Are you dreaming of starting your own business or expanding your agricultural project but don’t have enough funds? The Prime Minister’s Youth Business & Agriculture Loan Scheme (PMYB&ALS) is a golden opportunity for young Pakistanis like you. This government-backed program is designed to support budding entrepreneurs by offering low-interest loans ranging from PKR 500,000 to PKR 7.5 million. But before you apply, it’s essential to understand the eligibility requirements and prepare the necessary documents. Here’s everything you need to know.
Eligibility Criteria
To apply for PMYB&ALS, you must meet the basic eligibility conditions:
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Age Limit: Applicants must be between 21 and 45 years old. However, for IT or e-commerce-related businesses, the minimum age limit is 18.
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Nationality: You must be a Pakistani citizen with a valid CNIC (Computerized National Identity Card).
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Business Type: Both new and existing businesses are eligible. The scheme covers a wide range of sectors including trading, manufacturing, services, and agriculture.
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Experience: While not mandatory, prior experience or a background in the proposed business field is highly encouraged. It strengthens your application and shows seriousness.
Required Documents
Before you begin your application, gather all the required documents. Having them ready in advance will make the process much smoother.
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Passport Size Photo – A clear, recent photo of the applicant.
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CNIC (Front & Back) – A scanned copy of your National Identity Card.
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Educational Qualification – Your latest degree or certificate (Matric, Intermediate, Bachelor’s, Master’s, etc.).
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Experience Certificates – If you’ve worked or run a business before, submit your experience letters (optional but recommended).
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NTN (National Tax Number) – You can register for an NTN through the FBR website if you don’t already have one.
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Electricity Bill (Residential) – Upload a bill showing your residential Consumer ID.
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Electricity Bill (Business Location) – If you have a separate business premises, include its electricity bill as well.
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Vehicle Registration (If Applicable) – If any vehicle is registered in your name, mention its full registration number.
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Two Non-Family References – Provide names, CNICs, and phone numbers of two references not related by blood.
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Business Financial Details:
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If it’s a new business: Estimate your monthly income, household expenses, and other income sources.
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If it’s an existing business: Provide actual figures for income, expenses, and any additional income.
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Important Notes
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If you’re already running a business, a recommendation letter from a chamber of commerce or a trade body adds weight to your application.
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This scheme follows a tiered structure:
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Tier 1: Up to PKR 0.5 million (interest-free)
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Tier 2: PKR 0.5 to 1.5 million (4% interest)
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Tier 3: PKR 1.5 to 7.5 million (5% interest)
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Final Thoughts
The PMYB&ALS is a great step toward promoting youth empowerment and economic development. If you’re passionate about your business idea and have a clear plan, this scheme can help you bring that dream to life. Just make sure you fulfill all requirements and prepare your documents carefully. Once everything is ready, visit the official portal and submit your application confidently.