Prime Minister Nawaz Sharif on Thursday reduced the interest rate of the youth loan scheme from 8 per cent to 6 per cent.
A high-level meeting on Prime Minister’s Youth Loan Scheme – a project aimed to assist young entrepreneurs – presided over by Sharif took place in Islamabad where he was briefed on applications submitted for the loan via National Bank of Pakistan (NBP).
Sharif slammed the handlers for the slow pace and directed the NBP president to take steps to make the loan available to all eligible applicants. He said lucky draw is not needed for applications received under the NFC Award quota.
The reduction in the interest rate is applicable from July 2015 and those availing the loan facility already will also benefit from this reduction.