Maryam Nawaz Loan Scheme 2024: Transforming Lives with Interest-Free Loans for Punjab Residents

Maryam Nawaz Sharif, the Chief Minister of Punjab, has recently launched the Maryam Nawaz Loan Scheme. Under this initiative, a personal loan of PKR 15 lakh (1.5 million) was distributed among the people of Punjab on September 15 to help them build homes. If you missed Phase I of this scheme, the Punjab Government has now opened Phase II for new applicants.  

 Features and Benefits of the PKR 15 Lakh Loan:  

 The loan is   interest-free and can be repaid in easy monthly installments.  

Beneficiaries will receive a PKR 15 lakh loan that can be repaid over 7 year with a monthly installment of only PKR 14,000.  

Maryam Nawaz Loan Scheme (part of the Youth Business and Agriculture Loan Scheme) is an excellent initiative to empower young individuals economically and provide opportunities for growth. Here are the key features and benefits of the PKR 15 Lakh Loan under this scheme:

Features:

1. Loan Amount:

• Loans ranging from PKR 5 lakh to PKR 15 lakh are provided under Tier-2 of the scheme.

1. Purpose:

• This loan is designed for the following purposes:
  • Starting a new business.
  • Expanding an existing business.
  • Agricultural activities, such as modern farming practices.

1. Markup (Interest Rate):

• A subsidized markup of 5% per annum, making the loan affordable and accessible.

1. Repayment Period:

• Flexible repayment tenure of up to 7 years, including a 1-year grace period.

1. Eligibility Criteria:

• Age: Applicants must be between 18 to 45 years.
• Gender: Open to all genders, with a 25% quota reserved for women.
• CNIC: A valid Computerized National Identity Card (CNIC) is required.
• Business Plan: A simple business proposal or feasibility report is necessary.

1. Collateral/Security:

• Collateral or a guarantor may be required for this tier, depending on the policies of the lending bank.

1. Application Process:

• Applicants can register online via the Prime Minister Youth Program portal or apply through participating banks, such as:
  • National Bank of Pakistan (NBP)
  • Habib Bank Limited (HBL)
  • United Bank Limited (UBL)
• Submit simple documentation, including CNIC, business plan, and proof of income.

1. Processing Time:

• Loans are processed and disbursed within a few weeks after approval.

Benefits:

1. Economic Empowerment:

• Provides young individuals the opportunity to start or grow their businesses.

1. Affordable Financing:

• The 5% low markup makes borrowing easy and affordable.

1. Job Creation:

• Encourages job creation through small and medium enterprises (SMEs) and startups.

1. Women Empowerment:

• Promotes women’s participation in entrepreneurship with a 25% reserved quota.

1. Skill Development:

• Supports businesses that align with government-provided training and mentorship programs.

1. National Economic Growth:

• Strengthens the economy by promoting SMEs, a critical sector in Pakistan’s economic landscape.

1. Flexible Usage:

• Can be used for a wide range of business and agricultural needs, tailored to the applicant’s specific requirements.

1. Government-Backed Security:

• Reduces risk with government backing, improving access for low-income groups.

Application Process:

1. Online Registration:

• Visit the Youth Program Portal and complete the application form.

1. Choose a Bank:

• Select a participating bank, such as NBP, HBL, or UBL.

1. Submit Documents:

• Provide the necessary documents, including CNIC, business plan, and details of any collateral.

1. Approval and Disbursement:

• Once approved, the loan amount is disbursed directly to the applicant’s account.

For further details, visit the official PM Youth Program website or contact the helpline of participating banks.

 Documents Required for Application:  

1. To apply for the  Apni Chhat Apna Ghar Scheme under this program, applicants must submit the following documents:  
2.  National Identity Card (CNIC) issued by the Government of Pakistan.  
3.  A recent photograph of the applicant.  
4. Proof of property ownership.  
5. Bank documents , including proof of monthly income.  

 Step-by-Step Online Application Process:  

The registration for Phase II of the Maryam Nawaz Loan Scheme is now open. Follow these steps to apply online:  

1. Ensure you have a stable internet connection.  

2. Visit the official website of the Maryam Nawaz Loan Scheme.  

3. For new users, click on the “Create Account” button.  

4. Enter your” CNIC number”, name, address, email, phone number, and create a password to register.  

5. Log in to your account using your “CNIC and password”.  

6. Read and agree to the “terms and conditions”.  

7. Complete the form by providing your “personal details, bank information, photograph, and property details”.  

8. Verify all entered information to ensure accuracy. Incorrect information can lead to the rejection of your application.  

9. Upload property-related CNIC documents in “PDF format” (file size must be under 1MB).  

10. Optionally, provide your feedback about the scheme (this step is not mandatory).  

 Conclusion:  

If you wish to benefit from the Maryam Nawaz Loan Scheme, gather your required documents and apply online through the official portal. Once your application is approved, you will receive the” PKR 15 lakh loan” for home construction, which can be repaid in easy monthly installments over seven years without any interest.  

This is a great opportunity for those in Punjab seeking financial support to build their dream homes. Don’t miss out! Apply now and take the first step toward owning your own home.