The Punjab government recently launched the Asaan Karobar financing scheme, which offers interest-free loans to small and medium enterprises (SMEs).
Chief Minister Maryam Nawaz launched Punjab Asaan Karobar finance and card programs to promote business activities in the province. In his speech at the inauguration ceremony, he said, “Under the Asaan Karobar Financing Scheme, interest-free loans between Rs 1 million and Rs 30 million will be provided.” The loan will be repaid in easy installments
The Prime Minister said land would also be provided at highly subsidized rates to start small businesses.
He said the financing scheme was the first program 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 immediately get approval from any NOC, license or scheme to get a loan. Get a loan today and start your business tomorrow. These interest-free loans will be provided through Bank of Punjab,” he said.
Here is a step-by-step guide on how to apply.
Eligibility and requirements
Applicants must meet the following criteria:
- Be between 21 and 57 years old.
- Have a valid CNIC and registered mobile number.
- Own or plan a business located in Punjab
- Be a tax filer with a clean credit history
- Provide references and documentation related to business and residence.
Documents required
Before applying, make sure you have scanned copies or clear images of:
- CNIC and passport size photograph
- Proof of tax filing
- Business income and expenses
- Rental contract or property 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.
- Fill out the application: Allocate at least 15 minutes to complete the form.
- pay the fee: Please submit a non-refundable processing fee of Rs 5,000 for Tier 1 or Rs 10,000 for Tier 2.
- Submit the application: Upload the required documents and submit the form.
- Tracking status: Receive a registration number and SMS updates about your application.
Loan details
- Level 1– Between Rs 1 and 5 million with a processing fee of Rs 5,000.
- Level 2: From Rs 6 million to Rs 30 million with a processing fee of Rs 10,000.
- Both tiers offer a 0% interest rate and a repayment term of up to five years.
Use of SME card
Funds can be used for supplier payments, utility bills, and government fees. Cash withdrawals are capped at 25% of the limit. Borrowers must register with PRA/FBR within six months of issuance of the card.
For more details, visit the official website: akc.punjab.gov.pk/cmpunjabfinance.
