Over the past eight months, the Prime Minister’s Youth Program has provided loans worth Rs 209 billion to 31,700 young entrepreneurs through the Prime Minister Youth Business and Agriculture Loan Scheme. This program is designed to support young people who want to start or expand their businesses, helping to boost economic growth and create new job opportunities.
The loan scheme offers three different types of financial support to meet the needs of a variety of businesses. The first tier provides interest-free loans of up to Rs 500,000, making it easier for small startups to get the funding they need without worrying about paying interest.
For those needing more funds, the second tier offers loans ranging from Rs 500,000 to Rs 1.5 million at a low 5% interest rate. This option is ideal for businesses looking to grow and invest more in their operations.
The third tier is aimed at larger business projects, offering loans between Rs 1.5 million and Rs 7.5 million with a 7% interest rate. This higher loan bracket is particularly beneficial for ambitious entrepreneurs who need significant capital to scale their ventures.
The program has partnered with 15 banks nationwide, making the loans widely accessible. To make the process even more convenient, there is a simple online application system, allowing young business owners to apply for financial support without unnecessary hurdles.
Through this initiative, the government aims to empower the youth, encourage entrepreneurship, and contribute to a stronger, more vibrant economy.
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