Govt Increases Youth Business Loan Limit

The Pakistani government has raised the personal loan limit under the Prime Minister’s Youth Business and Agriculture Loan schemes from Rs. 7.5 million to Rs. 25 million, as announced by Prime Minister Shehbaz Sharif during a review meeting. The minimum age requirement has also been lowered from 21 to 18 years, making it easier for younger individuals to access funding.

Additionally, 30 percent of all loans will be reserved for women, aligning with earlier data indicating that women entrepreneurs have received Rs. 29 billion under the youth loan scheme. With a total allocation of Rs. 292 billion for the year, the government aims to provide loans on easy installments and support young entrepreneurs through mentoring, advice, and technical assistance.

Since January 2023, 581,341 young people have received loans worth Rs. 313.9 billion, marking a tenfold increase compared to the previous decade. The government hopes that the expanded access to loans will empower young people to start businesses and contribute to Pakistan's economy.

Brief written by urgent.news from ProPakistani's own syndicated text. Machine-written — may contain errors; check the original before relying on it.