How to Apply for Punjab’s Asaan Karobar Finance Scheme: A Step-by-Step Guide
The Punjab government has launched the Asaan Karobar Finance Scheme, an interest-free loan initiative aimed at empowering Small and Medium Enterprises (SMEs). This program is designed to facilitate startups, business expansions, working capital requirements, modernization, commercial logistics, and climate-friendly businesses.
Key Features of the Loan Program
| Tier | Amount (PKR) | Security | Tenure (up to) | End-User-Rate | Processing Fee (PKR) |
|---|---|---|---|---|---|
| T1 | 1M-5M | Personal Guarantee | 5 years | 0% | 5,000 |
| T2 | 6M-30M | Secured | 5 years | 0% | 10,000 |
Grace Period:
Also Read:
- Grace period is up to 6 months for start-ups / new businesses and up to 3 months for existing businesses.
The scheme offers two tiers of financial support:
Tier 1:
- Loan amount: Rs1 million to Rs5 million
- Guarantee: Personal guarantee required
- Tenure: Up to 5 years
- End-user rate: 0% interest
- Processing fee: Rs5,000
Tier 2:
- Loan amount: Rs6 million to Rs30 million
- Guarantee: Secured collateral required
- Tenure: Up to 5 years
- End-user rate: 0% interest
- Processing fee: Rs10,000
Both tiers require repayment in equal monthly installments, with late charges set at PKR 1 per PKR 1,000 per day for overdue amounts.
Application Process
To apply for the Asaan Karobar Finance Scheme, follow these steps:
- Prepare Required Documents: Applicants must have clear pictures or scanned copies of the following:
- Passport-size photograph
- CNIC (Computerized National Identity Card)
- Rent Agreement, Transfer Letter, or Registry related to business and residence (if applicable)
- Proof of business income and expenses
- Collateral documents (e.g., Property Transfer Letter, Registry, Fard, or Government Securities)
- Active tax filer proof
- Gather Additional Information: Ensure availability of:
- A mobile number registered in your name
- Names, CNIC copies, and mobile numbers of two references (not blood relatives)
- Application fee (PKR 5,000 for Tier 1 or PKR 10,000 for Tier 2, both non-refundable)
- Submit the Application:
- Create an account using a registered mobile number.
- Dedicate at least 15 minutes to complete the online application.
- Upload required documents and additional information as needed.
- Pay the processing fee.
- Confirmation and Updates:
- After submission, a registration number will appear on the screen and be sent via SMS.
- Applicants will receive updates regarding their application status through SMS.
- The application status can also be checked on the official website.
Benefits of the Scheme
The Asaan Karobar Finance Scheme is expected to boost economic activity by supporting SMEs, fostering innovation, and encouraging sustainable business practices. With its interest-free structure and accessible application process, the program is a significant step toward empowering entrepreneurs in Punjab.
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