Prime Minister Shahbaz Shareef introduced youth business and agricultural loan scheme in which Rs 1.5 m can be avail on personal basis for starting a business setup. There will be zero interest rate on loan up to 0.5m. In this loan scheme, 25% of quota has been reserved for women only.
Prime Minister Shahbaz Shareef launched Youth Business and Agricultural loan scheme in order to increase youth entrepreneurship in Pakistan. While addressing the business conference of youth, he said that this scheme will increase self-employment and business setup of youth.
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He added that people of 21 to 45 years old will get this loan facility which is up to Rs 7.5 million. The age limit for IT and e-commerce business setup is 18 years. He further added that this microfinancing loan scheme will create job creation norms rather than job seeking for country’s youth.
The government is starting agricultural loan scheme for rural youth, it will bring innovation in farming. This loan scheme will help youth to introduce machined farming and new techniques in agriculture. It would be helpful on individual level as well as for boosting country’s economy.
Prime minister added that Islamic banking facilities can also be availed under this loan scheme and 25% quota has been reserved for women. The world is changing and countries are facing decline because of youth shortage while Pakistan has 60% its population comprised of youth. It is the correct time that we need to make our youth more self-reliant.
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He said that loan starting from 0.5 million up to Rs 7.5 million will be granted to youth, whereas there will be no interest on loan under 0.5 million and only 7% interest would be applicable on amount above Rs 1.5 million.
The availability of loans for agricultural sector is top priority of government right now. The governor of State bank of Pakistan said that every possible assistance will be provided to farmers in flood affected areas. The limit of agricultural loans are also increased by 44% for flood victim farmers.
The Prime Minister ordered all the institutions to play a positive role in this aspect and making sure to make youth successful in their business.