ISLAMABAD: In a pivotal initiative designed to empower the youth and boost prospects for employment abroad, the Government of Pakistan is set to launch the Interest-Free Loan Scheme aimed at Aspiring Overseas Workers. This project is part of the Prime Minister’s Youth Programme and is being implemented in collaboration with the Ministry of Overseas Pakistanis & HRD as well as the Special Investment Facilitation Council (SIFC).
The scheme aims to provide fiscal support to young people seeking employment opportunities overseas, offering interest-free loans of up to PKR 1 million. These funds are specifically allocated to assist with vital expenses, including visa application fees, travel expenditures, and initial settlement costs.
Key Features of the Loan Scheme
The loan program is designed to offer financial assistance of up to PKR 1 million, targeted at young adults intending to find work abroad. It covers essential expenses such as visa processing, travel logistics, and initial living costs. The repayment structure is user-friendly, allowing borrowers to repay the loan over five years with manageable monthly installments, and the zero-interest feature makes this opportunity particularly accessible for those wishing to work overseas.
This initiative is expected to ease the financial burden on families by allowing young Pakistanis to pursue international job opportunities without the worry of upfront expenses.
Eligibility Criteria
To be eligible for this program, applicants must adhere to the following requirements:
- Applicants must be between 21 and 45 years of age
- Candidates are required to download and register on the Digital Youth Hub application
- They must possess a valid job offer letter or be employed via a licensed Overseas Employment Promoter (OEP)
- The loan needs to be co-signed by a family member living in Pakistan
The official launch of the program is scheduled for tomorrow.
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