Last Updated on: 13th January 2024, 04:31 am
Prime Minister Youth Loan Scheme 2024 online apply
This article focuses on Prime Minister Youth Business Loan Apply Online 2024. Prime Minister (PM) Shehbaz Sharif on Tuesday relaunched Prime Minister Kamyab Jawan’s entrepreneurship loan scheme as the PM Youth Agriculture and Business Loan Scheme (PMYBS&ALS).
On this occasion, the Prime Minister specifically encouraged women, transgender people, and citizens with disabilities to apply for loans under the initiative.
State Bank of Pakistan (SBP) Governor Jameel Ahmad added that banks have been given special instructions to prioritize Prime Minister Youth Business Loan applications.
All commercial, Islamic, and SME banks provide commercial PM loans to the eligible person. No deadline is mentioned so you can apply whenever you need this loan plan. All banks in Pakistan have the same criteria as mentioned in Prime Minister Youth Business Loan 2024.
You can only apply to one bank at a time for the www.pmyp.gov.pk online apply in 2024. The maximum term of the loan is 8 years, including a maximum grace period of one year. The NTN number is not required, but having an NTN number increases the chances of success.
Here’s everything you need to know about Prime Minister Youth Business Loan Apply Online 2024:
Prime Minister Youth Loan Scheme Eligibility Criteria
All Pakistanis including citizens of Azad Jammu and Kashmir (AJK) and Gilgit Baltistan (GB) with a valid CNIC ID Card or Form B can apply online for the Prime Minister Youth Business Loan.
Age Limit
The lower age limit is 18 years, the upper one is 45 years.
What Are The Required Documents?
- Photos
- CNIC ID Card
- Last university degree
- Testimonials (if applicable)
- License/Registration with Chamber or Professional Association/Union (if applicable)
- Letter of recommendation from the respective chamber/professional association/trade union (mandatory for existing companies)
Other Important Details
- National Tax Identification Number (NTN)
- Current Address Utility Bill Consumer ID (if applicable)
- The license plate number of a vehicle registered in the applicant’s name (if applicable)
- Name, CNIC ID Card No., and mobile number of two different references to blood relationship
- An estimate of the monthly business income, business expenses, household expenses, and other income in the case of a new business and the actual monthly business income, business expenses, household expenses, and other income in the case of an existing business
How To Apply Online For Prime Minister Youth Business Loan 2024?
Eligible candidates should apply online to the PM Youth Business and Agriculture Loan Online Web Portal 2024.
You must complete the Prime Minister Youth Business Loan Application Form for Young Businesses linked below:
- You must have clear and visible scanned copies/images of the following documents before beginning your application:
- passport photo
- CNIC – Front and CNIC – Back
- If applicable, the last diploma/evidence of training:
- Matric, Intermediate, Bachelor, Master, Ph.D., etc.
- Proof of experience(s), if applicable
- Approval/registration with a chamber or trade association, if applicable
- Letter of recommendation from the respective chamber/employer’s liability insurance association or trade union, mandatory for existing jobs.
- Before you start your application, you must have the following information ready:
- National Tax Identification Number, if you do not have one, please register at https://fbr.gov.pk/categ/register-income-tax/51147/30846/71148 https://fbr.gov.pk/categ/ Income Tax Register/ 51147/30846/71148
- Consumer’s DNI of the electricity bill of his current address. (NITB to link the image where the consumer’s ID is on the utility bill)
- Utility bill consumer ID for your current office address, if applicable.
- If applicable, enter the license plate number of a vehicle registered in your name.
- Name, CNIC ID Card No., and cell phone numbers of two different references to consanguinity.
- You must have available an estimate of monthly business income, business expenses, household expenses, and other income in the case of a new business, while in the case of an existing business, you must provide the actual monthly business income, business expenses, household expenses, and other income, details if necessary.
Keep in Mind:
- Sign in to send a request.
- You must have a mobile number registered in your name to start this application where the bank will contact you.
- This request will take at least 15 minutes depending on the availability of the above information.
- You can fill out the form right away or save a draft to submit later.
- Upload any information you have, e.g. Annual accounts, profitability, bank statements from the last 6 months, etc. This helps to better evaluate your application.
- Once the form has been submitted your application registration number will appear on the screen and you will also receive an SMS advising please save it.
- You will receive an SMS as soon as your request moves to the next phase of the process; However, you can also check the status of your submitted application on this website.
Payment in Installments/Repayment Of Prime Minister Youth Business Loan Apply Online 2024
- Loans can be repaid in equal monthly, quarterly, semi-annual, or annual installments. However, the exact payment terms would depend on the specific business types and banking decisions. The applicant is encouraged to negotiate these terms with the bank upon initiation of the loan.
- The system provides for a maximum grace period of one year. However, the exact grace period would depend on specific deal types and banking decisions. The applicant is encouraged to negotiate these terms with the bank when taking out a loan.
- Applicants can make early payments during the life of the loan, which would reduce most of their debt.
- The number of lump sums is unlimited.
- A borrower can only make lump sum payments if the loan is regular, meaning there are no late payments.
- An applicant making a one-off payment has the option to shorten the loan repayment period, reduce the fee, or opt for a combination of the two options.
- An applicant can repay the loan in full at any time before the loan is due.
Also Read: Prime Minister Kamyab Pakistan Loan Scheme 2024 (Interest-Free)
List Of Banks For The Prime Minister Youth Business Loan Scheme 2024
The following banks participate in this Prime Minister Youth Business Loan Scheme:
- Allied Bank (ABL)
- Albaraka Bank Limited
- Askari Bank Limited
- Al Falah Bank
- Al Habib Bank
- Islamic Bank of Pakistan Limited
- Kyber Bank
- Punjab bank
- Dubai Islamic Bank Limited
- Faysal Bank Limited
- First Woman Bank Limited
- Habib Bank Limited (HBL)
- Habib Metropolitan Bank Limited
- JS Bank Limited
- MCB Bank Limited
- Meezan Bank Limited
- MCB Islamic Bank Limited
- National Bank of Pakistan
- Sindh Bank Limited
- Soneri Bank Limited
- United Bank Limited (UBL)
PM Youth Business Loan Amount And Interest Rate
The PM Youth Business Loans are divided into three levels, which are mentioned below:
| Tier | Loan Amount (Rs.) | Interest Rate |
| 1 | 500,000 | 0% |
| 2 | 500,001 – 1,500,000 | 5% |
| 3 | 1,500,001 – 7,500,000 | 7% |
IMPORTANT NOTE: Corrections after application are not possible. Therefore, all applicants are advised to fill out the form correctly and carefully. Before submitting, save the completed form, verify all fields are correct, and submit.
Also Read: How can I check my Kamyab Jawan program loan application status?