Islamabad (Web Desk): Prime Minister Shehbaz Sharif will launch Youth Business and Agricultural Loan Schemes in Islamabad on Tuesday.
The initiative is aimed at promoting self-employment and entrepreneurship amongst the youth, the Radio Pakistan reported.
The people in the age bracket of 21 and 45 years can avail the loan facility of up to Rs7.5 million under these schemes. For IT and E-commerce businesses, the lower age limit is 18 years.
Micro-financing through small business loans will promote a norm of job creation rather than job seeking among the country's youth bulge.
The addition of agricultural loans will help the rural youth in bringing innovation to farming which can include mechanized farming, the creation of agricultural value chains and the Solarization of farming equipment to create more sustainable energy resource management in a climate-challenged country like Pakistan.
Loans of up to Rs1.5 million can be availed on personal guarantee of the borrower.
There will be no interest rate on the loan of up to Rs0.5 million. Five percent interest will be charged on the loan of over Rs0.5 million to Rs1.5 million.
Seven percent interest rate will be charged on the loan of over Rs1.5 million to Rs7.5 million.
Twenty-five percent quota has been reserved for women.
Meanwhile, Islamic banking facilities can also be availed on the loan scheme.
