The government has introduced a new initiative under the Prime Minister’s Youth Business and Agriculture Loan Scheme to support Pakistanis seeking employment abroad with interest-free loans.
As per a circular by the State Bank of Pakistan, this move aims to provide financial relief to thousands of prospective overseas workers and their families, covering expenses for skill training, travel, and initial settlement.
Loan scheme details and eligibility criteria
- Eligible applicants must be Pakistani citizens aged 21–45 years, holding a valid overseas job offer or recruitment through licensed Overseas Employment Promoters (OEPs).
- Loan applications will be registered jointly in the name of the overseas worker and a family member residing in Pakistan.
- The repayment period spans five years in monthly installments, with no interest charged. Applicants must provide personal guarantees for loan security, while the government ensures 25% of the loan portfolio to minimize risks for banks.
- To apply, candidates need to submit a valid job offer authenticated by Pakistan Missions abroad, OEPs, or Protector Offices.
- Loan amounts of up to Rs 1,000,000 can be utilized for training, visa, travel, and settlement costs.
- Freelancers and overseas workers must present business plans or job offers to participating banks, as listed on the PMYP website.
- To ensure accountability, all loans will be reported to the Credit Information Bureau (E-CIB).
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