Karachi: State Bank of Pakistan (SBP) has released the details pertaining to the ‘Youth Loan Schemes’ introduced by the acting Prime Minister Mian Muhammad Nawaz Sharif. Through the scheme, the youths would be facilitated with seeking loans of Rs. 20 lacks.
Press release issued by the SBP states the fixation of Rs.5 billion for the scheme. Around 1 lack youth can apply and earn benefits through the initiative. Educated and unemployed youths would be considered more for the application. However, half of the total amount is fixed for the women class.
First Women Bank and National Bank are open to facilitate the youths in the regard nationwide, state SBP. Application form with payment of Rs. 100, non-refundable can be purchased from the respective branches.
The eligibility criteria for the applicants are:
- Age: Above 21 to 45.
- Loan Return Duration: 7 years.
- Extended 6 months can be provided to the loan payer. 10 % of the total loan would be paid by the loan-payer while the government would pay the rest 90%.
- It is mandatory for the applicant to hold original CNIC.
Any complaints in connection with the transparency of the Loan Scheme will be entertained on a toll free number 0800-77000. The applicants can seek loan of extended amount Rs 20 lacs.