Youth Business Loan PM 2023 Eligibility, Application Form, How to Apply

  

Youth Business Loan PM 2023 Eligibility, Application Form, How to Apply 

Are you ready to take advantage of the opportunities for entrepreneurs in Pakistan? Now you can get the business loan scheme of PM 2023 in a simple and easy process. The Prime Minister of Pakistan has announced the Prime Minister's Business Loan (PMYBL) scheme which has a low score. All commercial, Islamic, and SME banks will provide PM loans to eligible candidates. There is no deadline mentioned so you can apply whenever you want to avail of this loan scheme. All the banks in Pakistan have the same principle mentioned in the PM loan scheme. You can apply for one bank at a time for the PM shopping program. The maximum repayment period of the loan is 8 years, including a maximum grace period of one year. NTN number is not mandatory, but if you have an NTN number, it will increase your chances of success.

Inauguration Prime Minister Notification 2023 

Level 1 The limit ranges from 100,000 to 1 million PKR with a markup of 3%. No supporting documents are required for loans at this level.

Level 2 The limit is more than 1 million to PKR million with 4% markup. Level 3 The amount is more than 10 million to PKR million with a 5% markup.

PM Business Loan Scheme 2023 Eligibility Criteria 

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 All information in the Kamyab Jawan Yes program is almost the same as this loan program 

 All male/female CNIC holders between 21 and 45 with an eligible business license. For IT/e-commerce related businesses, the minimum age limit will be 18 years.

 Small and medium enterprises (startups and existing enterprises) as defined by SBP and those of young people as mentioned above are also eligible.  For businesses related to IT/e-commerce, at least registration or equivalent education will be required.

 This program is for both startups and existing small businesses.  You can still apply again if you want to take advantage of the recently announced increase in loan limit.

 No physical equipment is allowed. All applications must be processed online 

 The minimum age under this program is 21 at the time of application. However, it is possible to relax for up to 18 years in case those who want to apply for IT or IT-related companies. The maximum age limit is 45 at the time of application.

 The age of at least one partner/principal of the business shall respect the age limit specified under the scheme (21-45 years).  There is no general minimum educational qualification requirement, although this is an advantage 

A review of the decision-making of the bank. However, in the case of companies that require certain qualifications, certificates, diplomas, licenses, or permits, these must be held.  There is no gender discrimination in this program, applicants of all genders are given equal opportunities. However, due to the reality on the ground and to preserve gender equality, a minimum of 25% of the total loan amount is set aside for women.  Private employers can also apply 

 Small and existing small businesses can also benefit from this scheme.

 A family member cannot apply on behalf of another person.  This event is for Pakistani residents only 

 A person cannot avail of more than one loan 

 Blood relatives of employees of participating banks cannot apply for loans under this program from banks where their blood relatives work. 

 Government employees are prohibited from applying under this program.

 All companies have rules and regulations for this program.  Applicants are advised to choose businesses that are ethical, legal, commercial, and suitable for the constituencies of the candidates and in which the candidates have the knowledge, experience, Minimum training, and support required. Cashback / Business Loans PM 2023 

 The loan can be repaid in monthly, quarterly, semi-annual, or annual installments. However, the repayment process will depend on the different types of business and the bank's discretion. The applicant is encouraged to discuss these terms when finalizing the loan with the bank.

 The program allows a maximum grace period of one year. However, the grace period will depend on the specific business type and the bank's discretion. The applicant is encouraged to discuss these terms when finalizing the loan with the bank.  Applicants can make early payments during the life of the loan, which will reduce the principal portion of their debt.

 There is no limit to the number of cumulative sums.  The borrower can pay only one amount if the loan is permanent, i.e. no default has passed.

 The applicant pays a lump sum and has the option of reducing the repayment period of the loan or reducing the payment or choosing a combination of these two options.  The applicant can repay the loan in full at any time before the due date of the loan.

List of Banks for PM 2023 Initial Loan Scheme 

The following banks are participating in the program: 

Credits of Allied Bank Limited 

The debt of Albaraka Bank Limited 

The debt of Askari Bank Limited 

Al Falah Bank Company 

Al Habib Bank Company 

The debt of Bank Islamic Pakistan Limited 

Bank of Khyber 

Bank of Punjab 

The debt of Dubai Islamic Bank Limited 

The debt of Faisal Bank Limited 

The debt of First Woman Bank Limited 

The debt of Habib Bank Limited 

The debt of Habib Metropolitan Bank Limited 

The debt of JS Bank Limited 

The debt of MCB Bank Limited 

The debt of the company Meezan Bank Limited 

The debt of MCB Islamic Bank Limited 

 National Bank of Pakistan 

The debt of Sindh Bank Limited 

The debt of Soneri Bank Limited 

The debt of United Bank Limited 

How to apply for a PM 2023 startup loan 

You need to complete the PM Youth Loan application form linked below; 

 You must have the following documents clearly visible before starting your application: 

o Passport size photo 

o CNIC - front and CNIC - back 

o Latest academic qualification/certificate, if applicable: matric, intermediate, bachelor's, master's, doctorate, etc.