Punjab Loan Scheme For Youth 2023
The Punjab government finalized the loan program for the youth. The Punjab government has decided to launch the ‘Punjab Credit Guarantee Scheme’ (PCGS) aimed at providing loans to youth on soft conditions. Women can borrow up to Rs 5 million for business at 5% interest.
Punjab Minister for Industry and Trade Mian Aslam Iqbal stated that initial paperwork had been completed whereas Prime Minister (PM) Imran Khan will formally launch the scheme soon. He added that women could obtain loans in soft conditions.
The Punjab government finalizes the loan program for youth. Ministry of Finance, Industry and Trade Mian Aslam Iqbal said that under the program, a loan of Rs. 6 billion will be lent to Rs. 6 lakhs, women will get a special discount in the loan program.
The industry said that 80 percent cast government and 20 percent of the boys would tolerate themselves when 90 percent government and 10 percent of the cast women will be tolerated for girls, Grace Pediatric 10 months for women when boys There will be 6 months. Mian Aslam Iqbal said that operational cast would be 7% for boys, 6% for girls and lending students with advanced faculty technical facilities, Prime Minister Imran Khan was given certified approval by program programming.
Punjab government loan scheme for youth:
Punjab government launch a loan scheme for youth. To obtain a loan, the candidate will submit his business idea to the departmental committee through an online application. If the committee approves the idea, the amount of the loan will be issued.
Under PCGS, a male candidate will invest 30& of the total amount required for initiating business whereas the rest of 70 % would be provided by the provincial government. On the other hand, a female aspirant will invent 20% of the total amount whereas the rest of the 80% would be provided by the departmental committee. Women account for 18% and men for 51% in the country. Banks provide loans for education, marriage, and house building, but women are unaware of it.
Women run the house with limited resources and run the country from home. She said that women can open an “easy account” in any bank for Rs. 100. An easy account can be opened only on an identity card. No charges and no minimum deposit requirement. An amount of Rs. 5 lakh per month can be deposited and withdrawn in a simple account. In the case of more than 5 lakh business, proof of income has to be given. He said that an easy account is for everyone, students can also open it, on an easy account. There is also a profit. Once acquired, the borrower would be exempted from paying any installment for 12 months.
The 3% markup on the amount of loan would be paid by the provincial government.
The minister added that the government had acquired Rs 550 million for the scheme in the initial phase.
Universities’ students and entrepreneurs can also benefit from the scheme.
According to an estimate, there are more than 5 million small and medium enterprises in Pakistan. There are 35,000 large scale industries in the country. Large scale is only 5% in Pakistan and the rest are small and medium scale industries. Opportunities exist in small and medium enterprises, small and medium enterprises faced major problems, which led to increase in business costs.
30,000 new businesses will be given unsecured loans up to Rs. 1 crore. If there is loss in business, 40% will be borne by the government and commercial banks. SMEs will also be awarded contracts within government contracts, 25% tax exemption has been given to women in the SME sector, a fund of Rs 30 billion has been allocated under SMEDA, 80 Up to Rs. 1 crore industry will get the benefits of SME policy, business plans will be provided by commercial banks, commercial banks will provide loans up to Rs. 10 million at 9% interest rate.