CM Punjab Asan Karobar Card
The CM Punjab Asan Karobar Card has been introduced to provide interest-free loans to small and medium-sized businesses. The scheme offers small business owners in Punjab interest-free loans of up to 30 million. These loans are given through a digital SME card, making it easy for entrepreneurs to access funds. The goal is to help small businesses grow and succeed without financial stress. By offering interest-free support, the scheme encourages business expansion and stability. The loans are managed through digital channels like mobile apps and POS systems. This ensures that the money is used properly and transparently. Business owners can track their funds easily and use them for their needs.
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With this structured approach, the scheme helps entrepreneurs invest wisely and improve their businesses. This initiative by the Punjab government helps entrepreneurs access funds easily through a digital SME card. With this support, small businesses can manage their finances more effectively and expand their operations without worrying about high interest rates. Small and medium-sized business owners who need loans to expand their businesses can register for this scheme to apply for loans ranging from 1 million to 30 million rupees.
In this article, you will get complete information about the CM Punjab Asan Karobar Card. By reading this article, you will know the eligibility criteria, registration procedure, and methods to get the card. This initiative has been started to assist small and medium-sized businesses so that they can get loans to grow and expand. Those who are seeking loans to improve and expand their businesses can register for this scheme.
Key Features Of Asan Karobar Card
The CM Punjab Asan Karobar Card will provide several benefits to small and medium-sized businesses. The major key features of this program are listed as;
- Maximum Loan Limit: Up to 30 million rupees.
- Loan Duration: 3 years
- Loan Type: Revolving credit facility for 12 months
- Repayment Term: 24 equal monthly installments (after the first year)
- Grace Period: First 3 months after card issuance before repayment starts
Usage of Funds
- Payments to vendors and suppliers
- Paying utility bills, government fees, and taxes
- Cash withdrawal (up to 25% of the loan limit) for business needs
- Digital transactions via POS and mobile apps
Interest Rate
- 0% interest (completely interest-free loan)
Due to these features of this Asan Karobar Card, small and medium-sized entrepreneurs will be able to expand and grow their businesses. Furthermore, there is no interest on this loan so they can grow their businesses without any burden.
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Eligibility Criteria For Asan Karobar Card
To qualify for this interest-free loan, applicants must meet the following criteria:
- Small Business Owners in Punjab: Anyone running or planning to start a small business in Punjab can apply.
- Age Limit: Applicants must be between 21 and 57 years old.
- Pakistani Citizen: The applicant must be a Pakistani national and a resident of Punjab.
- Valid Documents: A CNIC (Computerized National Identity Card) and a mobile number registered in the applicant’s name are required.
- Business Location: The business must be existing or planned in Punjab.
- Good Financial Record: Applicants must have a clean credit history with no overdue loans.
- Assessment Approval: A satisfactory credit check and psychometric test are required.
- One Application Rule: Only one loan per person and business is allowed.
This initiative is designed to support hardworking entrepreneurs by providing easy financial access, ensuring business growth without financial burden. Asan Karobar Card.
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Application Procedure
To apply for this Asan Karobar Card, you will have to go through these steps to complete the application procedure;
Online Application: Submit your application through the PITB (Punjab Information Technology Board) portal.
Processing Fee: A non-refundable fee of 500 rupees is required to apply.
Digital Verification: Your CNIC, credit history, and business location will be verified by authorized agencies.
The application process is fully digital, making it quick and easy for entrepreneurs to access interest-free loans. Asan Karobar Card.
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Loan Utilization and Repayment Terms
- First 50% of Loan Limit: Available for use within the first 6 months.
- Grace Period: No repayments for the first 3 months after card issuance.
- Monthly Payments: After 3 months, the borrower must start paying at least 5% of the outstanding loan balance (principal only) every month.
- Second 50% of Loan Limit: Released after proper usage of the first 50%, timely repayments, and registration with PRA/FBR.
- Business Use Only: Funds can only be used for business-related expenses. Personal expenses like entertainment or shopping are not allowed.
- Full Loan Repayment: The remaining balance after the first year must be repaid over 2 years in Equal Monthly Installments (EMIs).
This structured approach ensures responsible fund utilization and smooth repayment, helping small businesses grow sustainably. Asan Karobar Card.
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Charges and Fees
- Annual Card Fee: 25,000 rupees + FED, deducted from the approved loan limit.
- Additional Charges: Life insurance, card issuance, and delivery fees are fully covered by the scheme.
- Late Payment Charges: If installments are not paid on time, late payment fees will be applied as per the bank’s policy.
Asan Karobar Card: The scheme ensures minimal financial burden on borrowers while covering essential costs for their convenience.
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Final Words
The CM Punjab Asan Karobar Card is a valuable initiative aimed at empowering small and medium-sized businesses in Punjab. By offering interest-free loans of up to 30 million rupees, this scheme helps entrepreneurs expand their businesses without financial strain. The structured repayment plan, digital accessibility, and transparent fund utilization ensure that business owners can use the loan effectively while maintaining financial stability. With a focus on digital transactions and responsible spending, the scheme makes it easier for small businesses to thrive in a competitive market.
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By simplifying the application process and ensuring fair eligibility criteria, the Punjab government is providing a great opportunity for business owners to secure funding. The zero-interest policy, flexible repayment terms, and additional benefits like life insurance coverage make this scheme a game-changer for entrepreneurs. If you are a small business owner in Punjab looking to grow your business, the Asan Karobar Card could be the perfect financial solution for you.
FAQs
Who can apply for the CM Punjab Asan Karobar Card?
Anyone aged 21 to 57 years who owns or plans to start a small business in Punjab can apply. The applicant must be a Pakistani national and a resident of Punjab with a valid CNIC and registered mobile number.
How much loan can I get under this scheme?
You can apply for an interest-free loan ranging from 1 million to 30 million rupees.
Is there any interest on the loan?
No, this is a completely interest-free loan (0% interest).
How do I apply for the loan?
You need to submit an online application through the PITB portal, along with a non-refundable processing fee of 500 rupees.
Can I use the loan for personal expenses?
No, the loan can only be used for business-related expenses like supplier payments, utility bills, and government taxes.
What happens if I miss a payment?
Late payments will result in penalty charges as per the bank’s policy.
Are there any additional charges?
Yes, there is an annual card fee of 25,000 rupees + FED, which is deducted from your loan limit. However, life insurance, card issuance, and delivery fees are covered by the scheme.