Pakistan launches 0% interest Laptop financing scheme

ISLAMABAD: The Government of Pakistan has introduced a laptop financing scheme at 0% interest under the Prime Minister’s Youth Entrepreneurship and Agriculture Loan Scheme (PMYB&ALS) to adapt the youth to the requirements of the digital age.

Under this scheme, interest-free loans will be provided for the purchase of laptops, meaning that the beneficiaries will not have to pay any markup or interest.

The financial limit for laptops has been set at Rs. 150,000 for basic types, Rs. 300,000 for medium types and Rs. 450,000 for high-performance laptops.

The loan will be sanctioned based on the actual cost of the laptop or the lower of the prescribed limit. The loan can be repaid in monthly installments to reduce the financial burden on the youth.

To benefit from this scheme, the candidate must be a Pakistani citizen and should be between 18 and 30 years of age. The applicant should be studying in a recognized educational institution or be involved in freelancing or business activities.

The concerned educational institution should be approved by HEC. Defaulters or those with a record of financial corruption will not be eligible for this facility.

The application process is completely online. After registering on the official portal, the candidate will upload his/her National Identity Card, educational or professional proof and other required documents. After initial verification, the concerned bank will contact the applicant for further action.