The Punjab government has introduced the CM Punjab Asaan Karobar Card as a groundbreaking initiative to support small businesses. Aimed at empowering entrepreneurs, this card provides access to interest-free loans of up to PKR 1 million, allowing business owners to expand operations with ease. With the card, users can make transparent digital transactions using mobile apps and point-of-sale systems.
This program is designed to simplify business financing, offering quick access to funds and a user-friendly repayment structure, making it ideal for small and medium-sized enterprises (SMEs) across Punjab.
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Features of the Asaan Karobar Card
The Asaan Karobar Card offers several attractive features that make it a valuable tool for business owners:
- Loan Amount: Up to PKR 1 million
- Loan Term: 3 years
- Repayment Structure
- First 12 Months: Revolving credit facility
- Next 24 Months: Equal monthly installments
- Grace Period: 3 months from card issuance
What Can You Use the Loan For?
The funds received through the Asaan Karobar Card can be used for a variety of business-related purposes, including the following:
- Payments to suppliers and vendors
- Settling utility bills, taxes, and other government dues
- Conducting digital transactions via POS and mobile apps
- Cash withdrawals for business-related expenses (up to 25% of the loan amount)
Eligibility Criteria for the Asaan Karobar Card
To qualify for the Asaan Karobar Card, applicants must meet the following requirements:
- Be a Pakistani citizen residing in Punjab
- Hold an original CNIC and a registered mobile number
- Plan or own to start a business in Punjab
- Be between 21 and 57 years of age
- Maintain a clean credit history
- Successfully pass psychometric and credit assessments
Note: Each individual or business is eligible for only one application.
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Asaan Karobar Card Application Process
Here’s how you can apply for the Asaan Karobar Card:
- Visit the PITB Portal: Submit your application online through the Punjab Information Technology Board (PITB) website.
- Processing Fee: Pay a non-refundable application fee of PKR 500.
- Digital Verification: The system will verify your CNIC, credit status, and business premises.
Once your application is processed, you’ll be notified about your approval.
Loan Utilization and Repayment Terms
Once approved for the loan, here’s how the funds are distributed and repaid:
- Initial 50% Limit: Released within the first 6 months after approval.
- The remaining 50% Limit: Disbursed once the loan is used appropriately and the business is registered with the Punjab Revenue Authority or Federal Board of Revenue (FBR).
Repayment Plan:
- After the 3-month grace period, you’ll need to pay 5% of the outstanding balance every month.
- The remaining balance is repaid in equal monthly installments over the next 24 months.
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Permitted and Prohibited Loan Uses
The loan can be used for the following purposes:
- Business transactions and vendor payments
- Settling utility bills, taxes, and government fees
- Digital payments via POS systems or mobile apps
Prohibited Uses:
- Personal expenses
- Non-business-related transactions
Fees
- Annual Card Fee: PKR 25,000 + applicable Federal Excise Duty (FED), deducted from your credit limit
- Late Payment Fees: As per the bank’s fee schedule
- Life Insurance and Card Issuance Fees: Covered by the program
Security and Verification Measures
To ensure the security and authenticity of the process, the program includes the following measures:
- Personal Guarantee: Borrowers must provide a digitally signed personal guarantee.
- Life Assurance: Financial security is provided through life insurance.
- Business Verification: A physical verification of the business premises will be conducted by the Urban Unit.
Mandatory Business Registration
As part of the program’s transparency and compliance, businesses must register with the Punjab Revenue Authority (PRA) or the Federal Board of Revenue (FBR) within 6 months of receiving the card.
Additional Support for Applicants
To help new businesses get started, the Punjab Small Industries Corporation (PSIC) and the Bank of Punjab (BOP) offer feasibility studies and other forms of support for small businesses.
Helpline and Customer Support
If you have questions or need assistance, you can reach out to the official Punjab Government Helpline at 1786 for guidance.
Conclusion
The CM Punjab Asaan Karobar Card is a game-changing initiative designed to empower small business owners with interest-free loans, a structured digital repayment system, and a host of supportive services. This program is a valuable opportunity for entrepreneurs looking to grow their businesses while contributing to the economic development of Punjab.
If you’re eligible, don’t miss out on this incredible chance to take your business to the next level. Apply now through the PITB portal and start your journey toward financial empowerment!