Islamabad: The government has decided to provide loans of up to Rs. 1 million to individuals seeking employment abroad under the Prime Minister’s Youth Loan Program.
According to the State Bank, this loan will be provided for training, travel visas, and residential expenses for those seeking jobs abroad. Pakistani citizens aged 21 to 45 are eligible for this loan. To qualify, applicants must have a verified job offer letter from a company providing employment abroad. Applicants must also explain where and for what purpose they will use the funds.
The loan must be repaid within five years, with an interest rate 3% higher than the prevailing rate. The loan will be issued jointly in the name of the applicant and a close relative in Pakistan, meaning a family member of the person going abroad must act as a guarantor.
This government initiative will not only ease the process for those seeking jobs abroad but will also contribute to an increase in the country’s remittance inflows.
