Lahore (November 19, 2013): PM Youth loan scheme has been started in Punjab University Lahore. The students of PU Lahore can avail the facility of loans under Prime Minister’s Nawaz Sharif Youth Program.
The Prime Minister’s Youth Loan Scheme is yet to start in all the universities of Pakistan. PU Lahore has initiated first giving the opportunity to the students of the university has also been started at Punjab University Lahore.
Under this scheme students will be able to initiate new business or enterprise. All the students of PU are invited to apply for this scheme. The respective students have to submit the short detail about the proposed business plan or scheme to their department’s heads in next 24 hours. The respective student must have 10% of basic money beside on requested loan amount. More details can be seen at PU official website www.pu.edu.pk.
The university will select top 50 students and will be invited in PM House, Islamabad on November 25, 2013. Main feature or this scheme is: Loan up to Rs. 2 Million (Rs. 0.5 Million to Rs. 2 Million), only 8% markup, amount will be distributed by NBP (National Bank of Pakistan) & FWB (First Women Bank).
Total loans are 1 lakh and all Pakistani students between age 21 to 40 years are eligible to apply. Minimum educational qualification is Middle. Students need to submit the short description about the project and one personal guarantee must be given. Only 15 day approval time required and on merit basis the loans will be provided to respective candidates. With the financial support the government will bear 50% of the losses focus to the maximum of 10% of the loan amounts.
Punjab University websites notifies the loan scheme as follows:
The Top 50 students selected by the university will be invited in PM House, Islamabad on 25th of November, 2013.
Salient Features of the scheme are:
- Loan up to Rs. 2 Million (Rs. 0.5 Million – Rs. 2 Million)
- Only 8% markup
- To be distributed by NBP (National Bank of Pakistan) & FWB (First Women Bank)
- Total loans are 1 lakh
- All Pakistani nationals
- Eligibility – 21 years to 40 years
- Minimum educational qualification is Middle
- Students need to submit feasibility of the proposed project
- One personal guarantee required
- The applicant must have 10% seed money
- 15 days approval time
- The loans will be awarded transparently on pure merit basis
- 50% quota is for women
- The loans are to be paid back in seven years
- Monthly installments
- To mitigate risk, Government will share 50% of the losses subject to the maximum of 10% of the loan amount.