MUZAFFARABAD (Kashmir English): The Azad Jammu and Kashmir government has approved an interest-free loan scheme for youth and has decided to provide loans ranging from Rs 1 lakh to Rs 2 million.
This facility will be given to men, women, and transgender youth between the ages of 18 and 40 who are interested in starting a business and are residents of the state.
After the approval of Prime Minister Azad Kashmir Faisal Mumtaz Rathore, the Small Industries Corporation Department has issued an official advertisement.
According to the information released, loan forms can be downloaded from the official website of the Small Industries Department, while they can be submitted by January 20.
According to the department, skilled and highly educated youth will be given priority in loans. The loans will be distributed in proportion to the population, and no interest will be charged on them, while the Azad Kashmir government itself will pay the interest.
Loans under this scheme will be disbursed in collaboration with The Bank of Azad Jammu and Kashmir.
The government says this initiative aims to provide business opportunities to the youth in the state and make them economically self-sufficient.
Eligibility Criteria of Interest-Free Loan Scheme
A few conditions have been set to benefit from this facility. The applicant must be a resident of Azad Kashmir, and their age should be between 18 and 40 years.
A computerized national identity card is required, and the applicant must meet the criteria set by the financial institution.
Additionally, a personal guarantor will be needed, and the loan amount will be disbursed at the nearest mosque to the field office.
How to Apply for an Interest-Free Loan Scheme
The government has advised the public to take full advantage of this scheme and visit the Small Industries Board’s website sic.ajk.gov.pk for further details.
Economic empowerment represents a significant advancement through this initiative, which aims to foster self-employment and sustainable growth in small businesses throughout Azad Kashmir.
The government said that the move aims to provide business opportunities to youth in the state and make them economically self-sufficient.
