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Youth Interest-Free Loan
Former Prime Minister Nawaz Sharif initiated the Prime Minister Youth Interest-Free Loan Scheme in 2013 to provide young people with opportunities to prosper in their lives. Several active schemes are working to support Pakistani youth.
This scheme provides interest-free loans to young entrepreneurs. Chief Minister Punjab Maryam Nawaz Sharif has a great vision regarding the welfare and development of the youth.
Punjab Chief Minister Maryam Nawaz has introduced Youth Interest Free Loan for young students. So that the youth can stand on their feet and play a better role in the country’s stability. Maryam Nawaz wants to promote modern arts, technical knowledge and literature through this program.
An interest-free loan scheme has been introduced for the youth to start their own small scale business after getting education and training. Employment opportunities are now being created for the youth.
This program provides interest-free loans of 80,000 per month to 100 districts on behalf of the government of Pakistan. These interest-free loans are given through more than 1100 loan centers of PPA’s partner institutions. The limit of these interest-free loans is up to 75 thousand rupees. If you also do not want to benefit from this interest-free loan program, hurry up to apply.
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Eligibility Criteria For Youth Interest-Free Loan
To be eligible for Youth Interest Freelance, an applicant must meet certain criteria.
- You must be between 18 to 62 years of age to be eligible for the Youth Interest-Free Program.
- You must have your valid National Identity Card with you.
- You must a resident of a district where the Youth Interest-Free Program has started.
- The applicant is capable of conducting business activities.
- Must not be guilty of any major crime against which action has taken. Two witnesses must accompany the application form.
- If you get a loan to get a decent job, you may be eligible for this program.
- It is important to ensure repayment of the loan within the stipulated period.
Eligibility criteria may vary according to the loan amount.
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How To Apply For a Youth Interest-Free Loan?
Applying for a Youth Interest-Free Loan is very easy.
- You have to visit the branch office of the nominated bank and get the application form.
- This form has filled out and submitted along with all necessary documents.
- The form will signed by you and two of your witnesses (who are not your blood relatives).
- The concerned official of the institution will check all your documents.
- You will informed if the loan is qualified if the application for the loan has approved. The loan application will processed in two to four weeks if your loan application has approved.
- You will receive your loan in a special ceremony that is held in the check-up zone if the loan has been approved.
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Objectives Of Youth Interest-Free Loan
Youth Interest Free Loan is one of the best initiatives for the youth of the Government of Pakistan which was started with some good intentions.
- Youth Interest-Free Loan aims to uplift youth morale by providing loan opportunities to utilize their entrepreneurial potential.
- The Youth Interest-Free Loan Program provides a smooth path for youth to start a new business or improve an old business.
- The objective of this program is to enable young entrepreneurs to establish their businesses by providing loans.
- With the help of this program, the youth will develop, which will promote the country’s economy and the youth will be able to contribute to the development of the country.
- This program enables the youth to become self-sufficient and lead an independent life.
- This program helps the youth to develop their skills by creating self-initiatives.