The Prime Minister’s loan scheme, a landmark initiative to provide soft loans of Rs30 billion to Pakistani youth for business and agricultural purposes, has brought widespread jubilation among the youth of Khyber Pakhtunkhwa.
Like others, Wisal Khan 28, who was running an electronics workshop in his hometown Pabbi, Nowshera district for the last eight years, was overjoyed on launching of the historic loans programme and providing a golden opportunity to unemployed youth of all provinces to establish their own business and contribute in the country’s development process.
With tester and pliers in hands repairing ACs at his two-room workshop with scattered electricity appliances around him, Wisal Khan said, “I was making efforts to open a mega workshop of the electronics at Peshawar for the last six years to increase monthly income to feed my eight-member family but could not do so due to financial constraints.”
The program is a great opportunity for youth, who constitutes 64 per cent of the country’s population, he said adding that like other unemployed youth, he would apply online for an Rs500,000 loan which was being given on zero markup rate. “It will fulfill my dream of setting up a modern workshop in Peshawar to bolster my income,” said the overjoyed Wisal.
The Prime Minister’s loan scheme finances interest-free loans up to Rs500,000 in the first category followed by above Rs500,000 to Rs1.5 million loans with five percent mark-up and above Rs1.5 million to Rs7.5 million on seven percent mark-up through 15 banks would be provided on easy installment plans.
The programme would facilitate all segments of the society including male, female, special persons and transgender aging from 21 to 45 years with 25 per cent quota specified for women. The youth, who attained the age of 18 could also avail the facility to start his business in IT and E-Commerce related sectors, however, the government servants and non-natives were not eligible.
