Prime Minister Youth Loan Scheme Some Questions & Answers Regarding Loan Approve
Prime Minister Youth Loan Scheme some Questions & Answers Regarding Loan Approve
Q#1: Is feasibility report required to apply for PM Youth Loans?
Ans: Feasibility reports are per-requisite for applying PM Youth Loan. The sample reports can be obtained from SMEDA. Applicants are required to prepare a self made business idea along with the application for of loan.
The sample feasibility reports can be used to create a self made business plan. The business plan must be attached whch contains objectives of the business along with the balance sheets, market and how the business will operate in a specific area.
The candidates applying for PM Youth Loan must select a business which must defend itself in the market, The loans will be issued to such persons whose business plan meets the criteria set by SMEDA. The authority has published more than four dozen business sample plans to guide the public.
Q#2: What is the age limit for getting PM Youth Loan?
Ans: The age limit of PM Youth Business Loans is 45 years. Earlier, it was set to 35 years but in a meeting chaired by Nawaz Sharif, the age limit was increased to 45 years. The loans will be provided to those who will show their willingness and a specific business plan to get loan approved by National Bank of Pakistan (NBP) or First Women Bank Limited (FWB Ltd.).
The loans amount is from Rs. 0.5 to 2 million PKR under Pm Youth Loan scheme. This is one of the six schemes started by Nawaz Sharif in September 2013. Those aged below 45 years are the ones who can get this amount to start any business.
The proffered ones, however, are the young candidates graduated from HEC recognized universities. These young people will be having good ideas and better options to run businesses in this era of modern technologies.