ISLAMABAD: The federal government to give billions of rupee loans to thousands of young people under the Prime Minister Youth Business Loans Scheme.
The National Bank of Pakistan (NBP) has received 59,794 applications out of which 15,311 loans have been approved.
According to an official source, an amount of Rs3.914 billion has been disbursed, while 13,982 loans are under process. While the First Women Bank Limited (FWBL) has received 459 applications out of which 155 loans have been approved through which an amount of Rs118.430 million has been disbursed and 95 loans are under process.
The loans ranging from Rs100,000 to Rs2,000,000 are provided to the youth under this scheme. Mark-up at the rate of 8pc is paid by the beneficiary while the remaining cost is to be borne by the government. The government will also bear 5pc of the portfolio losses of the participating banks. `To ensure recovery, banks’ charters provide that the loan must be guaranteed.
