Youth to get loans to buy laptops under new initiative

The State Bank of Pakistan (SBP) announced that Prime Minister Shehbaz Sharif has expanded the scope of the youth business and agricultural loan scheme to include loans for purchasing laptops and supporting individuals seeking employment abroad.

Under the new "Tier 4" of the Prime Minister’s Youth Loan Scheme, Pakistani students aged 18 to 30 from Higher Education Commission (HEC)-recognized institutions can apply for loans ranging from PKR 150,000 to PKR 450,000 to purchase laptops.

The loans, with a four-year term, will be provided at a KIBOR plus 3% interest rate, and repayment will be structured alongside university fee payments.

In addition, individuals aged 21 to 45 who plan to work abroad can access loans of up to PKR 1 million. These loans will cover training, visa, and travel costs, with a five-year term and a KIBOR plus 3% bank rate.

To implement this initiative, universities and participating banks will sign memoranda of understanding (MOUs).

How to register for CM Punjab's laptop scheme

The universities will refer eligible students to the banks through the PMYP portal, which will then provide the laptops in return for the universities ensuring students meet the necessary requirements.

The program is designed to empower students, freelancers, and young entrepreneurs by providing them with the tools necessary for learning and career advancement.