The Punjab government recently launched the Asaan Karobar Finance scheme, offering interest-free loans to small and medium enterprises (SMEs).
Chief Minister Maryam Nawaz launched the Punjab Asaan Karobar Card and Financing Scheme to promote business activities in the province. Addressing the inauguration ceremony, she said, “Under the Asaan Karobar financing scheme, interest-free loans of Rs 1 million to Rs 30 million will be provided. » The loan will be repaid in easy installments
The chief minister said land would also be provided at highly subsidized rates to enable small businesses to set up.
She said the financing scheme was the first scheme in the history of the province under which interest-free loans of up to Rs 30 million would be provided.
“There is no need to get NOC, license or plan approval immediately to get a loan. Get a loan today and start your business tomorrow. These interest free loans will be granted through the Punjab Bank,” she said.
Here’s a step-by-step guide on how to apply.
Eligibility and Requirements
Applicants must meet the following criteria:
- Be aged 21 to 57
- Have a valid CNIC and registered mobile number
- Own or plan a business located in Punjab
- Be a filer with an impeccable credit history
- Provide references and documents related to business and residence
Necessary documents
Before applying, make sure you have scanned copies or clear images of:
- CNIC and passport size photo
- Proof of income tax return
- Business income and expenses
- Rental agreement or ownership documents for business and residence
- CNIC copies of references and contact details
Steps to apply
- Create an account: Register through the PITB portal using your CNIC-linked mobile number.
- Complete the application: Allow at least 15 minutes to complete the form.
- Pay the fees: Submit a non-refundable processing fee of Rs5,000 for Tier 1 or Rs 10,000 for Tier 2.
- Submit application: Upload the required documents and submit the form.
- Tracking Status: Receive a registration number and updates via SMS regarding your application.
Loan Details
- Level 1: Rs1 million to Rs5 million with processing fee of Rs5,000.
- Level 2: Rs6 million to Rs30 million with processing fees of Rs10,000.
- Both tiers offer a 0% interest rate and a repayment term of up to five years.
Using the PME card
Funds can be used for vendor payments, utility bills and government fees. Cash withdrawals are capped at 25% of the limit. Borrowers must register with the PRA/FBR within six months of card issuance.
For more details, visit the official website: akc.punjab.gov.pk/cmpunjabfinance.
