KARACHI – The federal authorities has relaunched Prime Minister’s Youth Mortgage Scheme to supply interest-free and sponsored mortgage schemes to youth.
After remaining suspended for the final 5 months, the mission has once more launched with tweaks to make it extra useful for companies and agriculture working at small and medium ranges.
In a notification, the State Financial institution of Pakistan stated ‘the revised scheme has introduced two new components of financing, namely micro-loans and agriculture loans’.
SBP maintained that the scheme gives financing of as much as Rs 75 lace every in three slabs, for a most interval of as much as 9 years. It additional added that one-fourth of the loans will go to girls debtors and the processing time won’t exceed 1.5 months.
Eligibility Standards
- Pakistani nationwide, aged between 21 and 45 years with entrepreneurial potential
- Matriculation or equal schooling for IT/E-Commerce associated companies; age restrict lowered to 18 years
- For agriculture loans, State Financial institution Indicative Credit score Limits & Eligible Objects for Agriculture Financing 2020 shall be relevant
Mortgage Dimension
| Tier 1 (T1) | As much as Rs 0.5 million |
| Tier 2 (T2) | Above Rs 0.5 million and as much as Rs 1.5 million |
| Tier 3 (T3) | Above Rs 1.5 million and as much as Rs 7.5 million |
The ousted authorities led by Imran Khan first launched Kamyab Jawan Youth Entrepreneurship Scheme whereas the Sharif-led authorities revised the scheme and renamed it to Prime Minister’s Youth Enterprise & Agriculture Mortgage Scheme.
