Stat bank has issued the procedure of Prime Minister Youth small business Loan scheme with very easy conditions of repayment. Interest less Prime Minister Successful Youth SME Landing program complete information will be shared here.
According to State Bank, the application form for the loan can be obtained from the branches and websites of the National Bank, Bank of Punjab and the Bank of Khyber.
Banks have been instructed to enter their toll-free numbers on the application form so that their youth can guide their business.The application forms will be started immediately after the Prime Minister’s inaugural ceremony of the program. Under this program, youth can get loans from one million to 50 lakhs for their business on which the interest government will pay and the burden on levying losses will also raise the government itself.
Men and women aged 21 to 45, who are a computerized identification card, can take a loan to start their business under this program. The age range for IT and E-commerce has been given a special discount and can use this scheme for the age of 18 years of age e-commerce or IT business.
Under the program, there are two categories of debt worth Rs 1.50 lakhs in advance, and loans from five to five lakhs can be obtained for the second-day business.
These will be given in the form of debt working cotton and terminals, which are 8 years in which one year can be added. For the first-class business, youths will have to invest 10% from their own, while youth for the second-class business will have to pay 20 percent.
Women’s quota for loans has been set up 25 percent. Lucks up to one lakh to five lakh rupees will be given on personal guarantees. Five million to five million banks will continue to keep their concerns in mind.
Federal government will pay 50 percent on small loans and 10 percent of major loans in case of sinking loans. The National Bank of Pakistan will issue 50% loan under the program, the remaining loans will be issued by the Bank of Punjab and the Bank of Khyber State Bank’s monitoring and consultation.
The State Bank has also emphasized on other commercial banks to become part of the program. Under this program, the schemes that meet the designs of the Central and Medium Enterprise Development Authority, besides projects, loans will also be issued for designated projects of the private sector.
Processing of loan requests will be completed within 15 days, this program can also be loaned for expansion of business already in addition to new business.