Punjab Loan Scheme for Youth 2023
The Punjab government has finalized the loan program for the youth. The Punjab Government has decided to launch the ‘Punjab Credit Guarantee Scheme’ (PCGS) which aims to provide loans to the youth on soft terms. Women can borrow up to Rs 50 lakh for business at 5% interest.
Punjab Industries and Commerce Minister Mian Aslam Iqbal said that the preliminary paperwork has been completed while Prime Minister Imran Khan will formally launch the scheme soon. He further said that women can get loans under soft terms.
The Punjab government has finalized the loan program for the youth. Ministry of Finance, Industry and Commerce Mian Aslam Iqbal said that under this program, a loan of 2000 billion rupees has been given. 6 billion rupees will be loaned. 6 lakh, women will get special concession in the loan programme.
The industry said that 80% cast government and 20% boys would bear themselves while 90% government and 10% cast women would bear for girls, Grace Pediatric 10 months for women and 6 months for boys. shall be. Mian Aslam Iqbal said that loans will be given to students with operational cast 7 percent for boys, 6 percent for girls and advanced faculty technical facilities, Prime Minister Imran Khan confirmed approval through program programming.
Punjab Government Youth Loan Scheme:
Punjab government has started loan scheme for youth. To get the loan, the candidate will submit his business idea to the departmental committee through an online application. If the committee approves the idea, the loan amount will be released.
Under PCGS, a male candidate will invest another 30% of the total amount required to start a business while the remaining 70% will be provided by the provincial government. On the other hand, a woman aspirant will invest 20% of the total amount while the remaining 80% will be provided by the departmental committee. The share of women in the country is 18% and that of men is 51%. Banks provide loans for education, marriage and house building but women are unaware of this.
Women run the household with limited resources and run the country from home. He said women can open an “easy account” in any bank for Rs. 100. A convenient account can be opened only on the identity card. No charges and no minimum deposit required. 5 lakhs per month can be deposited and withdrawn in a simple account of Rs. In case of business of more than 5 lakhs, proof of income has to be given. He said that easy account is for everyone, even students can open it, on easy account. There is also profit. Once availed, the borrower will be exempted from paying any installment for 12 months.
3 percent markup on the loan amount will be paid by the provincial government.
The minister added that the government had secured Rs 550 million for the scheme in the initial phase.
Students of universities and entrepreneurs can also benefit from this scheme.
According to an estimate, there are more than 5 million small and medium enterprises in Pakistan. There are 35000 large scale industries in the country. In Pakistan only 5% are large scale and rest are small and medium scale industries. There are opportunities in small and medium enterprises, small and medium enterprises faced major problems due to which the cost of doing business increased.
30,000 new businesses will be given unsecured loans of up to Rs. 1 crore. If there is a loss in the business, 40 percent will be borne by the government and commercial banks. SMEs will also be awarded contracts within government contracts, women in the SME sector have been given a 25 percent tax exemption, a fund of Rs.30 billion has been allocated under Samida, up to Rs.80. One crore industry will get the fruits 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.