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Tuesday, February 18, 2025  
19 Shaban 1446  

How to apply for Asaan Karobar Finance scheme in Punjab

Loan program consists of two tiers

The Punjab government has introduced an initiative offering interest-free loans to empower Small and Medium Enterprises (SMEs).

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

The loan program 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.

Loans will be repaid in equal monthly installments as per the approval terms, with late charges set at PKR 1 per PKR 1,000 per day on overdue amounts.

Application process

Applicants must have scanned copies or clear pictures of the following documents ready before starting the application: passport-size pictures and CNIC.

Also, there is a need to ensure before starting that these items are needed:

  • 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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Finance

punjab

Karobar card