1M Loan for Job Seekers Abroad
1M Loan for Job Seekers Abroad. Great news for those looking for work abroad! The Government of Pakistan has announced a loan of up to Rs 1 million under the Prime Minister’s Youth Loan Program so that young people can fulfill their dreams without worrying about their visas, travel expenses, and initial accommodation. Don’t miss this golden opportunity if you are also looking for a job in a foreign country.
According to the details released by the government, Pakistani citizens between the ages of 21 and 45 who have secured employment abroad can apply for this loan. The only condition is that there is a certified job offer letter from a reputable company or employer. Obtaining this loan has been made easy so that more and more young people can take advantage of this facility.
A large number of Pakistani citizens go to countries like Saudi Arabia, the United Arab Emirates, Oman, Qatar, and Bahrain every year for jobs. In 2024, more than 727,000 people have secured employment abroad, and this number is constantly increasing. This government initiative will provide more youth with job opportunities at the global level, which is a positive development not only for them but also for the country’s economy. To strengthen Pakistan economically, it is necessary to provide jobs to the young generation abroad so that money from abroad can come to Pakistan and Pakistan can develop.
Read: Maryam Nawaz’s Big Announcement: 110,000 Laptops & Honhaar Scholarship for Students Across Pakistan!
Those wishing to benefit from this scheme will have to clarify in their application where they will spend the loan amount. The loan tenure has been set at 5 years and the interest on it will be 3% above the market rate. Keep an eye on the official announcements for more details and the list of relevant banks and remove the financial obstacles in the way of your success.
Who Can Apply for the Loan? Eligibility and Conditions
According to a circular issued by the State Bank of Pakistan, this loan facility is available to Pakistani citizens aged between 21 and 45 years. However, applicants must meet certain conditions to qualify for the loan:
- The applicant must possess a job offer letter certified by an overseas employer or a company providing jobs abroad.
- The loan application must specify the purpose and intended use of the funds received.
- The applicant must provide a family member residing in Pakistan as a guarantor. The loan will be issued jointly in the names of the borrower and the guarantor.
- The loan repayment period is five years, with an interest rate of three percent above the prevailing rate.
- The State Bank of Pakistan has yet to announce which banks will process these loans.
Read: Higher Scholarship Opportunity for Punjab Police Officers in China
How Will This Loan Benefit Job Seekers?
Many Pakistanis seeking employment abroad face financial difficulties in arranging visa fees, tickets, and initial living expenses.
According to Naveed Ahmed Qureshi, a recruiter at Khaliq Recruitment Agency, this initiative will significantly benefit individuals struggling with financial constraints. He highlighted that many people, even after receiving a job offer from a foreign employer, often sell assets or take personal loans to afford travel and accommodation costs.
“This loan will make the process easier and more accessible for job seekers, allowing them to focus on their careers instead of financial stress,” he added.
Where Do Most Pakistanis Go for Jobs Abroad?
Data from the Bureau of Immigration and Overseas Employment indicates that Gulf countries are the most popular destinations for Pakistani job seekers. The figures for 2024 show:
| Country | Number of Pakistanis Employed (2024) |
| Saudi Arabia | 450,000+ |
| United Arab Emirates | 64,130 |
| Oman | 81,000+ |
| Qatar | 40,000+ |
| Bahrain | 25,000 |
In total, 727,381 Pakistanis secured jobs abroad in 2024. This workforce plays a crucial role in boosting Pakistan’s economy through remittances.
Read: Punjab CM Laptop Scheme 2025: Eligibility Criteria, Policy, and Distribution Details
Impact of Overseas Employment on Pakistan’s Economy
From July 2024 to December 2024, Pakistan received $17.8 billion in remittances from expatriates. The top remittance-sending countries include:
- Saudi Arabia
- United Arab Emirates
- United Kingdom
- United
These funds contribute significantly to Pakistan’s foreign exchange reserves and economic stability.
Conclusion
The government’s decision to provide loans of up to Rs 1 million under the Prime Minister’s Youth Loan Program is a positive step towards supporting job seekers who aspire to work abroad. This initiative not only facilitates employment opportunities but also strengthens Pakistan’s economy through increased remittances. As details about the banks processing these loans are yet to be disclosed, potential applicants should stay updated for further announcements.