Prime Minister’s Youth Small Business Loan Scheme Announced For University Of The Punjab Students : Apply Now For PM Loan Scheme
Prime Minister’s Youth Small Business Loan Scheme Announced for University of the Punjab Students
Prime Minister’s Youth Loan Scheme
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.
Salient Features of the scheme are:
- Loan up to Rs. 2 Million (Rs. 0.5 Million – Rs. 2 Million)
- Only 8% markup
- To be distributed by NBP (National Bank of Pakistan) & FWB (First Women Bank)
- Total loans are 1 lakh
- All Pakistani nationals
- Eligibility – 21 years to 40 years
- Minimum educational qualification is Middle
- Students need to submit feasibility of the proposed project
- One personal guarantee required
- The applicant must have 10% seed money
- 15 days approval time
- The loans will be awarded transparently on pure merit basis
- 50% quota is for women
- The loans are to be paid back in seven years
- Monthly installments
- To mitigate risk, Government will share 50% of the losses subject to the maximum of 10% of the loan amount