Youth to receive loans to buy laptops under new scheme

The State Bank of Pakistan (SBP) revealed that Prime Minister Shehbaz Sharif has expanded the scope of the youth business and agricultural loan scheme. This includes loans for purchasing laptops and for individuals seeking employment abroad. According to the SBP's statement, a four-year loan will be available for laptops at the KIBOR plus 3% rate, with eligible students aged 18 to 30 from HEC-approved institutions. Loans will range from PKR 150,000 to PKR 450,000, and repayments will be aligned with university fee payments. Furthermore, loans of up to PKR 1 million will be provided to individuals going abroad for work, covering training, visa, and travel costs. These loans will have a five-year term with a KIBOR plus 3% bank rate, available for individuals aged between 21 and 45. Under the newly introduced "Tier 4" of the Prime Minister’s Youth Loan Scheme, soft loans will be made available for the purchase of laptops. This initiative targets students from Higher Education Commission (HEC) recognised institutions, as well as freelancers and young entrepreneurs. Eligible applicants must be Pakistani citizens aged between 18 and 30 years, currently enrolled in HEC-recognized educational institutions. The scheme aims to provide students with easy access to laptops to enhance their learning and productivity. To implement this, an agreement will be signed between universities and banks that will offer laptop financing. Under the arrangement, universities will refer eligible students to participating banks via the PMYP portal. In return, banks will provide laptops to these students, with universities ensuring that the students fulfill the required terms.

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