The Punjab government, under the leadership of CM Punjab Maryam Nawaz, has launched the Asaan Karobar Finance Scheme, aimed at supporting Small and Medium Enterprises (SMEs) with interest-free loans. This initiative provides financial assistance ranging from Rs1 million to Rs30 million, enabling entrepreneurs to start or expand their businesses in Punjab.
Key Features of the Scheme
- Loan Amount: Rs1 million to Rs30 million
- Interest Rate: 0% interest
- Repayment Tenure: Up to 5 years
- No Immediate NOC or License Needed: Applicants can get loans without prior approval of NOCs or plans.
- Land Subsidy: Land is offered at subsidized rates for setting up businesses.
The scheme, implemented in collaboration with the Bank of Punjab, ensures smooth access to funds, making it easier for businesses to thrive.
Eligibility Criteria
To qualify for the Asaan Karobar Finance Scheme, applicants must meet the following requirements:
- Age: 21 to 57 years
- Valid CNIC and registered mobile number
- Location: The business must be in Punjab
- Tax Filer: Applicants must have a clean credit history
- References: Provide references and documentation for both business and residence
Required Documents
Before applying, prepare scanned copies or clear images of the following:
- CNIC and a recent passport-size photograph
- Proof of tax filing
- Business income and expense details
- Rent agreement or property documents for business and residence
- CNIC copies and contact details of references
Loan Details and Tiers
The scheme offers two loan tiers:
- Tier 1:
- Loan Amount: Rs1 million to Rs5 million
- Processing Fee: Rs5,000 (non-refundable)
- Tier 2:
- Loan Amount: Rs6 million to Rs30 million
- Processing Fee: Rs10,000 (non-refundable)
Both tiers feature interest-free loans with a repayment tenure of up to five years.
How to Apply
Follow these steps to apply for the Asaan Karobar Finance Scheme:
- Create an Account
- Register on the PITB portal using your CNIC-linked mobile number.
- Fill Out the Application
- Allocate at least 15 minutes to complete the form, ensuring all details are accurate.
- Pay the Processing Fee
- Submit the non-refundable fee (Rs5,000 for Tier 1 or Rs10,000 for Tier 2).
- Upload Documents
- Attach all required documents, including CNIC, tax filing proof, and business details.
- Submit the Application
- Finalize and submit your application online.
- Track Your Status
- You will receive a registration number and SMS updates regarding your application status.
SME Card Usage
Borrowers will also receive an SME Card for convenient access to funds. This card can be used for:
- Vendor payments
- Utility bills
- Government fees
Cash Withdrawals: Limited to 25% of the loan amount.
Important Note: Businesses must register with PRA/FBR within six months of receiving the card.
Conclusion
The Asaan Karobar Finance Scheme is a transformative initiative by the Punjab government to promote entrepreneurship and business development. By providing interest-free loans and simplifying the application process, the scheme supports SMEs in driving economic growth across the province.
For more details and to apply, visit the official website: akc.punjab.gov.pk/cmpunjabfinance.