NBP Prime Minister Youth Business Loan 2024 Scheme Apply process

NBP Prime Minister Youth Business Loan 2024 Scheme

The 2024 Scheme for NBP Prime Minister Youth Business Loan has been introduced with the aim of promoting entrepreneurship and providing financial assistance to young individuals in starting their own businesses. This scheme is a continuation of the government’s efforts to empower the youth and create employment opportunities. Under this scheme, eligible individuals between the ages of 21 and 45 can apply for loans ranging from Rs. 100,000 to Rs. 5 million to establish new ventures or expand existing ones. The scheme also offers various incentives and benefits to the loan recipients, including a grace period of up to eight years for the repayment of the loan, technical and business training programs, and mentorship opportunities. These additional support mechanisms aim to enhance the entrepreneurial skills and knowledge of the loan recipients, enabling them to effectively manage their businesses and increase their chances of success.

Total Amount Details

Under this scheme, eligible candidates can avail loans ranging from PKR 100,000 to PKR 5,000,000 at a subsidized interest rate of 6% per annum. The repayment period for these loans is up to 8 years, making it easier for borrowers to manage their finances effectively. The 2024 Scheme for NBP Prime Minister Youth Business Loan emphasizes inclusivity and encourages applications from marginalized communities, women entrepreneurs, and individuals from underprivileged backgrounds. Special quotas and reserved funds are allocated to ensure equal opportunities for all aspiring entrepreneurs.

Important Dates:-

• Application submission date: Monday- Friday (10 A.M. – 5 P.M)
• Loan Issue date: after seeing terms and conditions
• Loan Installment Duration: Minimum 8 years

Contact:-

TOLL FREE NUMBER 0800-77000

Note:- The loan is issued after fortnight of inauguration of Prime Minister Youth loan Scheme.

Click Here for Download Prime Minister Youth business loan application download PDF

NBP Prime Minister Youth Business Loan 2024 Scheme 

Eligibility

1. The people of age between 21 to 45 years old have the computerize Identification care (male/ female) are eligible for the loan application.
2. There is age limit relaxation for the IT and E commerce people, Their age limit is 18 years old for prime minister loan.

 Apply Process for NBP Youth Business Loan

1. Download Application Form: The application form for the NBP Prime Minister Youth Business Loan can be downloaded from the NBP website or obtained from any branch of the National Bank of Pakistan.
2. Complete Application Form: The application form must be filled out accurately and completely, and all required fields must be answered. Incomplete forms will not be accepted.
3. Attach Required Documents: The following documents must be attached with the application form:
   • CNIC (Computerized National Identity Card)
   • Proof of education (degree or certificate)
   • Proof of business registration (if applicable)
   • Proof of business ownership (if applicable)
   • Proof of income (if applicable)
   • Other supporting documents (such as a business plan or feasibility report)
4. Submission of Application: The duly filled application form along with all required documents should be submitted to the nearest NBP branch.
5. Preliminary Review: NBP will conduct a preliminary review of the application to ensure that it meets the eligibility criteria and that all required documents have been submitted.
6. Interview: If the application passes the preliminary review, the candidate will be called for an interview with the NBP’s credit committee.
7. Credit Committee Evaluation: The credit committee will evaluate the application based on its merits, taking into account factors such as the viability of the business, the candidate’s credentials, and the potential for job creation.
8. Approval: If the application is approved, the candidate will receive a sanction letter detailing the terms and conditions of the loan.
9. Disbursement: After signing the loan agreement, the loan amount will be disbursed to the borrower’s account.

The application process may vary depending on the specific circumstances of the applicant and the policies of the NBP at the time of application. Therefore, it’s recommended to consult the NBP’s website or visit a nearby branch for the most up-to-date information.