Prime Minister Youth & Agriculture Loan Scheme [2024] Online Application, status Check and eligibility

Assalam O Alikum Viewers!

The Pakistani Prime Minister has made an incredible statement for all those diligent individuals who want to start small businesses and provide income for their families, but are unable to do so because they lack the financial resources they need.

Prime Minister Youth & Agriculture Loan Scheme 2024 Online Application

Therefore for such people, I am bringing an amazing platform by the government that is not only providing you with the amount of money you require but also guiding you thoroughly for your future and how to invest that money to start up your own business.

Continue Reading, as today you will learn here how to apply for the Prime Minster Youth & Agriculture Loan Scheme Onlineanwhile you can also track the status of your loan.

Also Read: Youth Skill Development Program 2024

Prime Minister Youth Loan Scheme 2024

Prime Minister Youth Business Loan Scheme is providing a very good amount of money to the people who are from age 21 to 45. It is specially designed to provide 100,000 beneficiaries with subsidized financing at 0.8% markup per annum.

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The Prime Minister’s Youth Business and Agriculture Loan Scheme, or PMYB&ALS, encourages young people to start their own businesses by offering loans through 15 commercial, Islamic, and SME banks on straightforward terms with lower markups.

How much loan will be given to a Beneficaries – In Three Tyres

The Prime Minister’s Youth Business and Agriculture Loan Scheme offers loans that are divided into three categories.

Tier 01: The range is 0.5 million PKR(50,000) with 0% markup

Tier 02:The range is above 0.5 Million up to 1.5 Million PKR with a 5% markup

Tier 03:The range is above 1.5 Million up to 7.5 Million PKR with a 7% markup

Anybody who meets the aforementioned requirements and is qualified for a government loan may apply online for the Prime Minister Youth Laon Scheme.

Eligibility Criteria for the PM Youth & Agriculture Loan Scheme:

I shall outline some of the most significant conditions that must be met in order for an applicant to be considered for the Prime Minister Loan Scheme, as it is exclusively available to those who qualify:

Primw Minister Loan scheme eligibilty criteria

Any Pakistani national with a valid CNIC who is between the ages of 21 and 45 and has the ability to start their own business is qualified.
The minimum age requirement for IT/E-Commerce enterprises will be 18 years old, and they must have completed matriculation or an equal level of education. The age restriction mentioned above applies to both people and sole proprietors. Only one of the owners, partners, or directors of any other type of business, including partnerships and companies, must fall within the aforementioned age range.
Young people in the aforementioned age ranges who own small and medium-sized enterprises (including startups and established companies) are also qualified.
The classification of farmers in accordance with SBP’s “Indicative Credit Limits & Eligible Items for Agriculture Financing 2020” will be relevant in the case of agriculture.

Online Application Form for PM Youth and Agriculture Loan Scheme 2024

The website https://pmyp.gov.pk/ is specially designed by the government to provide Online services to its applicant so that they can apply for the Youth and agriculture loan scheme application from their homes.

Here are proper instructions for all youngsters and people between 21-45 on how to fill out the Online application form to get their loan easily, on the postal you will get the form in both English and Urdu languages so that you can use it according to your feasibility.

Also Read: Punjab Sehat Sahulat Program CNIC Check

Important Instructions for an applicant of first tier (1 Tier)

Applicants who are willing to apply for a Tier 1 Loan then remember the following guidance.

The National Rural Support Program is only available in the Balochistan province’s Tehsil Turbat district of Kech.
Only in Sindh does the Thardeep Microfinancial Foundation operate.
The Damon Support Program is limited to the province of Punjab.

How to apply Online for the PMYB&ALS – Complete instructions

Here are some of the very crucial instructions for all the applicants on how to fill in the Prime Minister Loan Scheme application form:

First, you have to visit their official site: https://pmyp.gov.pk/
Once you launch the page then you have to read the instructions given there. (English/Urdu)
Once you are done with all the reading then you can scroll down, you will see a small form that asks for:

Applicant’s CNIC Number,
CNIC Issue date
and DOB

Your information will be verified by Nadra, therefore fill in all the data correctly to avoid any type of rejection.

Prime Minister Youth Loan Scheme Online Status Check Via CNIC

Track your Status Online for the “Prime Minister Youth & Agriculture Loan Scheme” through your CNIC:

Check Status Online

Fill in the following details for PMYP Loan Status Check Online:

Applicant’s CNIC
An Applicant’s Mobile Number
Date of issue of the CNIC Card
Date of birth

Comprehensive Loan Overview: Types, Duration, and Debt

The program, which was introduced to promote economic expansion and lower unemployment, provides loans with discounted interest rates and convenient terms of repayment.

Also Read: 8171 ehsaas program CNIC Check

Types of Loan given under PMYB&ALS:

Following are some of the important categories and types of loans that fall in the Prime Minister loan scheme 2024:

Term loans, working capital loans, funding for machinery and locally produced cars for business use, and Murabaha are all included.
Each borrower is only permitted to have one car. A food franchising and distribution business borrower may be eligible for financing for multiple vehicles.
For civil works, up to 65% of the overall finance ceiling may be used. Loans for production and development are available for agriculture.

Loan Duration:

T2 & T3: Long-term/development loans for a maximum of eight years, with a one-year grace period.

The maximum tenor for Murabaha and working capital/production loans under T2 and T3 is five years. Banks will be able to offer working capital and production loans with a maximum five-year repayment duration. During the first two years of the loan, only the markup will be due; the next three years will see the payment of both the principal and the markup.

Loan Debt

The equity contribution from the borrower will be needed following loan approval and can take the form of cash or real estate.

T2 – 90:10

T3 – 80:20

For already-existing businesses: zero at every tier.

Loan Calculator – Calculate your Loan repayment Schedule

Here is one of the interesting tools which is provided by the PM loan official site, you can find the link to the page below:

Calculate Your Loan

Through this calculator you can calculate the amount of loan that has been repaid and how much is left, as it is advanced monitored therefore the chances of error are minimal in this case and it is one of the reliable resources from where you can easily calculate your loan.

Conclusion

In conclusion, the Prime Minister Youth & Agriculture Loan Scheme 2024 offers a significant opportunity for Pakistani youth and farmers to start or expand their businesses with financial support. By applying online through a straightforward process, eligible individuals aged 21-45 can access various loan tiers with favorable terms and low markups.

This initiative not only provides the necessary funding but also offers guidance to ensure successful business ventures. With loans available from 0.5 million PKR to 7.5 million PKR, the scheme caters to a wide range of needs, promoting economic growth and reducing unemployment.

FAQs

Can I edit My PMYP Application Form?

It should be noted that after an application is filed, changes cannot be made. As such, it is recommended that all applicants carefully and accurately complete the application.

How can I check my eligibility for the PM loan scheme?

There is No such Platform to Check the eligibility for PM Loan Scheme, a person who meets all the eligibility criteria can apply Online for the Loan.

Any resident of Pakistan between the ages of 21 and 45 who can start their own business is eligible to apply for the loan. The lower age limit is 18 for firms connected to IT and e-commerce. Only online applications submitted via our website are accepted. Loans made available under PMYB&ALS are divided into three categories.

How can I check the status of my Kamyab Jawan program loan application?

Through the website provided below, applicants can check the status of their applications:

1) Go to https://pmyp.gov.pk/ to access the Kamyab Jawan program website.

2) Complete a form to follow up on your loan application.

3) The form needs your phone number, CNIC, date of birth, and the CNIC’s issuance date.

What is the limit of the PM Youth loan?

Three tiers of finance are distinguished under PMKJ-YES. The loan ceiling for tier-1 is between Rs. 100,000 and Rs. 1 million. Loan limits under tier-2 are from Rs 1 million to Rs 10 million, and under tier-3, they are from Rs 10 million to Rs 25 million.

How do I know I got approved for a PM loan?

You can easily check the status of your loan if you are approved for it or not by:

visiting the pmyp.gov.pk website to check your loan status.
You have to enter some information in the fields
After that, your result will be generated.