ISLAMABAD: In a major step towards empowering the country’s youth and boosting overseas employment, the Government of Pakistan is set to officially launch the Interest-Free Loan Scheme for Prospective Overseas Workers under the Prime Minister’s Youth Programme, in collaboration with the Ministry of Overseas Pakistanis & HRD and the Special Investment Facilitation Council (SIFC).
The initiative aims to provide financial support to young individuals aspiring to work abroad by offering interest-free loans of up to PKR 1 million. This assistance is designed to cover the essential costs of visa processing, travel, and initial settlement expenses.
Key Features of the Loan Scheme
The loan scheme offers financial assistance of up to PKR 1 million, specifically designed for young individuals planning to travel abroad for employment. It covers essential expenses including visa processing, travel arrangements, and initial settlement costs. The loan is repayable through easy monthly installments over a period of five years, with the added benefit of a 0% interest rate, making it a highly accessible and supportive initiative for aspiring overseas workers.
The scheme is expected to ease the financial burden on families by enabling young Pakistanis to access international employment opportunities without being held back by upfront costs.
Eligibility Criteria
To benefit from this scheme, applicants must fulfill the following requirements:
- Must be aged between 21 and 45 years
- Must download and register on the Digital Youth Hub app
- Must possess a valid job offer letter or be recruited through a licensed Overseas Employment Promoter (OEP)
- The loan will be jointly booked with a family member residing in Pakistan
The program is scheduled for official launch tomorrow.
