Asan Karobar Finance Scheme
The Asan karobar Finance Scheme is a wonderful initiative of the Punjab government, through which interest-free loans are being provided to small and medium-sized businesses. If you are residing in Punjab and intend to expand your business or start a new business, then this scheme is a golden opportunity for you. Under this scheme, you can get a loan of Rs. 1 to 30 million, which can be repaid in easy installments over a period of five years.
In addition, special concessions have also been given to women, transgenders, and persons with disabilities, so that they can expand their businesses with less equity contribution. Under this scheme, financial assistance is provided for new businesses, expansion of existing businesses, leasing of commercial vehicles, and eco-friendly businesses. The application process is very simple.
You just need to visit the official website of Asan Karobar Finance ([https://akf.punjab.gov.pk/] and complete your registration. After registration, your eligibility will be checked, and after approval, you will be provided with a loan. If you also want to grow your business, then don’t delay and take advantage of this great opportunity immediately!
Objectives of the Asan Karobar Finance Scheme
The main objectives of this initiative include:
- Encouraging entrepreneurship by providing easy access to financial resources.
- Supporting SMEs to expand their operations and increase productivity.
- Boosting employment opportunities across Punjab.
- Facilitating climate-friendly businesses under RECP Technologies.
- Strengthening Punjab’s economy through business development and exports.
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Eligibility Criteria
To qualify for the Asan Karobar Finance Scheme, applicants must meet the following criteria:
- Must be a resident of Punjab with both business and residence in the province.
- Businesses should fall under the category of Small Enterprises (up to PKR 150M annual sales) or Medium Enterprises (PKR 150M – 800M annual sales).
- Applicants should be between 25 to 55 years old.
- Must be an active tax filer registered with FBR with a clean credit history.
- Should own or have rented commercial space for business operations.
- Must have a valid CNIC and NTN (National Tax Number).
Loan Categories and Amounts
The loan scheme is divided into two tiers based on the loan amount and security requirements:
| Tier | Loan Amount (PKR) | Security | Tenure | Processing Fee (PKR) |
| T1 | 1M – 5M | Personal Guarantee | 5 Years | 5,000 |
| T2 | 6M – 30M | Secured Loan | 5 Years | 10,000 |
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Loan Purposes
The Asan Karobar Finance Scheme supports various business needs, including:
- Startup Funding: For individuals looking to launch a new business.
- Business Expansion: To scale up operations, invest in new technologies, or increase workforce capacity.
- Commercial Vehicle Leasing: For businesses requiring logistics and transportation solutions.
- Climate-Friendly Enterprises: Encouraging eco-friendly and sustainable business models under RECP Technologies.
Step-by-Step Registration Process
If you are eligible, follow these steps to register and apply for the Asan Karobar Finance Scheme:
Visit the Official Website
- Open https://akf.punjab.gov.pk/ to start the registration process.
Sign Up/Login
- New users: Enter CNIC and create a password.
- Existing users: Log in with previously registered credentials.
Fill Out the Registration Form
- Provide details about your business (new or existing), loan amount required, and business category.
- If applying with partners, enter their details as well.
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Submit Required Documents
- Upload CNIC, NTN, tax records, and business ownership or rental proof.
Apply for the Loan
- Click on the ‘Apply’ button after verifying all information.
Check Your Eligibility Status
- After submission, eligibility verification will take place. If approved, you will receive loan details and disbursement timelines.
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Loan Repayment Terms and Conditions
Grace Period:
- Up to 6 months for startups/new businesses.
- Up to 3 months for existing businesses.
Equity Contribution:
- 0% for Tier-1 loans (except leased vehicles).
- 25% for leased commercial vehicles.
- 10% contribution for females, transgender, and differently-abled persons.
- 20% for all other cases in Tier-1 & Tier-2 loans.
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Repayment Terms:
- Monthly installments based on loan tenure.
- Late payment charge: PKR 1 per 1000/day on overdue amounts.
Additional Costs:
- No handling fee for startups/new businesses.
- 3% per annum handling fee for existing businesses.
- No handling fee for climate-friendly businesses (Tier-2 loans only).
- Additional charges like insurance, legal, and registration fees apply as per actual costs.
Benefits of the Scheme
- Interest-free loans up to PKR 30 million.
- Encouragement for women, transgender individuals, and differently-abled persons with lower equity contributions.
- Opportunity to expand businesses without financial burden.
- Flexible repayment options with no extra charges for new businesses.
- Promotes sustainable and green business practices.
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FAQs about the Asan Karobar Finance Scheme
Who can apply for the scheme?
Any individual between 25-55 years with a registered business in Punjab and an active tax filer can apply.
How long does the approval process take?
Approval time varies but usually takes a few weeks, depending on the verification process.
Is collateral required for all loan amounts?
For T1 loans (1M – 5M PKR), only a personal guarantee is required. For T2 loans (6M – 30M PKR), secured assets are necessary.
Can a person apply for more than one loan?
No, one individual can avail of only one loan under this scheme.
What types of businesses are eligible?
Both new and existing businesses can apply, including retail, services, manufacturing, and climate-friendly businesses.
Conclusion
The Asan Karobar Finance Scheme is a golden opportunity for entrepreneurs and business owners in Punjab. By offering interest-free loans, flexible repayment options, and special incentives for women and marginalized groups.
The scheme is designed to empower businesses and boost economic growth. If you meet the eligibility criteria, apply now through the official website and take the first step towards expanding your business.