Prime Minister''s youth loan scheme: Rs 1.411 billion disbursed among 2,440 applicants so far

The government has so far disbursed Rs 1.411 billion among 2,440 applicants under the Prime Minister Youth Business Loan Scheme. Sources said the amount has been disbursed by the government owned bank in two instalments. A presentation was made to the National Assembly''s Standing Committee on Finance on the disbursement position under the Prime Minister Youth Business Loan Scheme.
The meeting was informed that 5,350 applicants were declared successful in the first ballot. Offer was accepted by 4,762 applicants and 3,374 deposited equity. Of the total applicants, 2,521 have completed formalities and Rs 1.341 billion first tranche was disbursed among 2,344 applicants. The committee was further informed that in the second ballot 5,092 applicants were declared successful and 4,529 have accepted offer.
Only 263 applicants have deposited equity for the second tranche and formalities were completed by 124 applicants. The second tranche of Rs 0.698 billion was disbursed to 96 applicants. Of the total 10,442 applicants, successful applicants in the two ballots were only 2,645 who completed formalities and the loan was disbursed to 2,440 applicants. Applicants'' demographics and distribution stood at 76 percent in Punjab, 9 percent each in Sindh and Khyber-Pakhtunkhawa and one percent each in Gilgit-Baltistan and Islamabad as well as 2 percent in Balochistan. The distribution by gender stood at 87 percent male and 13 percent female.
The distribution of loan scheme by education level was 37 percent below secondary certificate, 19 percent secondary school certificate, 23 percent higher secondary school certificate, 14 percent graduates and 7 percent master and above. Age-wise distribution of loan stood at 27 percent having age of 22-25 years, 29 percent 26-30 years, 22 percent 31-35 years, 17 percent 36-40 years and 10 percent 41-45 years age.