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How to apply for Punjab’s Asaan Karobar Finance scheme

18 January, 2025 11:40

In a bid to support small businesses, the government of Punjab has announced an interest-free loans to empower Small and Medium Enterprises (SMEs).

The initiative will cater various business, including startups, business expansion, modernization, working capital, commercial logistics, and climate-friendly businesses.

The programme consists of two tiers:

Tier 1 offers amounts from Rs1 million to Rs5 million with a personal guarantee, a tenure of up to five years, an end-user rate of 0%, and a processing fee of Rs5,000.

Tier 2 provides amounts from Rs6 million to Rs30 million, requires secured collateral, has the same tenure and end-user rate, and a processing fee of Rs10,000.

The loams will be repaid in monthly installments as per the approval terms.

In case, the installment is overdue, PKR 1 per PKR 1,000 per day on the remaining amount.

Application process:

Applicants must have scanned copies or clear pictures of the following documents:

Passport-size pictures and CNIC.

Mobile number associated with CNIC

Names, CNIC copies, and mobile numbers of two references (who are not blood relatives)

Active tax filer proof

Business income and expenses information

Rent Agreement, Transfer Letter, or Registry related to business and residence addresses, as applicable (copies)

Fee ready for payment application

Collateral (e.g., Property Transfer Letter, Registry, Fard, or Government Securities)

To submit an application, follow these steps:

Create an account to start the application.

Ensure to have a mobile number registered in name.

Allocate at least 15 minutes to complete the application.

Submit the form

Upload additional information if needed

The application fees are set at PKR 5,000 for Tier 1 and PKR 10,000 for Tier 2, both of which are non-refundable.

After submission, a registration number will be provided on the screen as well as via SMS.

Applicants will receive SMS updates regarding their application status and can check it on the designated website found here.

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