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Tuesday, 19 November 2013

Punjab University announce Prime Minister’s Youth Loan Scheme 20th November 2013

News Updates:

 Prime Minister’s Youth Loan Scheme 

All the students of Punjab University are urged to apply loans under Prime Minister’s Youth Loan Scheme. This small business loan Scheme will focus on educated youth looking for establishing new business / enterprise.

The interested students need to submit small description of proposed business plans / projects to their heads of departments in next 24 hours. The applicants must have 10% of seed money with them on requested loan amount.

The Top 50 students selected by the university will be invited in PM House, Islamabad on 25th of November, 2013.

Salient Features of the scheme are:

Loan up to Rs. 2 Million (Rs. 0.5 Million – Rs. 2 Million)
Only 8% markup
To be distributed by NBP (National Bank of Pakistan) & FWB (First Women Bank)
Total loans are 1 lakh
All Pakistani nationals
Eligibility – 21 years to 40 years
Minimum educational qualification is Middle
Students need to submit feasibility of the proposed project
One personal guarantee required
The applicant must have 10% seed money
15 days approval time
The loans will be awarded transparently on pure merit basis
50% quota is for women
The loans are to be paid back in seven years
Monthly installments
To mitigate risk, Government will share 50% of the losses subject to the maximum of 10% of the loan amount

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