First balloting of PM Business Loan Scheme today attended by Prime Minister Nawaz Sharif,

ISLAMABAD (Online): First Balloting of Prime Minister Business Loan Scheme would be held here today (Friday).
The ceremony would be attended by Prime Minister Nawaz Sharif, Chairperson the Business Loan Scheme Maryam Nawaz and other ministers and member parliaments. In the first phase 8000 youngsters would be provided loans worth RS 2 million.

Most of the participants have expressed their interest in Livestock, agriculture, education and home industry.
The scheme is designed to provide subsidised financing at eight percent mark-up per annum for 100,000 beneficiaries through National Bank of Pakistan and First Women Bank. The total mark up rate would be 15 per cent but the government would pay the remaining seven percent on behalf of the applicants.
Those falling in the age group of 21 and 45 years are eligible to apply for loans from Rs100,000 to Rs2,000,000. Small business loans with a tenure of up to seven years plus one-year grace period and a debt-equity ratio of 90:10 will be disbursed across the country including Gilgit-Baltistan‚ Azad Jammu and Kashmir and the Federally Administered Tribal Areas.

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