The federal cabinet on Tuesday approved to give short loans to youth under its ‘Kamyab Jawan’ program. A quota of 25 percent will be dedicated to women under the scheme. Through the program, youth can extend loans up to five million to start their own business and contribute to the development of the economy.
Special Assistant to Prime Minister on Information and Broadcasting Dr. Firdous Ashiq Awan further explained that youth aged 18 to 35 years were 65 percent of the population and in order to empower them, the cabinet had decided to launch this loan program.
Standard loan of Rs.100,000 to 500,000 would carry 6% interest with Rs.50,000 equity. 8% interest and 20% equity will be applicable on loans from Rs.500,000 to Rs.5,000,000.
It is said to be a big achievement that despite such a tough financial situation, the government was able to allocate Rs.100 billion for youth development. The program would bring a monetary upheaval as the youth would act naturally utilized and bear their own weight, yet would help lessen expansion and unemployment. Dr. Awan added that the SAPM on Youth Affairs, Usman Dar would further explain the salient features of the loan program very soon.
Learn more about it and download forms from Prime Minister Youth Program Website