Govt launches interest-free loan scheme for youth seeking overseas employment

The federal government has introduced a new initiative under the Prime Minister’s Youth Programme to assist young individuals seeking employment opportunities abroad. 

As part of the scheme, the government will provide interest-free loans of up to Rs1 million to 100,000 eligible applicants, aimed at covering essential expenses associated with overseas employment.

The loans will help young people manage the costs of travel, skills training, visa fees, and initial settlement expenses in the host country. The comprehensive support package is designed to ensure that recipients are financially prepared for the early stages of their international careers.

Officials stated that the loan will be offered on flexible repayment terms, allowing beneficiaries to repay the amount over seven to eight years in equal monthly instalments. 

This repayment plan is intended to alleviate financial pressure and encourage more youth to take advantage of the opportunity without concern for immediate repayment.

To qualify for the loan, applicants must be between 21 and 45 years old and must provide proof of a valid job offer or recruitment through licensed Overseas Employment Promoters. The scheme targets individuals with verified overseas job prospects, ensuring that the financial aid reaches those with real employment opportunities.

According to government officials, the initiative is part of the government’s broader commitment to empowering the youth and supporting their future by facilitating access to international job markets. The scheme is expected to strengthen the country’s human capital, enhance economic activity, and foster a more skilled and globally competitive workforce.