Requirements to Apply PM Youth Business and Agriculture Loan Scheme (PMYB&ALS)

The PM has launched the PM Youth Business and Agriculture Loan Scheme (PMYB&ALS) for youth of Pakistan. In this scheme, the loans will be provided from 0.5 to 7.5 million Pakistani rupees on simple terms. However, there are some requirements to apply PM Youth Business and Agriculture Loan Scheme. Please check out these requirements below before starting the application process to avoid any inconveniences.

Requirements-to-Apply-PM-Youth-Business-and-Agriculture-Loan-Scheme

Requirements to Apply PM Youth Business and Agriculture Loan Scheme

Applicant must have clear, visible scanned copies/pictures of the following documents before starting the application:

  • Passport Size Photo of Applicant
  • CNIC or National Identity Card (Front and Back)
  • Latest Educational Degree or Certificate. It could be any if applicable (Matric, Intermediate, Bachelors, Masters, PhD, etc.
  • Experience certificates (if any and applicable).
  • If you have an existing business, a recommendation letter from the respective chamber, union, or trade body is mandatory.
  • National Tax ID Number. If you don’t have one, you can register one here.
  • Customer Identification Number or Consumer ID of an electricity bill for your current residential address. NITB to link the image of where the consumer ID is written on your electricity bill.
  • Customer Identification Number or Consumer ID of an electricity bill of your current office address (if applicable).
  • The full registration number of any vehicle registered in the applicant’s name (if applicable).
  • The names, national identity cards (CNIC), and phone numbers of two references other than blood relatives of the applicant.
  • The applicant must estimate their monthly business income. They should also list business and household expenses, as well as any other income if it is a new business. For an existing business, the applicant must provide the monthly business income. They should also include business and household expenses, as well as other income details.

Note: Please check out the eligibility criteria for the PM Youth Business and Agriculture Loan Scheme (PMYB&ALS) before applying for the loan.

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Frequently Asked Questions

The mobile number that will be provided in the application must be registered on the applicant’s CNIC. Otherwise, you will have issues in the future. If you provided the wrong number or someone else’s number, you have to change it anyway.

The applicant’s age must be between 21 to 45 years to be eligible for the application. For the digital businesses (IT or E-Commerce), the lower age limit is 18 years.

You can contact the SMEDA Punjab head office number (042) 111-111-456 for assistance. Otherwise, you can contact your respective bank for the application progress.

Conclusion

The PM Youth Business and Agriculture Loan Scheme (PMYB&ALS) has been launched to provide loans to youth on simple and easy terms. The aim is to promote entrepreneurship among youth to boost the economy of the State of Pakistan. The scheme has been divided into three tiers, providing different ranges of loans. However, the loan amount ranges from 0.5 to 7.5 million PKR.

Some requirements have to be fulfilled to be eligible for the loan. You can check these requirements to apply PM Youth Business and Agriculture Loan Scheme above and have to fulfill them before starting the application process. These are the general requirements for every tier, however, the application of every tier requires different documents and information. Please consider these requirements for a smooth and transparent application process.

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