How to Apply for PM loan scheme is considered as a complex task by most of the youth. Most people couldn’t even apply for the loan, due to not having the right information to apply for the youth loan. Here is the detailed step-by-step information for the candidates to follow and easily apply for the loan.
The candidate following these guidelines will have a better chance of getting their loan approved as compared to casually submitting their loan application.
Before applying for the PM Youth Loan Scheme at official portal, one must go through the following guidelines for submitting the application of PM Youth Loan Scheme.
How to apply for PM Loan Scheme – Business and Agriculture Loan Scheme
Follow the steps to accurately submit your loan application
A properly filled and submitted application will have a better chance of approval
The PM Youth loan scheme is under revamping stage and will be allocated sufficient funds in the upcoming budget 2024-25 in June-2024
Youth with entrepreneurial mindset is encouraged to apply for the loan
How to apply for PM Loan Scheme – Step by Step Guide
Here is the detailed step by step guide for how to apply for PM Loan Scheme. Follow the steps and submit your loan application with confidence.
Just visit the PMYL portal and click Apply for Loan
OR directly open the application page, the following screen will open
Fill in your CNIC Number and Issue Date and select the type of loan you want to apply for. If you don’t know about which tier to select, read our PMYL Scheme section
Click the Green Enter Button, It will open the personal information page as shown below
Completing Section A – Personal Information of PM Youth Loan Scheme
This is about your personal information. Be careful about typing and uploading your correct information to avoid communication and documentation issues in the future.
Select the bank you want to get the loan from, preferably the National Bank of Pakistan or any other of your choice.
Select either Bank or Micro Finance Institution/Bank (MFI/MFB), not both
Upload a small size clear and simple background picture of you
Attach a small size clear picture of your CNIC from both the Front and Backside in separate fields
Select the number of dependents if you do have or else select Zero (0)
Enter CNIC Issue Date
Select Your Gender (Male/Female/Transgender)
Type your Father, Husband or Guardian’s Name
Enter your Martial Status Married or Single
Select your citizenship status normally it’s Resident
Select your religion
Select the nature of disability, if you have any
Select your education Level
Upload a small size clear image of your degree or certificate
Select your skill if you’re a skilled man like a Mechanic, an Electrician Etc (It’s a good parameter)
Enter your correct and complete address so that a courier or a bank representative may easily approach there without a lengthy search to reach your place. Add a famous nearest place in the address
Select your province
Select your division, a division a big city representing the surrounding small cities
Select your city laying a division
Select your Tehsil
Type your permanent address if different from the present address typed in step 20 above else click on the checkbox same as above
Type your Primary/Main Mobile Number
Type your Secondary/Family Mobile Number
Enter your current monthly income if you are presently earning, a good sign if are earning i.e. 40,000
Type your monthly expenses, preferably half less than your income i.e. 20,000
Click the Green Save Button
Upon successful completion and saving the Section A. Personal information, you will see the green message Successfully saved
Completing Section B – Business Information for PMYP Scheme
This section is about your business information. You are required to fill in the information if you have any existing business or you are applying a loan for a new business.
Tip: The existing or running business adds up the chances of your loan approval. Likewise, a strong appealing new business idea, with your skill set and potential to successfully execute the business, also has a good chance of loan approval. Avoid vague and weak business ideas or the ones you don’t have the skill and potential to do successfully.
Select the Business Category among New or Existing Business
Select an Industry Category like Agriculture if you want to grow crops (like Wheat, Cotton or Farming), Manufacturing if you want to produce something in a production unit or workshop (Steel products, Clothing etc.), and services if you want to sell your professional skills or abilities (IT Services, E-Commerce, Mechanics etc.)
Select a Business Sector Like the Education Sector, Technical Services, or IT Services if you choose Services in Step 2. Each of the Agriculture, Production, and Services categories, Business Sector are differently displayed
Select a Business Sub Category like Auto Mechanic for Technical Services
Type or Choose a good business name like New Age Car Electrification etc
Give a brief description of your business, tell its details and scope like “Being an auto electrician, I am planning to open a small workshop where I will be providing the state of the art car electrification services along a busy road near the auto spare parts market.”
Tell about your relevant experience or No experience. Remember the experienced borrower has a good chance to get the loan facility.
Be wise in telling your monthly business expenses like the rent, utility expenses, wages paid to labor, etc. Be careful it must correlate with your existing business setup and the amount of loan being applied. For a small new business, 30,000 to 40,000 expenses are enough. You need to tell its details to the bank representative later during the business verification stage.
Attach a document if you have a business profile in hand or any other document of your expertise and skill or success story to understand bank you are a serious and reliable borrower. It’s not mandatory.
After completing press Green Save button, a message will display Saved Successfully.
Completing Section C – Loan Information for PMYP Scheme
This section is about your required loan information. You are required to fill in the maximum amount and maximum period to optimally utilize the amount for your business.
Select Tier-1 for an Interest-Free or Zero Interest facility having a limit of Rs.500,000 (Five Lac Rupees)
Type 500,000 in loan required filed
Select the maximum period in the loan period. For Agriculture, you will have to choose 1 year as it is paid on or before the harvest of the seasonal crop.
After completing press Green Save button, a message will display Saved Successfully.
Completing Section D – Financing Details for PMYP Scheme
This section is about your existing loans if you have availed earlier from any banks. Mention all if you do have. For new business it would be Nil so leave this section as it is.
If you have availed any load earlier, Type the facility time Demand Finance, Running Finance, Term Loan Etc
Select the bank from where you have availed the existing loan like NBP, HBL, MCB Etc
Type the amount of approved limit of the existing loan like 5M, 10M Etc
Type the amount of outstanding limit out of the approved limit that you still have to pay like 3M out of 5M or 7M out of 10M
Type the amount of installment of the existing loan you have to regularly pay every month
After completing the Green Save button, a message will display Saved Successfully.
Final Submission of Application – PMYP Scheme
At the end, you have to check the 2 checkboxes as your undertaking regarding
Information provided by me is correct and are verifiable
I am not the serving employee of federal and provincial governments
After completing the Green Submit button, the following message will be displayed “Your application is submitted successfully, further, soon the concerned Bank will Contact you”.
Post Application Guidelines for PMYL Scheme
Now you have to wait for your application submitted to the bank by PMYL department and upon scrutiny, the bank will contact you and ask about the loan application. Remember and write it down the application information you have submitted and respond to the questions of the bank’s representative upon receiving the call from the bank.
Upon a satisfactory response, you will get the physical verification call and verification officer’s physical visit. A report will be submitted by the verification officer and then the loan initiation and documentation process will start.
Editing and Printing Your Loan Application
You can edit and print your application later by selecting the edit application link available on the PMYL portal
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FAQs
Any Pakistani national aged 21-45 can apply for the PMYL Scheme.
You can visit the PMYL portal and follow the steps, detailed in the above article, for the successful submission of your loan application.
Yes, you may apply for the scheme at the PMYL portal. The fresh allocation of the funds are expected in the upcoming budget 2024-25 in June-2024.
A clear application and strong entrepreneurial business idea has more chances of getting your case approved.
You don’t need any special help or expertise to submit your loan application. Just follow the steps mentioned above in the article and easily submit your application. Just follow the steps mentioned in How to apply for PM Loan Scheme article above and get your application submitted successfully.
Conclusion
The PMYL Scheme is an excellent opportunity for the youth initiated by the Federal Govt of Pakistan. The Youth is encouraged to apply for the scheme to become a successful Entrepreneur and to play an active role in the progress and prosperity of Pakistan by value addition in the economy. Read this article How to apply for PM Loan Scheme and get your application submitted with confidence.
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5 Comments
Hey people!!!!!
Good mood and good luck to everyone!!!!!
Hey people!!!!!
Good mood and good luck to everyone!!!!!
Hey people!!!!!
Good mood and good luck to everyone!!!!!
سر جی یہ یوتھ لون سکیم وزیراعظم کب سے شروع ھوگا۔یا مطلب شروع ھے۔ابھی
Hope its starting in a month or two.
Hey people!!!!!
Good mood and good luck to everyone!!!!!