KARACHI – The federal government has relaunched Prime Minister’s Youth Loan Scheme to provide interest-free and subsidized loan schemes to youth.
After remaining suspended for the last five months, the project has again launched with tweaks to make it more beneficial for businesses and agriculture operating at small and medium levels.
In a notification, the State Bank of Pakistan said ‘the revised scheme has introduced two new components of financing, namely micro-loans and agriculture loans’.
SBP maintained that the scheme offers financing of up to Rs 75 lace each in three slabs, for a maximum period of up to nine years. It further added that one-fourth of the loans will go to women borrowers and the processing time will not exceed 1.5 months.
Eligibility Criteria
Loan Size
Tier 1 (T1) | Up to Rs 0.5 million |
Tier 2 (T2) | Above Rs 0.5 million and up to Rs 1.5 million |
Tier 3 (T3) | Above Rs 1.5 million and up to Rs 7.5 million |
The ousted government led by Imran Khan first introduced Kamyab Jawan Youth Entrepreneurship Scheme while the Sharif-led government revised the scheme and renamed it to Prime Minister’s Youth Business & Agriculture Loan Scheme.
Pakistani currency registers marginal gains against US dollar in open market on March 27, 2024, Wednesday.
In the open market, the US dollar was being quoted at 278.50 for buying and 281.25 for selling.
Euro was quoted at 299.75 for buying and 302.75 for selling while British Pound moved up to 353.75 for buying, and 357.25 for selling.
UAE Dirham AED saw minor tweaks, and new rate stands at 75.55 whereas the Saudi Riyal saw minor drop, with new rates at 73.70.
Currency | Symbol | Buying | Selling |
---|---|---|---|
US Dollar | USD | 278.50 | 281.25 |
Euro | EUR | 299.75 | 302.75 |
UK Pound Sterling | GBP | 353.75 | 357.25 |
U.A.E Dirham | AED | 75.55 | 76.3 |
Saudi Riyal | SAR | 73.70 | 74.4 |
Australian Dollar | AUD | 182.9 | 184.7 |
Bahrain Dinar | BHD | 739.61 | 747.61 |
Canadian Dollar | CAD | 204.25 | 206.45 |
China Yuan | CNY | 38.74 | 39.14 |
Danish Krone | DKK | 40.3 | 40.7 |
Hong Kong Dollar | HKD | 35.55 | 35.9 |
Indian Rupee | INR | 3.33 | 3.44 |
Japanese Yen | JPY | 1.86 | 1.94 |
Kuwaiti Dinar | KWD | 901.14 | 910.14 |
Malaysian Ringgit | MYR | 59.25 | 59.85 |
New Zealand Dollar | NZD | 168.56 | 170.56 |
Norwegians Krone | NOK | 26.19 | 26.49 |
Omani Riyal | OMR | 724/36 | 732.36 |
Qatari Riyal | QAR | 76.57 | 77.27 |
Singapore Dollar | SGD | 206.25 | 208.25 |
Swedish Korona | SEK | 26.89 | 27.19 |
Swiss Franc | CHF | 313.75 | 316.28 |
Thai Bhat | THB | 7.76 | 7.91 |
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