Punjab Credit Guarantee Scheme: Interest free loans of Rs 3 million launched for youth
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LAHORE – Punjab government is launching ‘Punjab Credit Guarantee Scheme’ (PCGS) for loans to youth.
Youth can obtain loan up to Rs3 million. Punjab Minister for Industry and Trade Mian Aslam Iqbal stated.
He added that women could obtain loans at soft conditions.
To acquire 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 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.
Once acquired, the borrower would be exempted from paying any installment till 12 months. The loanee will have to return the borrowed amount in five years.
The 3pc markup on amount of loan would be paid by provincial government.
