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Asaan Karobar Finance scheme launched in Punjab: How to apply

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 finance and card schemes to promote business activities in the province. Addressing the inauguration ceremony, she said, "Under the Asaan Karobar Finance Scheme, interest-free loans of Rs1 million to Rs30 million will be provided." The loan will be repaid in easy installments The chief minister said land would also be provided at highly subsidised rates to start small businesses. She said the finance scheme was the first programme in the history of the province under which interest-free loans of up to Rs30 million would be given. "There is no need to immediately get any NOC, licence or plan approved to obtain a loan. Get a loan today and start your business tomorrow. These interest-free loans will be given through the Bank of Punjab," 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 years 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 needed Before applying, ensure you have scanned copies or clear images of: CNIC and passport-size photo Proof of tax filing Business income and expenses Rent agreement or property documents for business and residence References’ CNIC copies and contact details Steps to apply Create an account: Register through the PITB portal using your CNIC-linked mobile number. Fill the application: Allocate at least 15 minutes to complete the form. Pay the fee: Submit a non-refundable processing fee of Rs5,000 for Tier 1 or Rs10,000 for Tier 2. Submit the application: Upload required documents and submit the form. Track status: Receive a registration number and SMS updates regarding your application. Loan details Tier 1: Rs1 million to Rs5 million with a Rs5,000 processing fee. Tier 2: Rs6 million to Rs30 million with a Rs10,000 processing fee. Both tiers offer a 0% interest rate and a repayment tenure of up to five years. SME card usage Funds can be utilised for vendor 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 card issuance. For further details, visit the official website: akc.punjab.gov.pk/cmpunjabfinance.

from Pakistan News, Latest News Pakistan, Pakistan Headline | The Express Tribune https://ift.tt/ju8Y2JW
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