ISLAMABAD: As many as 17,051 loan applications were approved under Prime Minister Youth Business Loan Scheme from September 2013 to March 2016, revealed a report.
A total number of 60,000 applications were received for the programme, private news channel reported. Initiated in 2013, the scheme endeavoured to assist educated young people to establish or expand their business enterprises. The report, which was presented to Prime Minister Nawaz Sharif, showed the overall progress of the scheme. When the Prime Minister visited National Bank of Pakistan, Karachi, in August 2016, he was informed that 13,000 loan applications had been approved till then.
After his visit, PM advised the banks’ management to expedite the process. Hence, another 4,000 loan applications were approved in another seven months. Moreover, the report shows that Rs 17.7 billion have been disbursed so far and the loan recovery was an impressive 94%. The loan can be availed by people between the ages of 21 to 45, according to the scheme requirements. The maximum amount applicants can apply for is Rs 2 million and a 50% quota has been set for women borrowers.—APP
