Best Opportunity with the PM Youth Loan Scheme 2024 Apply Online

Seize the opportunity with the PM Youth Loan Scheme 2024 in Pakistan. Benefit from low-interest rates, streamlined online applications, and check your status. Eligibility and FAQs included

Introduction to PM Youth Loan Scheme

Launched in 2013, the PMYB&ALS aims to generate employment opportunities for young Pakistanis and foster entrepreneurial growth. This program has played a pivotal role in supporting the development of small and medium-sized enterprises (SMEs) in Pakistan, disbursing over PKR 200 billion (US$ 1.4 billion) in loans to more than 100,000 entrepreneurs.

Purpose of Youth Loan Scheme

PMYB&ALS motivates young individuals to embark on their entrepreneurial journeys by facilitating access to business loans through a consortium of 15 Commercial, Islamic, and SME banks, all of which provide straightforward loan terms and a competitive interest rate.

This initiative will create additional prospects for individuals and support emerging entrepreneurs in launching their businesses in the future.

PM Youth Loan Scheme 2024

Young entrepreneurs in Pakistan are encouraged to seize the new opportunity presented by the 2024 PM Loan Scheme, which allows for online applications and status checks as per the Prime Minister’s announcement. This scheme offers significantly lower interest rates compared to those declared by the State Bank of Pakistan for all commercial, Islamic, and SME banks in the country. Loan approvals will be conducted by authorized banks, and the scheme is subsidized by the federal government of Pakistan.

Eligibility criteria

• All Pakistanis should have valid CNIC.
• Age should between 21 to 45 years.
• Minimum age required for IT/E-Commerce related Firms is 18 years old.
• Females should apply because 25% quota is for females.

Loan Amount Range

Loan Amount Range is devided into 3 tiers given below:

• Tier 1:  Range is 0.5 million PKR with 0% markup.
• Tier 2:  Range is above 0.5 Million upto 1.5 Million PKR with 5% markup.
• Tier 3:  Range is above 1.5 Million upto 7.5 Million PKR with 7% markup.

Required Documents for PM Youth Loan Scheme 2024

Please ensure you have the following documents ready for your application:

1. Passport-size photo
2. Front side of CNIC
3. Back side of CNIC
4. Latest educational degree/certificate (e.g., Matric, Intermediate, Bachelors, Masters, PHD)
5. Experience certificates (if applicable)
6. Recommendation letter from the respective chamber/trade body or union (mandatory for existing businesses)
7. License/registration with the chamber or trade body (if applicable)
8. Consumer ID from your current address’s electricity bill
9. Consumer ID from your office’s electricity bill (if applicable)
10. Vehicle registration number (if applicable)
11. Contact details for two non-relative references
12. Monthly income and expense estimates (for new businesses) or actual financial details (for existing businesses).

How To Apply For PM Youth Loan Scheme?

1. Applicants can via Official website https://pmyp.gov.pk/BankForm/newApplicantForm or by clickng through apply button given below.
2. Provide CNIC no. and Issuance date in the prescribed box.
3. Select a Tier, mean Loan amount range.
4. Provide all asked information.
5. Add refrence details for example: Name, CNIC and mobile.
6. At the end, system will show create declaration form, read the for very carefully before submit, because once it submitted then maybe it will not be able to change.

Note these points

• To apply, please sign up first.
• In order to initiate this application, it is necessary to have a mobile number registered in your name, as the bank will use it for communication.
• The completion of this application is expected to take a minimum of 15 minutes, contingent upon the availability of the information listed above.
• You have the option to either complete the form in a single session or save a draft for future submission.
• We encourage you to upload as much information as possible, such as Financial Statements, Business Feasibility, the last 6 months of your bank statements, and more. This will greatly assist in evaluating your application.
• Once you’ve submitted the form, your application registration number will be displayed on the screen, and you will also receive an SMS with the same information. Please ensure to keep this information secure.
• You will receive an SMS notification when your application advances to the next stage of the process. Alternatively, you can check the status of your submitted application on this website.

PM Youth loan Scheme Status Check

• To check the Status please click the button given below.
• Provide Asked Information, CNIC no., Issuance date, Mobile No., Date of Birth.

FAQ’s

Frequently Asked Questions (FAQs) – PM Youth Loan Scheme 2024

• What is the Prime Minister’s Youth Business Loan Scheme (PMYB&ALS)?

The Prime Minister’s Youth Business Loan Scheme is a government-backed program in Pakistan that provides affordable financing to young entrepreneurs. It offers loans with a low-interest rate of 8% per annum and a repayment period of up to eight years. This program aims to encourage youth entrepreneurship and generate employment opportunities.

• When was the PM Youth Loan Scheme launched?

The PM Youth Loan Scheme was launched in 2013.

• What is the primary purpose of the PM Youth Loan Scheme?

The primary purpose of the PMYB&ALS is to motivate and support young individuals in starting their own businesses. It does so by facilitating access to business loans through a consortium of 15 Commercial, Islamic, and SME banks, all of which provide straightforward loan terms and competitive interest rates.

• Is the PM Youth Loan Scheme still available in 2024?

Yes, the PM Youth Loan Scheme is available in 2024.

• What are the eligibility criteria for the PM Youth Loan Scheme?

To be eligible for the PM Youth Loan Scheme, you must meet the following criteria:

1. All Pakistanis should have a valid CNIC.
   1. Age should be between 21 to 45 years.
   1. The minimum age required for IT/E-Commerce related firms is 18 years.
   1. Females are encouraged to apply, as there is a 25% quota reserved for females.
2. What is the range of loan amounts available under this scheme?

The loan amounts are divided into three tiers:

1. Tier 1: Range is 0.5 million PKR with 0% markup.
   1. Tier 2: Range is above 0.5 million up to 1.5 million PKR with 5% markup.
   1. Tier 3: Range is above 1.5 million up to 7.5 million PKR with 7% markup.
2. What documents are required for the PM Youth Loan Scheme application?

To apply for the PM Youth Loan Scheme, you will need the following documents:

1. Passport-size photo
   1. Front side of CNIC
   1. Back side of CNIC
   1. Latest educational degree/certificate
   1. Experience certificates (if applicable)
   1. Recommendation letter from the respective chamber/trade body or union (mandatory for existing businesses)
   1. License/registration with the chamber or trade body (if applicable)
   1. Consumer ID from your current address’s electricity bill
   1. Consumer ID from your office’s electricity bill (if applicable)
   1. Vehicle registration number (if applicable)
   1. Contact details for two non-relative references
   1. Monthly income and expense estimates (for new businesses) or actual financial details (for existing businesses).
2. How can I apply for the PM Youth Loan Scheme?

To apply for the PM Youth Loan Scheme, follow these steps:

1. Visit the official website: https://pmyp.gov.pk/BankForm/newApplicantForm
   1. Provide your CNIC number and issuance date in the prescribed box.
   1. Select a tier based on your loan amount range.
   1. Provide all the required information.
   1. Add reference details, including names, CNICs, and mobile numbers.
   1. Carefully read the declaration form before submitting your application.
2. Are there any important points to note when applying for the PM Youth Loan Scheme?

Yes, here are some important points to consider:

1. You need to sign up first to apply.
   1. Ensure you have a mobile number registered in your name for communication with the bank.
   1. The application may take at least 15 minutes to complete.
   1. You can complete the form in a single session or save a draft for future submission.
   1. It’s recommended to upload additional information such as financial statements and business feasibility to strengthen your application.
   1. After submission, you will receive an application registration number, which should be kept secure.
   1. You will receive SMS notifications about the progress of your application.
2. How can I check the status of my PM Youth Loan Scheme application?

To check the status of your application, visit the official website and click on the “PM Youth Loan Scheme Status Check” button. Provide the requested information, including your CNIC number, issuance date, mobile number, and date of birth.

For more information and updates, visit the GMC.