The programme is designed to provide interest-free loans to Small and Medium Enterprises (SMEs) and entrepreneurs across the Punjab, facilitating the establishment of the startups and providing finances to existing businesses for growth.
Under the programme, interest-free loans ranging from Rs1 million to Rs30 million will be provided for business growth.
According to details, there are two tiers of loan programme. The first tier includes loans from Rs1 million to Rs5 million with a processing fee of Rs5,000, and second tier offers loans from Rs6 million to Rs30 million. The processing fee for second tier is Rs10,000. The repayment tenure is up to five years for both tiers. A six-month grace period will be given to new startups and existing businesses will receive a three-month grace period.
Repayments will be made in equal monthly instalments, with a late charge of Rs1 per Rs1,000 per day on overdue payments.
The loans will be disbursed through the Bank of Punjab, and t applicants are not required to obtain an NOC, license, or prior approval to access the financing.
Eligibility criteria for the Asaan Karobar Programme
· The age of the applicant must be between 21 and 57 years.
· Hold a valid CNIC and registered mobile number.
· Own or intended to start a business in Punjab.
· Be a tax filer with a clean credit history.
· Provide references and documentation related to business and residence.
Required documents
Applicants should have the following scanned copies or clear images ready:
· CNIC and passport-size photo.
· Proof of tax filing.
· Details of business income and expenses.
· Rent agreement or property documents for both business and residence.
· Copies of references’ CNICs and their contact details.
How to apply for Asaan Karobar Programme
1. Create an Account: Register on the Punjab Information Technology Board (PITB) portal using your CNIC-linked mobile number.
2. Fill Out the Application: Allocate approximately 15 minutes to complete the form.
3. Pay the Fee: Submit a non-refundable processing fee of Rs 5,000 for Tier 1 or Rs 10,000 for Tier 2.
4. Submit the Application: Upload the required documents and submit your form.
5. Track Status: Receive a registration number and SMS updates regarding your application status.
Usage of Asaan Karobaar SME Card
The Asaan Karobaar SME Card can be used for utility bills, vendor payments, , and government fees. However, cash withdrawals are limited to 25% of the loan amount.
