The government would provide interest-free loans of up to Rs 1 million to young Pakistanis looking for work overseas.
Under the PM Youth Program loan initiative, the government intends to offer interest-free loans of up to Rs. 1 million to 100,000 young Pakistanis who are travelling overseas for employment in order to support them in their pursuit of employment prospects.
An official claims that the financing package will cover all travel expenses, including the purchase of a visa, skills training, and initial settlement.
According to him, the loan would come with a flexible payback schedule that included equal monthly amounts spaced out over seven or eight years.
In addition to having a current job offer or having been hired by an authorised overseas employment promoter, candidates must be between the ages of 21 and 45. He claimed that the goal of this action is to encourage economic growth and development by enabling young Pakistanis to investigate job opportunities outside.
By offering financial assistance, the government hoped to improve the employability and skill sets of its young people, thus advancing the nation. Thousands of young Pakistanis were anticipated to benefit from the program, which would allow them to pursue better employment prospects across the globe.
He claimed that by launching this program, the government is showing its dedication to fostering economic growth and investing in the nation’s future generations.
The project was a step towards enabling Pakistan’s youth to compete worldwide, he continued, and the government intended to achieve long-term benefits by assisting its youth, such as more economic activity and a better skilled workforce.
Read more: How to Apply for Interest-Free Loans Under Punjab’s Asaan Karobar Scheme
This initiative aims to support young Pakistanis in securing employment opportunities abroad by covering essential expenses like visa processing, travel, and initial settlement costs.
The application process for the interest-free loan under the PM Youth Program involves several steps, and the duration can vary depending on individual circumstances. Generally, it includes:
1- Registration: Applicants must register on the Prime Minister’s Digital Youth Hub platform.
2- Verification: Submission of necessary documents for verification, including job offer and identity proof.
3- Approval: Loan application verification and approval.
4- Disbursement: The loan money is disbursed after it is authorised.
The entire process can take a few weeks to a couple of months, depending on the completeness and accuracy of the submitted documents and the verification process.