Falah | Nationwide branches |
| Bank Al Habib | Nationwide branches |
| Bank Islamic Pakistan Limited | Nationwide branches |
| Bank of Khyber | Nationwide branches |
| Bank of Punjab | Nationwide branches |
| Dubai Islamic Bank Limited | Nationwide branches |
| Faysal Bank Limited | Nationwide branches |
| First Women Bank Limited | Nationwide branches |
| Habib Bank Limited | Nationwide branches |
| Habib Metropolitan Bank Limited | Nationwide branches |
| JS Bank Limited | Nationwide branches |
| MCB Bank Limited | Nationwide branches |
| Meezan Bank Limited | Nationwide branches |
| MCB Islamic Bank Limited | Nationwide branches |
| National Bank of Pakistan | Nationwide branches |
| Sindh Bank Limited | Nationwide branches |
| Soneri Bank Limited | Nationwide branches |
| United Bank Limited | Nationwide branches |
Conclusion
The PM Youth Loan Scheme is an excellent initiative aimed at promoting youth entrepreneurship in Pakistan. By following the steps outlined in this article, you can apply for the scheme and receive an interest-free loan to start your own business venture. Remember to prepare a viable business plan, register your business, and fill in the application form carefully to ensure a smooth application process.
FAQs:
All Pakistanis between the ages of 21 to 45 years who have a viable business plan are eligible for the PMYLS.
The loan amount ranges from PKR 100,000 to PKR 5,000,000, depending on the nature and scale of the business.
You can seek help from the Small and Medium Enterprises Development Authority.
I would like to apply for the PM Youth Loan Scheme 2023!