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CM Asan Karobar Loan Scheme
The CM Asan Karobar Loan Scheme is a brilliant initiative of the Punjab government that provides a revolutionary opportunity for small and medium-sized businesses. Led by Chief Minister Maryam Nawaz, this scheme is a new hope for those who want to turn their dreams into reality despite financial difficulties. The interest-free loan facility will not only be helpful in promoting businesses but will also play an important role in the development of the economy.
Under CM Asan Karobar Loan Scheme, loans are provided to applicants in two tiers. In the first tier, interest-free loans ranging from Rs 1 million to Rs 5 million are provided, while in the second tier, loans ranging from Rs 6 million to Rs 30 million are available. This loan is provided with easy terms and conditions so that the financial pressure can be reduced for the entrepreneurs and they can expand their businesses without any additional hassle.
The terms and conditions set for the application have been made very easy and fair so that maximum people can benefit from this scheme. People aged 25 to 55 years, with a clean credit history, are eligible for this scheme. Moreover, the applicants should have a CNIC, NTN, and an existing business premises. All these conditions ensure that only the deserving individuals benefit from this scheme.
The processing fee of the Asan Karobar Scheme is also within the reach of the common man. The fee has been fixed at Rs. 5000 for the first tier and only Rs. 1000 for the second tier. In addition, a grace period of 6 months for new businesses and 3 months for existing businesses has been given to facilitate the entrepreneurs in the initial stages. This scheme is a wonderful opportunity for the business community to take their businesses to new heights.
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Objective of the CM Asan Karobar Loan Scheme
The primary goal of the Asan Karobar Card scheme is to boost economic development in Punjab by encouraging entrepreneurship and supporting SMEs. It aims to:
- Provide funds to start-ups and small businesses.
- Help existing businesses expand their operations.
- Focus on priority sectors to drive economic growth.
- Promote job creation and increase exports.
Eligibility Criteria
To qualify for the Asan Karobar Loan Scheme, applicants must meet the following requirements:
- Small businesses with annual sales of up to Rs 150 million.
- Medium-sized businesses with annual sales between Rs 150 million and Rs 800 million.
- Applicants must be between 25 and 55 years old.
- FBR tax filers with a clean credit history are eligible.
- A valid CNIC and NTN are mandatory.
- The applicant must own or rent an existing business premises.
Asan Karobar Card Scheme Loan Details
The Asan Karobar Loan Scheme offers two tiers of interest-free loans:
Tier 1:
- Loan Amount: Rs 1 million to Rs 5 million.
- Interest Rate: 0%.
- Repayment Period: Up to 5 years.
Tier 2:
- Loan Amount: Rs 6 million to Rs 30 million.
- Interest Rate: 0%.
- Repayment Period: Up to 5 years.
Additionally, a grace period is offered:
- Start-ups: Up to 6 months.
- Existing businesses: Up to 3 months.
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Application Processing Fee
- For Tier 1 loans, the processing fee is Rs 5,000.
- For Tier 2 loans, the fee is Rs 1,000.
These minimal fees ensure that the loan application process is affordable for applicants while maintaining transparency.
Application Procedure for Asan Karobar Scheme
To apply for the CM Asan Karobar Loan Scheme, applicants must submit their applications digitally through the PITB portal. A non-refundable processing fee of PKR 500 is required during the submission process. Once the application is submitted, authorized agencies will conduct a digital verification of the applicant’s CNIC, creditworthiness, and business premises to ensure eligibility. This streamlined procedure makes it easier for individuals to access interest-free loans and support their business growth. The process to apply for the CM Asan Karobar Loan Scheme is straightforward and user-friendly. Follow the steps below to submit your application:
Step 1: Prepare Required Documents
Ensure you have the following documents ready:
- Valid CNIC.
- National Tax Number (NTN).
- Proof of business premises (ownership or rental agreement).
- Evidence of clean credit history.
Step 2: Online Registration
- Visit the official website of the Asan Karobar Scheme or Punjab government’s loan PITB portal.
- Create an account and log in.
Step 3: Fill Out the Application Form
- Provide your personal details, including age, CNIC number, and contact information.
- Enter your business details, such as type, sales volume, and existing business premises.
- Specify the loan amount required and its intended use (e.g., start-up capital or business expansion).
Step 4: Submit Documents
Upload the required documents as scanned copies through the online portal.
Step 5: Pay the Processing Fee
- For loans under Tier 1 (Rs 1 million to Rs 5 million): Rs 5,000.
- For loans under Tier 2 (Rs 6 million to Rs 30 million): Rs 1,000.
The fee can be paid through the provided bank or online payment methods.
Step 6: Verification and Approval
Your application will undergo a verification process to confirm eligibility. Once approved, you will receive a confirmation message and the loan amount will be disbursed according to the scheme’s terms.
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How Does the Bank of Punjab Support the CM Asan Karobar Loan Scheme?
The Bank of Punjab plays a crucial role in the implementation of the Asan Karobar Scheme. As a financial partner, the bank facilitates the disbursement of interest-free loans to eligible applicants. It ensures a transparent and efficient process by managing loan approvals, maintaining funds, and supporting applicants throughout the repayment period.
Additionally, the Bank of Punjab provides guidance to entrepreneurs on financial matters, helping them utilize the funds effectively to grow their businesses. This collaboration between the scheme and the bank aims to empower small and medium enterprises across Punjab.
FAQs
Who is eligible for the CM Asan Karobar Loan Scheme?
Individuals aged 25 to 55 years with a clean credit history, valid CNIC, NTN, and a registered small or medium-sized business with annual sales between Rs 150 million and Rs 800 million are eligible.
What is the maximum loan amount available?
Loans are available in two tiers:
- Tier 1: Rs 1 million to Rs 5 million.
- Tier 2: Rs 6 million to Rs 30 million.
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Is there an interest rate on the loan?
No, the loans are completely interest-free.
What is the processing fee for the loan?
The processing fee is Rs 5,000 for Tier 1 loans and Rs 1,000 for Tier 2 loans.
What is the repayment period for the loan?
The repayment period for both tiers is up to 5 years.
Are start-ups eligible for the scheme?
Yes, start-ups are eligible and can benefit from a 6-month grace period for repayment.
How long does it take to process the application?
The processing time depends on the verification process, but you will be notified once your application is approved.
Where can I apply for the loan?
Applications can be submitted online through the official portal of the Asan Karobar Scheme.
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Conclusion
The Asan Karobar Loan Scheme is a revolutionary initiative by the Punjab government, aimed at empowering small and medium enterprises. By providing interest-free loans, the scheme removes financial barriers for entrepreneurs and contributes to sustainable economic growth.
For those looking to start or expand their business, the Asan Karobar Loan Scheme is a golden opportunity to achieve their dreams without the burden of interest payments.