Wazir-E-Azam Youth Loan Scheme
A great opportunity has been provided for the youth under the Wazir-E-Azam Youth Loan Scheme, under which now students can not only get their laptops in easy installments but also provide financial assistance to those who want to work abroad. According to the State Bank notification, students between the ages of 18 and 30 who are studying in HEC-approved institutions can take a loan of Rs 1.5 lakh to Rs 4.5 lakh and repay it in easy installments along with university fees.
The government has also decided to provide a loan of up to Rs 1 million for youth who want to work abroad, which can be used for training, visa, and travel expenses. People between the ages of 21 and 45 can apply to take advantage of this facility. The loan repayment period has been set at 5 years and the bank rate will be KIBOR plus 3%, which is a very reasonable interest rate compared to other financial institutions.
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This scheme is a brilliant effort by the government to make the youth independent, under which they will be able to get better education and employment opportunities. So far, loans worth Rs 186 billion have been given under the Wazir Azam Youth Loan Scheme, which shows the success of this project. If you also want to benefit from this facility, then submit your application as soon as possible and improve your future!
Loan Facility for Laptops Under PM Youth Loan Scheme
Special Assistant to the Wazir Azam on Youth Affairs, Rana Mashhood Ahmed Khan, announced that the State Bank of Pakistan has formally issued a notification regarding this expansion. Under this scheme, only students between the ages of 18 and 30 enrolled in Higher Education Commission (HEC)-approved institutions will be eligible to apply for laptop loans.
The loan repayment period for laptops will be four years, with a KIBOR plus 3% bank rate. Students can avail of loans in three categories:
- Rs 150,000
- Rs 300,000
- Rs 450,000
The installments for laptop loans will be paid along with university fees, making it easier for students to manage their finances.
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Loan Facility for Youth Seeking Employment Abroad
The government has also introduced loans for individuals planning to work abroad. Under this initiative, youth aged 21 to 45 can apply for a loan of up to Rs 1 million to cover:
- Training expenses
- Visa fees
- Travel costs
The loan repayment period will be five years, with a KIBOR plus 3% interest rate. This financial support will help aspiring professionals secure better job opportunities internationally.
Government’s Efforts to Empower the Youth
The Wazir Azam Youth Loan Scheme has already disbursed over Rs 186 billion in loans to young individuals across Pakistan. The government remains committed to providing maximum opportunities for students and professionals to enhance their skills, access quality education, and secure employment.
This initiative is a significant step towards economic empowerment, ensuring that students can access technology and young professionals can explore global career opportunities.
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Eligibility Criteria
To apply for a loan under this scheme, applicants must meet the following conditions:
For Laptop Loans
- Must be a student between the ages of 18 and 30.
- Must be enrolled in a Higher Education Commission (HEC)-approved institution.
For Overseas Employment Loans
- Must be between the ages of 21 and 45.
- Must be seeking employment abroad.
- The loan can used for training, visa, and travel expenses.
Application Procedure
The application process for both loans is straightforward:
- Visit the Official Website:
Go to the official Wazir Azam Youth Loan Scheme portal.
- Select the Loan Type:
Choose between a laptop loan or an overseas employment loan.
- Fill Out the Application Form:
Provide personal details, CNIC number, and educational or employment details.
- Attach Required Documents:
Students: Proof of HEC-approved enrollment.
Professionals: Proof of overseas employment opportunity.
- Submit the Application:
After verification, successful applicants will be notified.
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Benefits of the PM Youth Loan Scheme
- Easy Access to Laptops: Students can get laptops in easy installments, helping them with education and online work.
- Financial Support for Overseas Employment: Covers training, visa, and travel costs for youth seeking jobs abroad.
- Affordable Loan Repayment:
- Laptop loans: 4-year repayment period.
- Overseas employment loans: 5-year repayment period.
- Low Interest Rate: Loans are available at KIBOR plus a 3% bank rate, making repayment easier.
- Government Support: Over Rs 186 billion has already been distributed under the scheme, ensuring financial security for youth.
Conclusion
The Wazir Azam Youth Loan Scheme is a grateful initiative to empower young individuals by providing financial support for education and overseas employment. By offering easy loans for laptops and financial assistance for global job opportunities, the government is investing in the future of the youth, helping them excel in their careers.