Prime Minister’s Youth Loan Scheme Expanded – Laptop & Overseas Employment Loans

The Prime Minister’s Youth Loan Scheme has been further expanded, offering young individuals more opportunities for financial assistance. The new policy update allows students to obtain loans not only for business ventures but also for purchasing laptops. Additionally, those seeking employment abroad can now avail loans of up to Rs. 1 million.

Special Assistant to the Prime Minister on Youth Affairs, Rana Mashhood Ahmad Khan, announced the changes, emphasizing the government’s commitment to empowering the youth. The State Bank of Pakistan has officially issued a notification regarding these updates.

New Additions to the Prime Minister’s Youth Loan Scheme

The scope of the scheme has been broadened to include the following key components:

1. Laptop Financing for Students

Students enrolled in Higher Education Commission (HEC)-approved institutions can now apply for loans to purchase laptops. This initiative aims to bridge the digital divide and ensure students have access to technology for educational purposes.

Eligibility Criteria:

• Age: 18 to 30 years

• Must be enrolled in an HEC-approved institution

• Must provide proof of enrollment

Loan Features:

2. Financial Assistance for Overseas Employment

Young individuals seeking job opportunities abroad can now avail loans of up to Rs. 1 million. This financial aid can be used for:

• Training programs

• Visa processing fees

• Travel expenses

Eligibility Criteria:

• Must provide valid proof of overseas employment opportunity

• Age limit to be defined by the scheme

• Should be a Pakistani citizen

Loan Features:

Government’s Commitment to Youth Empowerment

Rana Mashhood Ahmad Khan reaffirmed that the government remains committed to providing financial resources and employment opportunities for young Pakistanis. Under the Prime Minister’s Youth Loan Scheme, over Rs. 186 billion has already been disbursed to support young entrepreneurs and professionals.

Benefits of the Expanded Scheme

• Enhanced Digital Access: Students can now afford laptops, enabling them to excel academically.

• Increased Employment Opportunities: Financial aid will ease the burden of overseas job-seekers.

• Youth Empowerment: Encouraging entrepreneurship and professional growth through financial assistance.

How to Apply for the Loan?

Step-by-Step Guide

1. Visit the Official Website:

   • Access the Prime Minister’s Youth Loan Scheme portal.

2. Choose Your Loan Type:

   • Select from Laptop Loan or Overseas Employment Loan.

3. Submit Required Documents:

   • Proof of enrollment (for students)

   • Job offer letter or visa application proof (for overseas employment seekers)

4. Await Approval:

   • Applications will be reviewed by the designated financial institutions.

5. Loan Disbursement:

   • Once approved, the loan amount will be transferred as per policy guidelines.