PRIME MINISTER’S YOUTH BUSINESS & AGRICULTURE LOAN SCHEME
In order to uplift the youth of the country by offering opportunities to utilize their entrepreneurial potential to the fullest, Government of Pakistan & SBP, Al Baraka Bank (Pakistan) Limited offers concessional financing popularly known as "Prime Minister’s Prime Minister’s Youth Business & Agriculture Loan Scheme (PMYB&ALS).
PRIME MINISTER’S
Youth Business & Agriculture Loan Scheme (PMYB&ALS)In line with initiative of Govt. of Pakistan & SBP, AlBaraka Bank (Pakistan) Ltd offers concessional financing popularly known as "Prime Minister’s Youth Business & Agriculture Loan Scheme (PMYB&ALS) to uplift youth of the country through providing opportunities to utilize their entrepreneurial potential.
Eligible Customers | - All citizen of Pakistan holding CNIC, aged between 21 & 45 years at the time of submission of application. For IT/E-Commerce related businesses, lower age limit is be 18 years, holding atleast minimum Matric or equivalent educations. In case of partnership/companies, only one of the owners, partners or directors must be in the prescribed age bracket. | ||||||||
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How to Apply | - Applications can be filed ONLINE through PM Youth Program (PMYP) Portal. Only one application can be uploaded against one CNIC. | ||||||||
Type of Businesses | - Small & Medium Enterprises as per definitions of SBP (Startups and existing businesses). | ||||||||
Purpose of Financing | - Setting up New Business. - Expansion of existing businesses. |
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Mode of Financing | - Any Sharia compliant mode of financing applicable to particular customer. | ||||||||
Maximum Financing Limit | - Tier 1 (T1) Up to Rs.0.500M (for MFIs only) - Tier 2 (T2) Above Rs.0.500M and up to Rs.1.500M - Tier 3 (T3) Above Rs.1.500M and up to Rs.7.500M |
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Tenor of Financing | - For Tier 1 - Up to 3 years - For Tier 2 & 3 - Upto 8 years with maximum grace period upto one year. |
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Equity | - For New Businesses (T1 & T2 – 90:10, T3 – 80:20) - For Existing Businesses - NIL |
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Sectors | - All sectors including agriculture. | ||||||||
Pricing |
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Repayment of Finance | - Through equal monthly or quarterly installments. | ||||||||
General Terms & Conditions | - Knowledge/experience of chosen business is must. - Applied finance should be supported by rational business plans/projections. - Application must not be availing financing facility under any other similar scheme from any bank/FI. - Clean ECIB for individual/proprietor/sponsors/directors/partners. |
REQUIRED DOCUMENTS/INFORMATION
The applicant must have scanned copies of the following documents, whichever relevant, before starting their application:
- 1. Clear visible recent picture.
- 2. CNIC- front & back.
- 3. Educational/Technical degree/certificate (upload highest degree/certificate).
- 4. Experience Certificates, preferably all.
- 5. Valid license, if applicable e.g. for commercial vehicle, medical store etc.
- 6. NTN and latest Tax return, preferable to get NTN before application submission.
- 7. Reference/Consumer Number of Electricity connection installed at residential address.
- 8. Financials/Business Feasibility/Estimates of actual/Expected business revenues and expenses.
- 9. A brief business write-up.
- 10. Any other source of income e.g. foreign remittance, salary income, agriculture income etc.
- 11. Two References (CNICs).
- 12. In case of partnership or limited company, related details and approvals.
- 13. Bank Account Statement & Account Maintenance Certificate.