The candidates have started submission of application forms in the National Bank of Pakistan (NBP) to obtain loans under the Prime Ministerís Youth Business Loan scheme for establishment of their own business as per their experience and choice. Prime Ministerís Youth Business Loan scheme NBP Cantt branch Desk spokesman, Naveed Khan told on Thursday that candidates seek loans under the PM youth business loan scheme have started submission of their applications and about 50 forms have so far been received by NBP Peshawar Cantt branch in last three days. He said decisions on complete applications forms would be made in fifteen days and applications of loan defaulters would be rejected. The process of submission of forms are gradually picking up momentum in Peshawar and unemployed youth with graduation and post graduation degrees are coming with solid business plans to NBP for submission of their forms. He said a strong monitoring system was being put in place for verification of the information submitted by the candidates and any candidate found guilty of filing wrong information would be declared ineligible for loan. Naveed said it was one of the best business loan schemes of Pakistan from which even people aged 21-45 with poor financial background can take full advantage. He said the beneficiary of the scheme will pay only 8 percent while the Govt would share Rs.7 percent of the total loan to help youth to establish their own business. In the first year, he said, the beneficiaries would not pay interest amount in order to help them in establish/expansion and raising of their business. He said loan would be returned in seven years through monthly instalments while loans up to 50 percent would also be given to women subject to completion of all codal formalities. Similarly, he said that five percent quota reserved for widows, special people and children of martyred persons. Naveed said a complete and comprehensive business plan, holding of Computerized ID Cards issued by NADRA, one guarantor was must for candidates to obtain loans.
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