Shahbaz Sharif Loan Scheme 2024 – How to Apply

Today, I’ll guide you on how to become a part of the Shahbaz Sharif Loan Scheme 2024 in Pakistan. The current Prime Minister, Mian Shahbaz Sharif, has introduced this youth loan program to empower the young population of the country.

Also known as the Prime Minister Youth Launch Scheme, it offers loans ranging from Rs PKR 0.5 million to PKR 7.5 million at low-interest rates with easy instalment options.

Shahbaz Sharif Loan Scheme

This initiative aims to support Pakistani youth financially and pave the way for a brighter future. Joining the Shahbaz Sharif Loan Scheme can provide you with the financial assistance you need to pursue your dreams.

PM Shahbaz Sharif Loan Scheme 2024 – Eligibility Criteria

To be eligible for the PM Youth Loan Scheme, the applicant must be a Pakistani citizen with a valid National Identity Card issued by NADRA. Additionally, the age of the applicant should fall within the range of 21 years to 45 years to qualify for this loan program. Meeting these criteria makes individuals eligible to apply and benefit from the loan scheme.

Interest Rate on Shahbaz Sharif Loan Scheme

Under the Shahbaz Sharif Loan Scheme, loans up to PKR 0.5 million will be interest-free. For loans exceeding PKR 0.5 million and up to 1.5 million, a 5% interest rate will apply. Moreover, for loans ranging from over PKR 1.5 million to PKR 7.5 million, a 7% interest rate will be charged.

Shahbaz Sharif Loan Scheme 2024 Online Apply

The Shahbaz Sharif Loan Scheme allows you to apply online through the Prime Minister Youth Program website. To begin the application process, visit the website. Once there, you’ll need to enter your ID card number and the date of issue of your ID card. Next, select the desired loan amount and input the relevant information accordingly.

After that, you will move to the next step where you will be asked for your Personal Information. Also, if you do any business, information about it will be required from you. In the 3rd place, the loan information will be taken from you as much as you want to take the loan.

And in the last part, you will be asked for your financing details. After that, you will be given a letter of approval by the government, which you have to read carefully, tick and submit.

Documents Required for Shahbaz Sharif Loan Scheme 2024

1. Passport Size Picture.
2. CNIC.
3. Latest Educational degree/certificate, if and whichever is applicable.
4. Experience certificate(s), if applicable.
5. License / Registration with Chamber or Trade Body, if applicable.
6. Recommendation Letter from respective chamber/trade body or Union, this is mandatory in case of existing business.
7. National Tax Number, in case you don’t have one please register.
8. Consumer ID of Electricity bill of your current address.
9. Consumer ID of the Electricity bill of your current office address, if applicable.
10. Complete the Registration number of any vehicle registered in your name, if applicable.
11. Name, CNIC and Mobile numbers of Two References other than Blood relatives.
12. An estimate of Monthly business income, business expenses, household expenses and other income should be available with you in case of new business while in case of existing business please provide actual Monthly business income, business expenses, household expenses and other income, if any details.

Which Bank Provide PM Youth Loan In 2024

Five major banks of Pakistan will provide PM Youth Loans which are listed below,

• Bank of Punjab.
• National Bank of Pakistan.
• Askari Bank.
• Habib Bank Limited.
• Meezan Bank.

FAQ’s

1. What is the PM Youth Loan Scheme 2024?

   The current Prime Minister, Mian Shahbaz Sharif, has introduced this youth loan program to empower the young population of the country.

2. Who is eligible for the PM youth loan Scheme?

   The citizens of Pakistan having national identity cards issued by NADRA are eligible for the PM loan scheme.

3. What is the processing time for a PM youth loan?

   The processing time of the PM youth loan scheme is almost 45 days or more.

4. What is the interest rate of the Prime Minister Youth Loan Scheme?

   PKR 0.5 million is interest-Free.
   PKR 0.5 million to PKR 1.5 million is 5%.
   PKR 7.5 million is 7%.

5. What is the age limit for eligibility for a loan?

   PM Loan scheme age between 21 years to 45 year age people are eligible for this scheme.

6. Can a non-resident Pakistani apply?

   No. This scheme is only for resident Pakistanis.

7. Can government employees apply?

   No. Government employees are not eligible from applying under this scheme.

8. Can loans be applied physically in branches?

   No loan only can apply on the official website of PM Youth Programe.

Conclusion

In conclusion, this article has provided you with comprehensive information about the PM Loan Scheme. We covered the eligibility criteria, the application process, the required documents, and the applicable interest rates. It is essential to read and understand all the details presented here before proceeding to apply for the PM Loan Scheme.

Buraq Says

Thank you for reading this article. If you found it helpful, please consider sharing it with your friends and colleagues so that they can also benefit from the information about the PM Loan Scheme. If anyone you know is in need of a loan, they can be guided by the details provided here.

Feel free to leave any queries or questions related to this article in the comment section, and I will do my best to respond promptly. Your feedback and engagement are much appreciated.