Prime Minister’s Youth Agriculture Loan Scheme is a transformative initiative aimed at empowering young people in Pakistan to start and grow agricultural businesses. By offering accessible financing and support, the scheme seeks to enhance agricultural production, create employment opportunities, and promote innovation in the resource sector.
Objectives of the Scheme
- Empower youth in agriculture by providing financial assistance.
- Modernize farming practices to increase productivity and sustainability.
- Promote agricultural production and nutrition security in Pakistan.
Eligibility Criteria
- Applicants must be Pakistani citizens aged 21 to 45 years.
- They should have entrepreneurial potential or be engaged in agricultural activities.
- Government employees and loan defaulters are not eligible.
Loan Categories
The scheme supports both small-scale and large-scale agricultural activities:
- Small-scale Loans:
- Activities such as crop patrolling, poultry farming, fish farming, and beekeeping.
- Large-scale Loans:
- For purchasing modern agricultural machinery like tractors and harvesters.
- For setting up agri-processing units or other significant investments.
Youth Agriculture Loan Scheme
Loan Details
Loan Tiers and Interest Rates
| Tier | Loan Amount (PKR) | Interest Rate (%) |
|---|---|---|
| Tier 1 | 100,000 – 500,000 | 0% |
| Tier 2 | 500,000 – 1,500,000 | 5% |
| Tier 3 | 1,500,000 – 7,500,000 | 7% |
- Loan repayment periods range from three to five years.
- Some loans may be interest-free for disadvantaged applicants.
Application Process
- Submission:
- Applications can be submitted online or through designated banks.
- Required documents include a valid CNIC, a viable business proposal, and a feasibility report.
- Approval:
- Applications are assessed based on the viability of the agribusiness plan.
- Clear e-CIB reports and Obligor Risk Ratings (ORR) of up to 4 are required.
Implementation Partners
- Banks and Financial Institutions: Commercial banks and microfinance institutions.
- Government Departments: Ministries such as the Ministry of Food and Agriculture.
Training and Support
The scheme includes training programs to:
- Enhance knowledge of modern farming techniques.
- Equip youth with skills to manage agricultural businesses effectively.
Terms and Conditions
- Borrowers can avail of two loans simultaneously: one short-term and one long-term.
- Regular borrowers with a good repayment record may request loan limit enhancements.
- Government employees and loan defaulters are not eligible.
- New financing is available after complete repayment of previous loans under the scheme.
Key Features of the Scheme
- Innovation and Sustainability: Encourages youth to adopt modern farming practices.
- Low or No Interest Rates: Makes financing accessible and affordable.
- Focus on Food Security: Supports projects that boost agricultural productivity and sustainability.
- Youth Empowerment: Provides opportunities for young entrepreneurs to lead the agricultural sector.
FAQs:
What is the Youth Loan Scheme 2024 in Pakistan?
The scheme promotes agricultural growth and youth internships by offering accessible loans with low or no markup. It supports both small-scale and large-scale agricultural businesses.
How can I check my loan status?
You can check the status of your application online using your loan application ID or mobile number.
Apply Link
Conclusion
The Prime Minister’s Youth Agriculture Loan Scheme is a pivotal step in empowering Pakistan’s youth to lead an agricultural revolution. By promoting innovation, sustainability, and economic growth, the scheme ensures a prosperous future for Pakistan’s farming community while addressing food security and modernizing agriculture.
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