This Maryam Nawaz Youth Karobar Card Loan Scheme is also known as the Business Card. Under this scheme, interest-free loans of Rs 100,000 to Rs 30 million will be provided for businesses. There will be a special discount for women. No mark-up will be taken from them, but some men will have to pay three to five percent. The aim of starting this scheme was to employ youth across the country.
This wise man not only gets loans from this scheme but also from the youth. Not only will the people who are doing it benefit, but others will also be able to benefit. Now that the Maryam Nawaz Loan Scheme for Small Businesses for the Youth of Punjab is starting in January 2025, the features of the loan scheme are providing interest-free and cheap loans. In this article, we will provide all the information you need to know about the Maryam Nawaz Youth Karobar Card Loan Scheme, focusing on its flexible repayment terms and the eligibility criteria.
What is the Maryam Nawaz Youth Karobar Card Loan Scheme?
The Maryam Nawaz Youth Karobar Card Loan Scheme is designed to support the youth of Pakistan by providing them with interest-free loans to help them start or grow their businesses. These loans range from Rs 100,000 to Rs 30 million, depending on the needs of the business and the applicant. The scheme is part of the government’s broader effort to reduce unemployment, promote entrepreneurship, and empower youth, especially women.
A key feature of the scheme is that women benefit from interest-free loans, while men are offered loans at a 3-5% markup. This initiative is designed to promote gender equality by providing women with the financial tools they need to build successful businesses and improve their livelihoods.
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Key Highlights about repayment
One of the standout features of the Maryam Nawaz Youth Karobar Card Loan Scheme is its flexible repayment terms. The loan is designed to be affordable and easy to repay, with a repayment period of up to 5 years. This extended repayment period ensures that borrowers do not face financial strain while running their businesses.
The flexible repayment terms are especially beneficial for small businesses, which often need time to establish themselves and generate steady revenue. The scheme allows borrowers to pay back the loan in small, manageable installments over several years, making it easier to maintain business operations without worrying about looming debt.
In addition to the extended repayment period, the scheme provides affordable interest rates. Women entrepreneurs receive completely interest-free loans, while men are charged a low markup of 3-5%. This low interest rate ensures that business owners can focus on growing their business rather than struggling with high-interest payments.
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Eligibility Criteria for the Maryam Nawaz Youth Karobar Card Loan Scheme
The Maryam Nawaz Youth Karobar Card Loan Scheme is specifically designed to support youth, especially those who are in need of financial assistance to start or expand their businesses. Here are the key eligibility criteria for applicants:
- The applicant must be a youth between the ages of 18 and 40 years. The scheme focuses on empowering young people.
- Applicants must be residents of Pakistan, specifically Punjab, as this scheme is initially being launched in the province.
- Both new and existing businesses can apply for the loan. Whether you are starting a small business or expanding an existing one, you are eligible for financial support under this scheme.
- Applicants must demonstrate financial need and a solid business plan. This scheme targets low-income individuals
- The scheme offers interest-free loans for women entrepreneurs, encouraging their active participation in business activities and promoting gender equality.
- Government employees and their families are not eligible for this loan scheme.
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How do I apply for the Maryam Nawaz Youth Karobar Card Loan?
Applying for the Maryam Nawaz Youth Karobar Card Loan is an easy process. Here is a step-by-step guide on how to apply:
- Online Application: To apply for the Maryam Nawaz Youth Karobar Card Loan Scheme, visit the official website and fill out the application form. The website will guide you through the registration process and provide details about the required documents.
- Offline Application: If you cannot apply online, you can visit the nearest Deputy Commissioner’s Office and submit your application offline. The application process is simple and ensures that even those without internet access can apply.
- Approval Process: Once you submit your application, the authorities will review your documents and business plan. If approved, you will receive your loan amount based on the eligibility criteria
Repayment and Financial Flexibility: How It Works
The repayment process for the Maryam Nawaz Youth Karobar Card Loan is designed to be as flexible and manageable as possible. Here are details of how the repayment works:
- Repayment Period: The loan repayment is spread over 5 years, giving borrowers enough time to pay off the loan amount. This extended period reduces the monthly burden on borrowers.
- Interest Rates: Women receive interest-free loans, which means they only need to repay the loan amount without worrying about additional interest charges. Men, on the other hand, are charged a 3-5% markup, which is still much lower than traditional loan interest rates.
- Affordability: The scheme is designed to ensure that repayments are affordable. With flexible repayment options and low interest rates, borrowers can focus on growing their business rather than worrying about hefty monthly installments
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FAQs about the Maryam Nawaz Youth Karobar Card Loan Scheme
Who is eligible to apply for the Maryam Nawaz Youth Karobar Card Loan Scheme?
Youth between the ages of 18 and 40 years, residing in Punjab, and demonstrating financial need can apply. Women are given priority and receive interest-free loans.
How much can I borrow under this loan scheme?
The loan amount ranges from Rs 100,000 to Rs 30 million, depending on your business needs.
What are the repayment terms and how long do I have to repay the loan?
The loan repayment period is up to 5 years, making it easier for business owners to manage repayments.
Is there any interest or markup on the loan?
Women receive interest-free loans, while men are charged a 3-5% markup.
How can women benefit from the loan scheme?
Women entrepreneurs can avail of interest-free loans, allowing them to start or expand their businesses without worrying about interest costs.
What businesses can apply for the loan, and is there a limit to the business size?
Both new and existing businesses are eligible to apply, with no size limit on the business.
How can I apply for the Maryam Nawaz Youth Karobar Card Loan?
Applications can be submitted online through the official website or offline at the nearest Deputy Commissioner’s office
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Conclusion
The Maryam Nawaz Youth Karobar Card Loan Scheme is a remarkable initiative that offers financial support to youth and women, helping them start and grow their businesses. With flexible repayment terms, low interest rates, and a focus on gender equality.
This scheme provides an invaluable opportunity for young entrepreneurs to achieve financial independence and contribute to the economy. If you meet the eligibility criteria, do not miss out on this opportunity to build a successful business. Apply now and take the first step toward your entrepreneurial journey