The Asaan Karobar Finance Scheme launched by the Punjab government provides interest-free loans to Small and Medium Enterprises (SMEs) to help boost business growth in the province. If you’re interested in applying for this scheme, here’s a detailed step-by-step guide on how to apply:
Eligibility Criteria:
To be eligible for the Asaan Karobar Finance Scheme, applicants must meet the following requirements:
- Age: Applicants must be between 21 and 57 years of age.
- Valid CNIC: You must have a valid Computerized National Identity Card (CNIC).
- Registered Mobile Number: A mobile number registered against your CNIC is required.
- Business Location: Your business must be located within the Punjab province, or you must have a plan to start a business in Punjab.
- Tax Filer: You should be a tax filer and have a clean credit history.
- Business Documentation: Provide references and required documentation related to your business and residence.
Documents Needed:
Before starting the application process, ensure that you have the following documents ready:
- CNIC (National Identity Card) and passport-size photo.
- Proof of Tax Filing (e.g., tax returns, tax registration).
- Business Income and Expenses Details (e.g., financial statements, business records).
- Rent Agreement or Property Documents for both business and residential locations.
- References’ CNIC Copies and their contact details.
How to Apply:
Follow these steps to apply for the Asaan Karobar Finance Scheme:
Step 1: Create an Account
- Visit the PITB portal (Punjab Information Technology Board portal).
- Register using your CNIC-linked mobile number. Ensure your number is updated in the NADRA database.
Step 2: Fill the Application Form
- Allocate approximately 15 minutes to complete the application form.
- The form will ask for basic details such as your name, CNIC number, business details, and financial information.
Step 3: Pay the Processing Fee
- There is a non-refundable processing fee that must be paid:
- Rs5,000 for Tier 1 loan applicants (Rs1 million to Rs5 million).
- Rs10,000 for Tier 2 loan applicants (Rs6 million to Rs30 million).
Step 4: Submit the Application
- Upload all the required documents, including your CNIC, tax filing proof, business income, property documents, and reference details.
- After filling out the form and attaching the documents, submit the application for review.
Step 5: Track Your Application Status
- After submitting, you will receive a registration number.
- You will also receive SMS updates regarding the status of your application, including whether it has been approved or if additional documentation is required.
Loan Details:
The loans are available in two tiers:
- Tier 1: Rs1 million to Rs5 million (Processing fee: Rs5,000).
- Tier 2: Rs6 million to Rs30 million (Processing fee: Rs10,000).
- Interest Rate: 0% interest on the loan.
- Repayment Period: Up to 5 years.
- Loan Usage: Funds can be used for vendor payments, utility bills, government fees, etc.
- Cash Withdrawals: Cash withdrawals are capped at 25% of the total loan limit.
- Registration Requirement: Borrowers must register with the Punjab Revenue Authority (PRA) or Federal Board of Revenue (FBR) within 6 months of receiving the loan card.
Additional Information:
- Subsidized Land: The Punjab government will also provide land at highly subsidized rates to help establish small businesses.
- No Immediate NOCs or Licenses: There is no need to get an NOC or a business plan approved immediately. You can apply for the loan, start your business, and later complete any required formalities.
- SME Card Usage: In addition to the loan, you will receive an SME card that can be used for business-related payments.
This scheme aims to reduce barriers to business growth by offering a simple, interest-free loan system. It’s a great opportunity for entrepreneurs in Punjab to start or expand their businesses without the financial burden of high-interest loans.
For further details, visit the official website: akc.punjab.gov.pk/cmpunjabfinance.
