Asaan Karobar Card Scheme
The Asaan Karobar Card Scheme has been introduced by CM Maryam Nawaz, which will provide interest-free loans of up to one million rupees to small entrepreneurs. This scheme aims to provide financial assistance to entrepreneurs in Punjab so that they can expand their businesses or start new ones. This loan can be used for business expenses such as suppliers, taxes, bills, and other needs.
The highlight of the Asan Karobar Card is its digital platform with the help of which entrepreneurs can manage their financial situation better. Flexible terms have been set for loan repayment under this scheme. After obtaining the loan, a grace period of 3 months is given and then the loan repayment starts in 24 equal installments. Apart from this, there are also some conditions for the use of the loan, such as it must be used only for business expenses.
To benefit from this scheme, applicants need some basic conditions and documents, such as a national identity card and a correct record of the business. This scheme will provide a great opportunity for small businesses to become financially stable, allowing them to grow their businesses. Read our article now to learn more and take advantage of this opportunity! In this article, we will explore the key details of the Asaan Karobar Card, how it works, who is eligible, and the steps to apply for the loan.
Overviews of the CM Punjab Asaan Karobar Card
The CM Punjab Asaan Karobar Card is a financial initiative introduced by the Punjab government to support small businesses in the province. The card provides interest-free loans to business owners to help them manage their expenses, including paying vendors, suppliers, taxes, utility bills, and more. With the Asaan Karobar Card, business owners can access up to 1 million PKR in loans, which can be used for various business-related expenses.
One of the standout features of this card is its digital platform, which makes managing the loan and making payments much easier for entrepreneurs. The card allows access to revolving credit for up to 12 months, meaning business owners can borrow as needed within this time frame. This flexibility ensures that entrepreneurs can meet their financial needs without the burden of traditional loan terms.
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Features of the CM Punjab Asaan Karobar Card
Several key features make the CM Punjab Asaan Karobar Card an attractive option for business owners in Punjab:
Loan Amount: Entrepreneurs can access loans up to 1 million PKR. This amount can be used for a variety of business needs, helping to cover operational costs, inventory, and more.
Revolving Credit: The card offers revolving credit, which means that business owners can borrow money as needed within 12 months. This offers a significant amount of flexibility in managing finances.
Repayment Terms: The repayment of the loan is designed to be manageable. After a 3-month grace period, the loan must be repaid in 24 equal monthly installments. This allows entrepreneurs time to stabilize their business finances before they begin making repayments.
Fund Usage: The loan can be used for a variety of business-related expenses. This includes paying vendors and suppliers, covering utility bills, paying taxes, and more. Entrepreneurs can also withdraw up to 25% of the loan amount in cash for business needs.
Digital Transactions: The Asaan Karobar Card supports digital transactions through POS systems and mobile apps. This makes it easier for business owners to track their expenses and manage loan repayments efficiently.
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Eligibility Criteria for the CM Punjab Asaan Karobar Card
Before applying for the Asaan Karobar Card, it’s important to make sure you meet the eligibility criteria. The requirements are simple and clear:
- Applicants must be between 21 and 57 years old.
- Only Pakistani nationals who are residents of Punjab can apply.
- The business should be located in Punjab.
- Applicants need to provide a valid National Identity Card
- A registered mobile number
- A clean credit history.
- As part of the application process, applicants must undergo a psychometric evaluation to assess their suitability for the loan.
How to Apply for the CM Punjab Asaan Karobar Card
Applying for the CM Punjab Asaan Karobar Card is a simple and straightforward process. There are two main ways to apply:
Online Application:
- Visit the official CM Punjab Asaan Karobar Card portal.
- Fill in your details, including your name, CNIC number, date of birth, and contact information.
- Choose a strong password and confirm it to create an account.
- Agree to the terms and conditions and submit your application.
- Pay a non-refundable processing fee of 500 PKR.
- After submitting your application, the authorities will carry out digital verification of your CNIC, credit history, and business premises.
In-Person Application at Bank of Punjab (BOP):
- Alternatively, you can visit any branch of the Bank of Punjab (BOP) to apply in person.
- Provide the necessary documentation and complete the application process with the assistance of a bank representative.
Once your application is approved, you will be granted the Asaan Karobar Card, which you can use to access the loan amount.
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Loan Usage and Repayment Details
After receiving the CM Punjab Asaan Karobar Card, you can start using the loan according to the following terms:
- First 50% of Loan: You can access the first half of your loan amount within the first 6 months.
- Second 50% of Loan: The second half of the loan will be made available once you show that you’ve used the first half responsibly and made timely repayments.
- Grace Period: A 3-month grace period is provided before loan repayments begin. This gives you time to manage your business expenses before starting to repay the loan.
- Repayment Terms: After the grace period, you will need to repay the loan in 24 equal monthly installments. The minimum monthly repayment is 5% of the outstanding balance.
The loan must be used exclusively for business-related expenses, and personal use of the funds is not allowed.
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Charges and Fees
While the CM Punjab Asaan Karobar Card offers an interest-free loan, there are some charges and fees to be aware of:
- Annual Card Fee: There is an annual fee of 25,000 PKR, in addition to the Federal Excise Duty (FED).
- Additional Charges: Additional charges may apply for life assurance, card issuance, and delivery costs.
- Late Payment Fees: If you miss a payment or make a late payment, you will be subject to fees as per the bank’s policy.
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Security and Key Conditions
The CM Punjab Asaan Karobar Card comes with several conditions to ensure that the funds are used responsibly:
- Personal Guarantee: Borrowers are required to digitally sign a personal guarantee when applying for the card. This ensures that the loan will be repaid in full.
- Life Assurance: Life assurance is included in the card package to provide financial security in case of unforeseen events.
- Physical Verification: Within 6 months of receiving the loan, a physical verification of your business premises will be conducted to ensure that the funds are being used appropriately.
- PRA/FBR Registration: You are required to complete your registration with the Punjab Revenue Authority (PRA) or Federal Board of Revenue (FBR) within 6 months of receiving the loan.
Benefits of the CM Punjab Asaan Karobar Card
The CM Punjab Asaan Karobar Card offers a variety of benefits to small business owners, including:
- Interest-free Loans: The most significant advantage is that the loan is completely interest-free, making it a cost-effective option for entrepreneurs.
- Flexible Repayments: The 3-month grace period and 24-month repayment plan make it easier to manage business finances and avoid cash flow issues.
- Digital Transactions: The card allows for digital transactions, making it easier to track business expenses and repayments.
- Business Support: The funds can be used for essential business expenses, including paying suppliers, taxes, and utility bills, which helps ensure smooth operations and business continuity.
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Conclusion
The CM Punjab Asaan Karobar Card Scheme is a fantastic opportunity for small business owners in Punjab to access interest-free loans and grow their businesses. With a straightforward application process, flexible repayment terms, and the ability to use the loan for a variety of business-related expenses, this card offers much-needed financial support for entrepreneurs looking to succeed.
If you meet the eligibility criteria, it is time to take advantage of this incredible opportunity. Apply for the CM Punjab Asaan Karobar Card and unlock the financial resources you need to take your business to the next level