The Government of Pakistan has introduced a 0 per cent interest laptop financing scheme under the Prime Minister’s Youth Business and Agriculture Loan Scheme.
The purpose of the scheme is to help young people meet the demands of the digital age.
Under this scheme, youth will be provided with interest free loans to purchase laptops.
Prime Minister’s Youth Business and Agriculture Loan Scheme
Beneficiaries will not have to pay any markup or interest. However, it should be kept in mind that the financing limit varies by category.
Up to Rs150,000 will be available for basic laptops, Rs300,000 for mid-range laptops, and up to Rs450,000 for high performance laptops.
The loan amount will be approved based on the actual price of the laptop or the maximum limit, whichever is lower.
The purpose of the scheme is to reduce the financial burden on young people. The loan can be paid back in monthly instalments.
Eligibility criteria
To be eligible, the applicant must be a Pakistani citizen between 18 and 30 years of age.
The applicant must be enrolled in a recognised educational institution or engaged in freelancing or business activities.
The educational institution must be approved by the Higher Education Commission. Individuals who are loan defaulters or have a record of financial misconduct are not eligible.
The application process is completely online. Applicants must register on the official portal and upload their national identity card.
They also need to give educational or professional proof and other required documents. After initial review, the related bank will contact the applicant for further processing for the scheme.
Mera Ghar Mera Aashiana scheme
Pakistan’s Economic Coordination Committee (ECC) has approved major changes to the Mera Ghar Mera Aashiana low cost housing finance scheme.
The maximum loan limit has been increased from Rs3.5 million to Rs10 million.
The revised scheme is expected to support about 500,000 housing units over the next four years. It will give families more access to larger homes and modern apartments.
Under the updated guidelines, detached houses up to 10 marlas, which is about 2,720 sq ft, and flats up to 1,500 sq ft can qualify for financing.
The markup subsidy has been set to a fixed end-user rate of 5 per cent.
The State Bank of Pakistan (SBP) will continue to manage the scheme using its risk sharing and markup subsidy framework.
