CM Punjab Asaan Karobar Card
CM Punjab Marya Nawaz launched the Asaan Karobar Card program, which offers business loans up to one million dollars. Small business owners in Punjab can take advantage of the service by using a digital SME card. Through digital platforms like mobile apps and point-of-sale (POS) systems, this initiative aims to strengthen businesses by providing easy access to financing, transparent fund usage, and convenient repayment options.
The initiative prioritizes digital inclusion and the advancement of a cashless economy in addition to providing financial assistance. It brings small businesses into the formal financial system and lessens their reliance on unofficial borrowing by empowering entrepreneurs to conduct safe transactions via digital channels. Employment, entrepreneurship, and the province’s overall economic growth are all anticipated to increase as a result of this action.
Key Features of the Asaan Karobar Scheme:
- Maximum Loan Amount: One million Pakistani rupees
- Duration of Loan: 3 Years
- Facility Type: 12-month revolving credit line
- Period of Repayment: 24 equal monthly installments following the initial year
- Grace Period: three months after the card is issued before repayments start
- Allowable Use:
- Money paid to suppliers and vendors
- Paying taxes, government fees, and utility bills
- For business purposes, cash withdrawals up to 25% of the authorized limit
- Digital payments via mobile apps and point-of-sale terminals
- End-user interest rate: 0%
Conditions for Eligibility
For eligibility, the candidate must fulfill the following conditions:
- Start your own small business in Punjab.
- Age range required: 21–57 years
- Must be a citizen of Pakistan and a Punjabi resident.
- Have a valid CNIC and a mobile number linked to their name.
- Own an enterprise, either current or prospective, situated in Punjab
- Clear the psychometric test and credit history
- Only one application per company or person is permitted.
- A clear credit history without any loan is required for the applicant.
How to Apply?
- The digital application can be submitted through the PITB online portal. Click Here https://pitb.gov.pk/
- There is a 500 PKR non-refundable application fee.
- Authorized agencies verify credit history, business credentials, and CNIC details.
- The business location will be verified both physically and digitally.
How to Use Loan & Payment Plan:
- Available Limit: Within the first six months, the first 50% of the limit is available.
- Grace Period: These are the first three months following card activation.
- Following the grace period, borrowers must begin repaying at least 5% of the principal amount owed each month.
- Second 50% Amount: The amount is released following timely repayments, satisfactory use, and PRA/FBR business registration.
- Money provided through the scheme is only applicable for business, not for personal use.
- After the first year, the remaining amount can be paid back in equal monthly installments (EMIs) over a two-year period.
Charges & Fees:
- Annual Card Charges: The annual card fee, which is deducted from the authorized loan limit, is PKR 25,000 + FED.
- Extra Fees: The plan covers the cost of delivery, card issuance, and life insurance.
- Fee for Late Payment: Charged in accordance with the bank’s regular Schedule of Charges.
Security Details:
- The borrower provides a personal digital guarantee to support the loan.
- Participants in this program have the opportunity to obtain life insurance.
- Within six months of the loan being issued, Urban Unit teams verify the site; after that, they do it every year.
Basic Conditions:
- The received money can only be used for the mentioned business purpose.
- After a loan is approved, you must register with PRA/FBR within six months.
- Businesses and individuals are only permitted to submit one application.
Extra Support for Entrepreneurs:
Business Feasibility Reports: These are accessible on the official websites of the BOP and PSIC to assist new businesses and startups.
Helpline: 1786 for questions or support.
Official Portal: https://akc.punjab.gov.pk/cmpunjabfinance is the official website.