The Prime Minister Youth Business Loan (PMYBL) Scheme 2024 from PM Khan of Pakistan is now open for applications with no specific deadline. The scheme, which aims to stimulate entrepreneurship, offers loans with lower markups through all commercial, Islamic and SME banks in Pakistan. Each individual can apply to one bank at a time, with the loan repayment term capped at eight years along with a one-year grace period. Although having an NTN number is not mandatory, it could potentially enhance the success rate of the application. The Prime Minister Youth Business Loan (PMYBL) is a flagship initiative by the Government of Pakistan, aiming to empower young entrepreneurs between 21 and 45 years old with subsidized financing to establish and grow their businesses. Launched in 2013, the program has supported thousands of aspiring entrepreneurs across the country.
Prime Minister Youth Loan Status Check
The Prime Minister’s Youth Loan Scheme is a noteworthy initiative aimed at providing young entrepreneurs with the financial means to realize their innovative ideas. To check the status of your loan under this scheme, you’ll need to visit the official website and log into your account. Once logged in, navigate to the ‘Loan Status’ section. Here, you will discover the most recent updates concerning your loan application — including approval status, disbursement details, and any necessary next steps.
Checking your Prime Minister Youth Loan (PMYL) status depends on whether you’ve applied for the PMYBL (business loan) or the Kamyab Jawan Youth Entrepreneurship Scheme (business and agriculture loan). Here’s how to check the status for each:
PMYBL (Business Loan)
Online Portal: Visit the PM Youth Programme app on Google Play (https://play.google.com/store/apps/details?id=com.nitb.gov.kamyabnojawan&hl=en&gl=US) or the website: [https://cd.nitb.gov.pk/projects/prime-minister-youth-program]. Login using your CNIC number and password. Once logged in, you can view your application status and track its progress.
Designated Financial Institution (DFI): Contact the DFI you applied through (e.g., NBP, First Women Bank). They can provide you with your application status over the phone or in person.
Call Center: You can call the PMYBL helpline at +92-51-9207774 for assistance with checking your loan status.
PM Youth Business Loan 2024
The Prime Minister’s Business Loan Scheme is bolstering entrepreneurship across Pakistan by extending loans, particularly in the agricultural sector, with a total disbursement of over 1.5 billion rupees to date. The approval of these loans falls under the jurisdiction of the PMYP partner banks, which operate in accordance with their internal guidelines, despite government subsidy of the scheme. Prospective applicants are encouraged to apply online before the deadline, and patiently await feedback. By June 30, 2024, the Pakistani Government intends to distribute 30 billion Rupees to 40,000 eligible individuals. Registrations are currently open, and those interested in applying can learn more about the process through official YouTube tutorials available on the PMYP website.
PM Business Loan Scheme 2024 Eligibility Criteria
The information about Kamyab Jawan Yes Program is similar as this loan scheme.
- Pakistani nationality with permanent residence in Pakistan.
- Age between 21 and 45 years old.
- Possess entrepreneurial skills and a viable business plan.
- No existing loan defaults or negative credit history.
Installments/Repayment of PM Business Loan 2024
Loans can be repaid in equal monthly quarterly, bi-annually, or annual installments. The specific repayment schedule will depend on the particular business type and bank’s choice. The loan applicant is encouraged to negotiate the terms prior to closing the credit with the lender.
- The Scheme provides a maximum of one year grace period. The exact grace period will depend on the type of business and the bank’s decision. The lender is encouraged to discuss these terms prior to the date of closing the loan in conjunction with the lender.
- It is possible for applicants to make earlier repayments in the loan’s tenor that will lower the amount of the principal obligation.
- The limit is not set to the number of balloons that can be paid.
- A borrower may pay for balloon payments only if the loan is regularly paid and there aren’t any overdue installments.
PM Youth Business Loan 2024 Apply Online
How To Apply For PM Youth Business Loan 2024
Fill out this PM Business Youth Loan Application Form the link is below.
- You should have scans or clear, visible images of the the following documents in order before you begin your application
- Passport Size Picture
- CNIC – Front Side and CNIC – Back Side
- The most recent educational degree or certificate in the event of Matric, Intermediate Master’s, Bachelors or PHD, etc. APPLY
Apply For Tier-1 Loan in PM Youth Business Loan Scheme 2024
- At least one company;
- Experience certificate(s) in the event of a need
- License/Registration at Chamber or Trade Body, in the event that it is applicable
- Recommendation Letter from the chamber, trade body, or Union This is required for existing businesses.
- The necessary information available prior to when you begin your application
- Consumer ID on electricity bill for you current residence. (NITB to display image of the place where your the consumer ID appears on your the electricity bill)
- Consumer ID of the Electricity invoice for your current office address, if applicable.
Apply For Tier-2 & 3 in PM Youth Business Loan Scheme 2024
- Complete registration number for any vehicle registered under your name, if applicable.
- Names, CNIC along with the mobile number of two other references blood relatives.
- A rough estimate of monthly business earnings as well as household expenses, business expenses and other incomes should be made available to you in the case of a brand beginning a new business, while in the case of an existing business, you should provide the most current monthly business earnings and expenses for business, household expenses, and other income, in case there are information is required.
- Sign up here to submit your the.
- You need to have an active mobile number in your name for the purpose of completing this application. Bank will contact you.
- The application should take no less than 15 minutes to complete, subject to the availability of above-listed details.
List of Banks For PM Youth Business Loan Program 2024
The following banks are part of this scheme:
- Allied Bank Limited
- Albaraka Bank Limited
- Askari Bank Limited
- Bank Al Falah
- Bank Al Habib
- Bank Islamic Pakistan Limited
- Bank of Khyber
- Bank of Punjab
- Dubai Islamic Bank Limited
- Faysal Bank Limited
- First Woman Bank Limited
- Habib Bank Limited
- Habib Metropolitan Bank Limited
- JS Bank Limited
- MCB Bank Limited
- Meezan Bank Limited
- MCB Islamic Bank Limited
- National Bank of Pakistan
- Sindh Bank Limited
- Soneri Bank Limited
- United Bank Limited