ISLAMABAD:The government is re-launching the Youth Business and Agricultural Loan Schemes under Prime Minister’s Youth Program to promote self-employment and entrepreneurship.
According to a Radio Pakistan’s report, the people in the age bracket of 21 and 45 years can avail the loan facility of up to 7.5 million rupees under the schemes. For IT and E-commerce businesses, the lower age limit is eighteen years.
Micro-financing through small business loans will promote a norm of job creation rather than job seeking among the country’s youth bulge. The addition of agricultural loans will help the rural youth in bringing innovation to farming.
There will be no interest rate on the loan of up to 0.5 million rupees. Five percent interest will be charged on the loan of over 0.5 million to 1.5 million rupees. Seven percent interest rate will be charged on the loan of over 1.5 million rupees to 7.5 million rupees. Twenty-five percent quota has been reserved for women.