In the second phase of the Successful Youth program, loans for youth, great news came
ISLAMABAD: Prime Minister Imran Khan has approved the immediate launch of the second phase of the successful youth program. In the second phase, the maximum loan limit for youth has been raised to Rs 25 million.
According to details, the federal government has decided to start the second phase of the successful youth program immediately. Prime Minister Imran Khan approved it after meeting Special Assistant Usman Dar.
The government has released Rs. 25 billion for the second phase and in this regard, the State Bank of Pakistan has issued a letter to all commercial banks.
For the second phase, the mark-up has been reduced from 6% to 3% and the maximum loan limit has been increased from Rs 5 million to Rs 25 million.
Special Assistant Usman Dar said that the youth will be able to take loans of Rs 1 lakh to Rs 25 million for business. The decision was taken in view of the challenges facing the economy due to Corona.
Usman Dar said that the youth should only plan their business, the government will give loans without guarantee, the limit of guarantee loan has also been increased from Rs 500,000 to Rs 1 million.
The Special Assistant further said that in the second phase, another long standing demand of the youth has been met and all Islamic banks across the country will also be included in the program.