Chief Minister Asaan Karobar Card Registration Process, Eligible Criteria, and Documents Required for Registration

Chief Minster Asaan Karobar Card

Punjab Chief Minister Maryam Nawaz Sharif has launched an Asaan Karobar Card to start small businesses in Punjab, through which all entrepreneurs of the Punjab province who are related to small businesses can get a loan of Rs 1 Lakh to Rs 10 Lakh from the Punjab government to run their business.

This loan will be interest-free, and you will be able to repay the Punjab government over 3 years. You can use this loan for 12 months. Regarding repayment, the Punjab government has announced that after the first year, you will have to repay the loan in equal monthly installments for the remaining two years.

For your convenience, the Punjab government has announced that you have been given a grace period for the first 3 months of the loan. You can submit your application through the Asaan Karobar Card portal (akc punjab gov pk). A fee of Rs 500 has been fixed by the Punjab government for registration, which is mandatory for each application.

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Key Features of the Asaan Karobar Card Scheme

The Asaan Karobar Card stands out as a remarkable program for small business owners in Punjab. Below are its notable features:

1. Interest-Free Loans: The scheme offers loans without any interest, making it affordable for small businesses to thrive.
2. Loan Tenure: Borrowers can repay the loan over three years.
3. Grace Period: A three-month grace period is provided before repayment begins.
4. Flexible Utilization: Beneficiaries can utilize the loan amount over 12 months, ensuring flexibility in usage.
5. Equal Monthly Installments: After the first year, the remaining loan is repaid in equal installments over two years.

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Eligibility Criteria for the Asaan Karobar Card

To ensure that the program benefits the right individuals, specific eligibility criteria have been established:

1. Applicants must be 21 to 57 years old.
2. Must be a citizen of Pakistan and a resident of Punjab.
3. A valid CNIC and registered mobile number are required.
4. Must own a small business in Punjab.
5. Only one person per business can apply.
6. The applicant should not have previously availed of a business loan from any government or private institution.
7. The loan must be used solely for business purposes.
8. Passing the psychometric assessment test is mandatory.

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Step-by-Step Guide for Registration

Eligible individuals can easily apply for the Asaan Karobar Card through a streamlined online process. Follow these steps:

1. Visit the Portal: Go to the official website akc punjab gov pk.
2. Start Registration: Click on the “Apply for Asaan Karobar Card” button and accept the terms and conditions.
3. Enter Personal Details: Provide details like:
   • Name and father’s name
   • CNIC number, issue, and expiry date
   • Mobile network code and mobile number
4. Set Up Account: Create a password, confirm it, and click on “Register.”
5. Log In: Use your credentials to log in to your account.
6. Provide Business Details: Enter essential information about your business, such as:
   • Nature of business
   • Business name and address
   • Monthly income and expense details
   • Partnership or shareholder details (if applicable)
7. Loan Details: Specify the required loan amount, purpose, and collateral information.
8. Upload Documents: Submit:
   • CNIC (front and back)
   • 1-2 years of account statements (if applicable)
9. Submit Application: Review all details and finalize the application.

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Remember:

A non-refundable registration fee of Rs 500 must be paid to complete the process.

Loan Utilization and Repayment Details

Understanding the loan utilization and repayment process is essential for applicants:

1. First Installment Usage: Beneficiaries can utilize 50% of the loan amount within the first six months.
2. Second Installment Release: The remaining 50% is disbursed after:
   • Proper utilization of the first installment
   • Regular repayments
   • Registration with FBR or PRA.
3. Repayment Plan:
   • A three-month grace period is provided.
   • The loan must be repaid in equal monthly installments over 2 years.
4. Loan Usage: Funds can be used for:
   • Business expenses such as supplier payments
   • Tax bills
   • Operational needs
5. Annual Fee: An annual fee of Rs 25,000 (plus FED) will be deducted from the approved loan installments.
6. Additional Charges: Includes life insurance, card issuance, and delivery charges. Late payment penalties apply as per the bank’s policy.

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Additional Guidelines for Beneficiaries

To ensure smooth processing and repayment:

• Deposit loan installments on time to avoid late fees.
• Use the loan strictly for business purposes as per the guidelines.
• Maintain compliance with government regulations to access the full loan amount.

Frequently Ask Questions (FAQs)

What is the Asaan Karobar Card?

The Asaan Karobar Card is a scheme launched by Punjab Chief Minister Maryam Nawaz Sharif to provide interest-free loans for small business owners in Punjab.

What is the loan amount under the Asaan Karobar Card scheme?

Eligible businesses can get a loan ranging from Rs 1 Lakh to Rs 10 Lakh.

What is the repayment period for the loan?

The loan must be repaid over three years, with equal monthly installments starting after a three-month grace period.

Who is eligible to apply for the Asaan Karobar Card?

Applicants must be 21–57 years old, residents of Punjab, own a small business, and meet other criteria like having a valid CNIC and mobile number.

Can I use the loan for personal expenses?

No, the loan must be used strictly for business purposes as outlined in the program.

How can I apply for the Asaan Karobar Card?

You can apply online by visiting the official portal akc.punjab.gov.pk, completing the registration, and submitting the required documents.

Is there any registration fee?

Yes, there is a mandatory non-refundable registration fee of Rs 500.

What documents are required for registration?

Applicants need to upload their CNIC (front and back) and 1–2 years of account statements (if applicable).

When will the loan amount be disbursed?

The loan is disbursed in two installments: 50% within the first six months and the remaining 50% after proper utilization of the first installment and regular repayments.

What are the additional charges associated with the loan?

Charges include an annual fee of Rs 25,000 (plus FED), life insurance, card issuance, and delivery fees. Late payment penalties also apply.

What happens if I fail to repay on time?

Late payment penalties will apply as per the bank’s policy.

What is the grace period for repayment?

Borrowers are given a three-month grace period before repayment begins.

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Conclusion:

The Asaan Karobar Card is a game-changer for small business owners in Punjab. By offering interest-free loans with flexible repayment terms, the Punjab government under Maryam Nawaz Sharif’s leadership is fostering entrepreneurship and economic growth. If you meet the eligibility criteria, don’t miss this golden opportunity to elevate your business.