Complete details about Govt of Punjab Soft Loan Scheme for Youth, eligibility criteria and how to apply?
Govt of Punjab Introduces Loan Scheme For Youth. The government of Punjab has introduced the “Credit Guarantee Scheme” (PCGS) in order to provide the soft loan to the youth so that they can start they career by establishing their own businesses. The Punjab Soft Loan Scheme for Youth will be officially launched soon by the Prime Minister Imran Khan. Punjab Industry and Trade Minister Mian Aslam Iqbal stated that the initial paper work had been completed and the youth will be given the loans up to Rs3 million in order to establish their businesses.
How to get Loan?
Under the Soft Loan Scheme the interested youth need to submit their businesses ideas to the concerned committee of the department through online application. If committee approves the idea, the amount of the loan will be issued.
The departmental committee will completely analyze the pros and cones of the presented ideas and then will decide to issue the loan or not.
Who is Eligible For the Loan?
This PCGS Loan Scheme is for both men and women and they can avail it on the easier terms and conditions. The Universities’ students and entrepreneur can also apply for this loan. Furthermore the persons who are already engaged in doing some kind of trades would be suitable to apply for this loan in order to expand their businesses.
The male interest in getting the loan need to invest the 30% of the total amount required for starting business whereas the rest of 70% would be given by the provincial government.
On the other hand, a female candidate need to invent 20% of the total amount whereas rest of the 80% would be given by the departmental committee.
A candidate must be a CNIC holder.
Age limit 21-45.
Candidate may apply for loans under this scheme only from the elected branch planned with his/her area of residence/business.
Upto 20 Lac
How are loans paid back?
The candidates need to pay back the loan within the five years with one year grace period. The Industries Department would be bearing 3% of the markup on the loan.
The provincial government has already got the Rs.550 Million and the rest of the one billion amount will be add in this PCGS Loan Scheme.
Where to Submit application for having business loan?
Interested candidates can submit their application by visiting the branches of the below mentioned banks:
National Bank of Pakistan,
Frst Women Bank Limited,
Habib Bank Limited,
Habib Metropolitan Bank,
Al Baraka Bank,
Dubai Islamic Bank,
Allied bank Limited,
Muslim Commercial Bank(Branches)
United Bank Limited,
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