Prime Minister’s Youth Agriculture Loan Scheme
The Prime Minister’s Youth Agriculture Loan Scheme is a big step in helping young people in Pakistan to start agricultural businesses. This scheme aims to increase agricultural production for youth in Pakistan by creating employment opportunities and encouraging innovation in the resource sector.
Prime Minister Youth Agriculture Loan Scheme promotes internship among youth by providing business loans on terms and with low compounding. Pakistani youth between the ages of 21 to 45 years are eligible to apply for this scheme
Feature Prime Minister’s Youth Agriculture Loan Scheme
Objective
- Youth should be empowered in agriculture
- Financial assistance should be provided to modernize farming practices
- It is also very important to promote agricultural production and nutrition security
- Eligibility Criteria
- Young Pakistanis between the ages of 21 to 45 years are eligible to apply for this scheme and they must be Pakistanis.
Also about more: Youth Business Loan Scheme
Loan Categorie of Prime Minister’s Youth Agriculture Loan Scheme
- Small-scale activities like crop patrolling, poultry farming, weir farming fish farming, etc. are included under this scheme.
- Large loans are necessary for modern dawns such as the purchase of modern agricultural machinery such as tractors or harvesters or for setting up an agri-processing unit.
- Create an actionable agribusiness plan
- Loan Amount
- The loan amount within this scheme can range from one lakh to several million
- Interest Rate
- Low or sub-prime interest rates are charged to promote accessibility
- In some cases, interest-free loans may be available to disadvantaged applicants
Loan amount and percentage
Loans under the Prime Minister Youth Loan Scheme are divided into three tiers and each tier specifies the loan amount and % markup. In tier 1, you will get a loan of Rs 1 Lakh to Rs 5 lakh with no markup rate. In tier 2, you can receive a loan of Rs 5 lakh to Rs 15 Lakh with a 5% interest rate. Additionally, in tier 3, you can get a loan of Rs 15 Lakh to Rs 75 Lakh, for which you have to pay 7% interest.
| Tier | Loan | Interest Rate % |
| Tier 1 | 100,000 – 500,000 | 0% |
| Tier 2 | 500,000 – 1,500,000 | 5% |
| Tier 3 | 1,500,000 – 7,500,000 | 7% |
In-scheme loans are repaid within three to five years
Application Process of Agriculture Loan Scheme
Applications for the scheme can be submitted through the designated banks or online portals for identification card business proposals and feasibility reports based on the viability of the miracle plan and approval.
Implementation Partners
It includes commercial banks and microfinance institutions. Government departments like the Ministry of Food and Agriculture can also be part of it.
Training & Support
Many of the schemes include training programs to improve their creative knowledge of modern gate-keeping Prime Minister’s Youth Agriculture Loan Scheme practices.
Terms & Conditions of Agriculture Loan Scheme
- Customers may avail of two loans (one short-term & one long-term) within their MCL.
- ITs, citizens of Pakistan, aged between 21 and 45 years with entrepreneurial potential/engaged in agricultural activities are eligible.
- Customers may avail of two loans (one short-term & one long-term) within their MCL.
- No Govt. employee can avail of financing under this scheme. ZTBL is a public sector bank, hence, its employees including KSSL cannot avail of financing under PMYBALS as also clarified by the SBP.
- Defaulter of ZTBL or any other Financial Institution is not eligible for financing under the scheme.
- Only regular genuine borrowers will be provided the facility of enhancement of loan limit.
- Borrowers may avail of new financing under the PMYB&AL scheme after complete repayment of the previous PMYB&ALS loan.
- A valid copy of CNIC.
- Clear e-CIB report from SBP.
- Obligors Risk Rating (ORR) up to 4.
Conclusion
Prime Minister’s Youth Agriculture Loan Scheme is a major step in a transformation aimed at empowering Pakistan’s youth to play a prominent role in the agricultural sector. Innovation also promotes sustainability and food security. With the conditions and focus on sports, it acts as a stepping stone for young businesses to lead the agricultural revolution in the country, leading to economic growth and a prosperous future for the farming community. Made sure could go.
FAQS
What is the Youth Loan Scheme 2024 in Pakistan?
Prime Minister’s Youth Agriculture Loan Scheme Initiatives in Pakistan The program aims to promote agriculture and internships among the youth by providing accessible and affordable options. Offers business and agricultural loans with straight terms and low markup trade through various banks
How to check loan status?
You can do this online by providing details like your home loan application ID/ number or mobile number.
