Punjab govt to launch ‘loan scheme’ for youth Punjab Credit Guarantee Scheme

Punjab Credit Guarantee Scheme loan scheme by Punjab Government for youth.

Today a press has been released from Chief minister house that Punjab government has on Wednesday decided to launch ‘Punjab Credit Guarantee Scheme’ (PCGS) aimed at providing loans to youth on soft conditions.Punjab Credit Guarantee scheme

Under PCGS (Punjab Credit Guarantee scheme a youth can obtain loan up to Rs 3 million. Punjab Minister for Industry and Trade Mian Aslam Iqbal stated that initial paper work had been completed whereas Prime Minister (PM) Imran Khan will formally launch the scheme soon. He also added that women could also obtain loans at soft conditions.

Punjab Credit Guarantee Scheme and getting process

To obtain loan, the aspirant will submit his business idea with the departmental committee through online application. If committee approves the idea, the amount of the loan will be issued under the terms and condition. But business idea should be unique and valid.

Punjab Credit Guarantee Scheme

Under Punjab Credit guarantee scheme (PCGS) a male aspirant will invest 30pc of the total amount required for initiating business whereas the rest of 70pc would be provided by the provincial government. On the other hand, a female aspirant will invent 20pc of the total amount whereas rest of the 80pc would be provided by the departmental committee. The 3pc markup on amount of loan would be paid by provincial government.  The minister added that govt had acquired Rs550 mln amount for the scheme in the initial phase. “Universities’ students and entrepreneur can also benefit from the scheme”, minister was quoted as saying.

 

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