ISLAMABAD: Some 5000 youth would get loan under the Prime Minister Business Loan Scheme in the maiden balloting of the loan scheme to be held here today.
Prime Minister Nawaz Sharif, Chairperson of the Business Loan Scheme Maryam Nawaz and ministers and members Parliament would attend the ceremony. In the first phase 5000 youngsters would be provided loans. Most of the participants have expressed their interest in livestock, agriculture, education and cottage industry.
The scheme is designed to provide subsidised financing at eight per cent mark-up per annum for 100,000 beneficiaries through National Bank of Pakistan and First Women Bank. The total mark up rate would be 15 per cent but the government would pay the remaining seven per cent on behalf of the applicants. Those falling in the age group of 21 and 45 years are eligible to apply for loans from Rs100,000 to Rs2,000,000. Small business loans with a tenure of up to seven years plus one-year grace period and a debt-equity ratio of 90:10 will be disbursed across the country including Gilgit-Baltistan‚ Azad Jammu and Kashmir and the Federally Administered Tribal Areas.
