PM Youth Loan Scheme: Maximum loan limit increased to Rs25 Million

ISLAMABAD: The federal government has announced an increase in the maximum loan limit under the Prime Minister’s Youth Business and Agriculture Loan Scheme to Rs25 million to facilitate young entrepreneurs.
According to a statement issued by the Prime Minister’s Office, the decision was discussed during a meeting chaired by Prime Minister Shehbaz Sharif to review the progress of the scheme.

The maximum loan limit has been increased from Rs7.5 million to Rs25 million, while the prime minister directed that the minimum age requirement for applicants be reduced from 21 to 18 years.

The scheme will provide personal loans on easy instalments, while Rs292 billion has been allocated for loans during the current year.

Prime Minister Shehbaz Sharif also directed that 30 per cent of the loans under the scheme be reserved for women to promote their economic independence and encourage their participation in business activities.

The meeting reviewed measures to empower young people, create business opportunities and increase youth participation in the agriculture sector.

The prime minister appreciated the efforts of Finance Minister Muhammad Aurangzeb and his team in improving the scheme.