The Punjab government has introduced the Asaan Karobar Finance Scheme to empower Small and Medium Enterprises (SMEs) by offering interest-free loans. These loans are available for startups, business expansion, modernization, working capital, logistics, and eco-friendly projects.
Loan Program Details
Tier 1:
- Amount: Rs1 million to Rs5 million
- Guarantee: Personal guarantee
- Interest: 0%
- Tenure: Up to five years
- Processing Fee: Rs5,000
Tier 2:
- Amount: Rs6 million to Rs30 million
- Guarantee: Secured collateral
- Interest: 0%
- Tenure: Up to five years
- Processing Fee: Rs10,000
Repayment Terms:
- Loans are to be repaid in equal monthly installments.
- Late charges: PKR 1 per PKR 1,000 per day for overdue amounts.
Application Process
Prepare Required Documents:
- Passport-size picture and CNIC
- Mobile number associated with CNIC
- Names, CNIC copies, and mobile numbers of two references (not close relatives)
- Proof of active tax filer
- Business income and expense details
- Rent Agreement, Transfer Letter, or Registry (for business and residence addresses)
- Application fee (Rs5,000 for Tier 1, Rs10,000 for Tier 2)
- Collateral documents (e.g., Property Transfer Letter, Registry, Fard, or Government Securities)
Create an Account:
- Visit the official portal and create an account to begin the application.
Complete the Application:
- Allocate at least 15 minutes to fill out the form.
- Upload all required documents and additional information as needed.
Submit the Application:
- Ensure all fields are completed, and the application fee is ready for payment.
Get Registration Number:
- After submission, a registration number will appear on the screen and will also be sent via SMS.
Track Application Status:
- Receive SMS updates about the application.
- Check the status on the designated website.
This scheme is a valuable initiative to support SMEs and streamline their growth in Punjab.
