Asaan Karobar Loan: How to apply and who is eligible?

LAHORE: Punjab Chief Minister Maryam Nawaz has introduced the Asaan Karobar Loan Scheme, an initiative aimed at providing interest-free loans to boost Small and Medium Enterprises (SMEs) across the province, ARY News reported.

This scheme is designed to support entrepreneurship, promote job creation, and encourage exports by focusing on priority sectors within Punjab.

The main goal of the Asaan Karobar Loan Scheme is to offer financial assistance to startups as well as help existing businesses expand and modernise.

The Asaan Karobar Loan Scheme is expected to be a catalyst for economic growth in the region by providing accessible funding to businesses that need it most.

Eligibility criteria Asaan Karobar Loan Scheme

To be eligible for the scheme, businesses must fall within the criteria of small or medium enterprises.

Small businesses with annual sales up to PKR 150 million and medium-sized businesses with annual sales between Rs150 million and Rs800 million can apply.

Applicants must be between the ages of 25 and 55, and they need to be active taxpayers registered with the Federal Board of Revenue (FBR) and have a clean credit history.

Additionally, applicants must possess a valid CNIC and NTN, and they must either own or rent the premises where their business operates.

Asaan Karobar Loan Scheme categories

For Tier 1, businesses can receive loans ranging from Rs1 million to Rs5 million, with a repayment period of up to five years, all at a 0 percent interest rate.

Asaan Karobar Loan Scheme fees

Meanwhile, Tier 2 offers loans ranging from Rs6 million to Rs30 million, also with a five-year repayment period and 0 percent interest.

Applicants in Tier 1 are required to pay a processing fee of Rs5,000, while those applying in Tier 2 will have to pay a fee of Rs10,000.

Startups and new businesses will be granted a grace period of up to six months, while existing businesses are eligible for a grace period of up to three months.

Asaan Karobar Loan Scheme repayment details

Repayments for the loans will be made in equal monthly instalments, as per the terms agreed upon at the time of approval. In case of overdue payments, a late charge of PKR 1 per 1,000 rupees per day will be applied.

For more details and latest about the scheme, visit website: https://akc.punjab.gov.pk/cmpunjabfinance

Earlier, Maryam Nawaz Sharif inaugurated “Asaan Karobar Finance Scheme” aimed at supporting small and medium enterprises and boosting economic growth in the province.

Speaking at the launching ceremony in Lahore, she also inaugurated “Asaan Karobar Finance Card”, which offers interest-free loans of up to 30 million rupees.

Under the Asaan Karobar Finance Scheme, interest-free loans ranging from Rs10 lac to 3 crore will be provided with payments made in easy instalments.

Punjab CM Maryam Nawaz urged the young entrepreneurs to take advantage of these schemes and expand their businesses so that they can play their proactive role in the economic development.