Karachi February 4 2025: Pakistan made the regulatory changes to provide interest free loans for purchase of Laptops and settlement of prospective overseas workers abroad to increase dollar inflows in the country.
These loans will be provided under Prime Minister’s Youth Business & Agriculture Loan Scheme (PMYB&ALS).
For this purpose, Government of Pakistan has added a new tier (as ‘Tier-4’) to provide financing for laptops and prospective overseas workers.
The purpose of the loans is to provide laptops to students of HEC recognized institutions and freelancers and young entrepreneurs. Moreover, gov’t will provide loans to prospective overseas workers for training, travel & visa related expenses and settlement expenses.
For purchasing laptops loan will be provided for a period of four years and amount will be Rs. 150,000 or actual cost whichever is lower for Basic laptops, Rs 300,000 or actual cost whichever is lower for Medium laptops and Rs 450,000 or actual cost whichever is lower for Advance laptops.
In order to eligible for laptop financing at zero interest the candidate must be Citizen of Pakistan aged between 18 and 30 years and studying in educational institutions recognized by HEC.
An MOU will be signed between universities and banks interested in extending laptop financing. The university will refer the students to banks through PMYP portal and banks will provide laptops to those students against the undertaking of university.
The instalments of laptop loan will be added in the fee by the universities and should be collected only through those banks which have provided loans for laptop financing. The bank will deduct their due instalments and will remit the remaining part to respective university. For laptop financing to freelancers and young entrepreneurs, bank will seek a business plan from the applicant to use the laptop for productive purposes as well as to assess the repayment capacity of the freelancer, young professional. The bank may also consider the joint income of primary and secondary borrower while assessing the repayment capacity of the borrower.
For prospective overseas workers loan eligibility the person will be Citizens of Pakistan holding CNIC, aged between 21 and 45 years. Having valid job letter/offer letter in hand or duly recruited by the arrangement through Overseas Employment Promoter (OEP). The Job letter to be duly authenticated by respective Pakistan Mission abroad/ Community Welfare Attaches (CWA), OEP and the Protector Office. Must provide details of overseas training, job offer etc. to justify utilization of funds.
The loan amount will be Rs. 1,000,000 for a period of five years with equity contribution of 20%. For security requirement, personal guarantee of the family member of the borrower. The loan may jointly be booked in the name of family member residing in the country & prospective overseas worker.
