“The government in Pakistan wants to help young people start their own work and make the country’s money stronger. So, they started the Prime Minister’s Youth Loan plan. With this plan, young people can get money easily to start their own small jobs or farm businesses. You can get up to 5 lakh (500,000) rupees without paying any extra money (interest)! If you are from anywhere in Pakistan, you can try to get this money.
Who can get the Prime Minister’s Youth Loan?
If you are a man, woman, someone who is transgender, or have a disability, and you are between 21 and 45 years old, you can likely get it.
If you want to start a computer-related business, the age can be a bit lower, like 18 years old.
Who cannot get the Prime Minister’s Youth Loan?
You cannot get this loan if:
- You try to give a paper application. You have to apply online.
- You live and work outside of Pakistan. This is only for people living in Pakistan.
- You work for the government.
How much money can you get, and do you have to pay extra?
There are three types of loans:
- First type: You can get from 1 lakh (100,000) to 5 lakh (500,000) rupees without any extra money to pay back.
- Second type: If you take between 5 lakh (500,000) and 15 lakh (1,500,000) rupees, you will pay a small extra amount of 5%.
- Third type: If you take between 15 lakh (1,500,000) and 75 lakh (7,500,000) rupees, you will pay a bit more extra, like 7%.
You have 8 years to give the money back little by little each month.
Special help for women!
The plan has saved 25% of the money just for women, so more women can start their own work.
When you fill out the form online, they will ask for things like:
You will need to write these things when you apply online:
- Your name
- Who you are (man, woman, etc.)
- Your email address
- Where you live
- Your phone number
- Your full address
- Your work phone number (if you have one)
- Where you work (if you do)
- The bank you want the loan from
- Pictures of the front and back of your ID card
- How many people you take care of
- How much school you went to
- What kind of work you want the money for
