The government is re-launching Youth Business and Agricultural Loan Schemes under Prime Minister’s Youth Program to boost self-employment and entrepreneurship.
According to a document accessible with Radio Pakistan, the people in the age bracket of 21 and 45 years can avail the credit facility of up to 7.5 million rupees under the schemes. For IT and E-commerce enterprises, the lower age limit is eighteen years.
Micro-financing through small company loans will foster a norm of job creation rather than job seeking among the country’s youth bulge. The provision of agricultural loans will help the rural young in introducing innovation to farming.
There would be no interest rate on the loan of up to 0.5 million rupees. Five percent interest would be imposed on the loan of over 0.5 million to 1.5 million rupees. Seven percent interest rate would be paid on the loan of over 1.5 million rupees to 7.5 million rupees. Twenty-five percent quota has been set for women.