Asaan Karobar Finance Scheme 30M Loan Scheme
Punjab Chief Minister Maryam Nawaz Sharif has launched an Asaan Karobar finance scheme for the business community of Punjab province, through which she will provide loans of up to Rs 30 million to the business community of Punjab, which will be completely interest-free.
This program aims to enable you to start your new business, modernize your existing business, and remove its existing shortcomings so that your business can be well established. In addition, the aim of this loan is also to enable you to expand your business, which can increase business activities in the province of Punjab.
Purpose of the Asaan Karobar Finance Scheme
The primary goal of this program is to encourage entrepreneurship and promote business activities across Punjab. Here’s what the scheme aims to achieve:
- Facilitate new business startups.
- Modernize and improve existing businesses.
- Expand business operations to stimulate economic growth in the province.
- Provide financial solutions for overcoming business challenges.
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Eligibility Criteria of Asaan Karobar Finance Scheme
To apply for this program, you need to meet the following eligibility requirements:
- Business Scale:
- For small-scale businesses, annual sales should be up to 150 million PKR.
- For medium-scale businesses, annual sales should range between 150 million to 800 million PKR.
- Age Limit: Applicants must be aged between 25 and 55 years.
- Tax Compliance: Applicants must be FBR tax filers with a clear tax record.
- Location: Both the applicant and their business must be located in Punjab, regardless of whether the business operates from rented premises or owned property.
- Documentation:
- Valid CNIC.
- NTN (National Tax Number).
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Step-by-Step Application Process
To apply for the Asaan Karobar Finance Scheme, follow these steps:
- Visit the Official Website
- Open the official website akf punjab gov pk.
- Create an Account
- Provide your name, father’s name, CNIC, email address, date of birth, CNIC issue and expiry date, gender, and mobile number.
- Enter details about your district, tehsil, city, permanent address, and NTN number.
- Set a password and mention if you are a politically influential person (if applicable).
- Click on the Register button.
- Login and Provide Personal Details
- Use your CNIC and password to log in.
- Fill in the required personal information.
- Fill Loan Details
- Select your business establishment, loan tier, loan tenure, and required loan amount.
- Add your credit history (if any).
- Enter Business Details
- Provide your business name, contact number, email, address, and number of employees.
- If you have a shareholder, include their details.
- Provide Financial Details
- Enter details of business expenses, monthly rent, employee salaries, and other necessary expenses.
- Submit References
- Add the information of two references.
- Upload Documents
- Passport-size photograph.
- Front and back photos of your CNIC.
- Bank statements.
- Other relevant documents.
- Submit the Application
- After completing all the steps, click the Submit button. Your application will be registered.
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Loan Categories and Details
The program offers two tiers of loans with varying conditions and benefits:
Tier I
- Loan Amount: 1 million to 5 million PKR.
- Security: Personal guarantee security.
- Tenure: Up to 5 years.
- Interest Rate: Completely interest-free.
- Application Fee: Rs. 5,000.
Tier II
- Loan Amount: 6 million to 30 million PKR.
- Security: Secured loans.
- Tenure: Up to 5 years.
- Interest Rate: Completely interest-free.
- Application Fee: Rs. 10,000.
Both tiers offer an interest-free repayment model, making it easier for businesses to use and repay the funds.
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Grace Period for Loan Repayment
The program offers a grace period to help businesses stabilize before they start repaying:
- 6 months for new business startups.
- 3 months to expand or modernize existing businesses.
Equity Contribution Requirements
Equity contributions vary depending on the type of business and tier:
- Tier II Businesses:
- 20% equity contribution for most companies.
- 10% for women entrepreneurs and persons with disabilities.
- Tier I Businesses and Leased Commercial Vehicles: 0% equity contribution.
- Leased Vehicles: 25% equity contribution.
Penalties and Fees
- Late Charges: Rs. 1,000 per day if repayment is delayed.
- Handling Fee:
- NIL for setting up new businesses.
- 3% for existing businesses under Tier II, including climate-friendly projects.
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Loan Approval and Disbursement
- Applications will be reviewed, and eligible candidates will be selected through a transparent balloting system.
- Ensure all mandatory fields are completed to avoid delays or rejection.
Frequently Ask Questions (FAQs)
What is the Asaan Karobar Finance Scheme?
The Asaan Karobar Finance Scheme is an initiative launched by Punjab Chief Minister Maryam Nawaz Sharif. It aims to provide interest-free loans of up to Rs 30 million to support entrepreneurs and businesses in Punjab, helping them start new ventures, modernize existing operations, or expand their businesses.
Who is eligible to apply for this scheme?
To qualify for the scheme, applicants must be between the ages of 25 and 55 and have a business located in Punjab. They should also be registered tax filers with the Federal Board of Revenue (FBR) and have a valid CNIC and NTN.
What loan amounts are available under this scheme?
The scheme offers loans in two tiers: Tier I provides loans between Rs 1 million and Rs 5 million, while Tier II offers loans ranging from Rs 6 million to Rs 30 million.
Are the loans under this scheme interest-free?
Yes, all loans provided under the Asaan Karobar Finance Scheme are completely interest-free, making it easier for businesses to access funds without financial strain.
How can I apply for a loan?
Applicants can apply by visiting the official website, akf punjab gov pk, where they need to create an account, provide personal and business details, and upload the necessary documents to complete the application process.
What documents are required for the application?
To apply, you’ll need to submit a valid CNIC (front and back), a passport-sized photo, bank statements, and any additional documents related to your business.
What is the repayment grace period for the loans?
The scheme offers a grace period of 6 months for new businesses, allowing them to stabilize before repayments begin. Existing businesses seeking expansion or modernization are given a 3-month grace period.
Is there an equity contribution requirement?
Equity contributions vary by tier. For Tier I loans and leased commercial vehicles, no equity contribution is required. However, for Tier II loans, a 20% equity contribution is needed, reduced to 10% for women entrepreneurs and persons with disabilities.
How are loan applications reviewed and approved?
Applications are evaluated and selected through a transparent balloting process, ensuring fairness and equal opportunity for all eligible applicants.
Are there penalties for late repayments?
Yes, a late repayment penalty of Rs 1,000 per day will be applied if loan repayments are delayed.
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Summary
The Asaan Karobar Finance Scheme by Punjab Chief Minister Maryam Nawaz Sharif is a golden opportunity for entrepreneurs and business owners in Punjab. By offering interest-free loans of up to 30 million PKR, the government aims to promote economic growth and encourage innovation in the business community.