The Punjab government has introduced a fantastic opportunity for small and medium businesses through the Asaan Karobar Scheme. This scheme offers zero-interest loans, making it easier for entrepreneurs to start or grow their businesses. Whether you want to modernize your operations or invest in eco-friendly projects, this initiative aims to support business owners with financial assistance. Here’s how you can apply for these loans, step-by-step.
The Asaan Karobar Scheme provides two types of loans, designed to cater to different business needs. The first tier offers loans from Rs. 1 million to Rs. 5 million. If you apply for this loan, you’ll need to give a personal guarantee and can repay the loan in up to five years. The good news is that there is no interest charged on this loan. However, you will have to pay a processing fee of Rs. 5,000.
For the second tier, the loan amount ranges from Rs. 6 million to Rs. 30 million. To apply for this loan, you will need to provide secured collateral (like property). This loan also comes with zero interest and similar repayment terms as the first tier, but the processing fee is higher at Rs. 10,000. Both tiers require monthly installment payments, and if you miss a payment, you will be charged a late fee of Rs. 1 for every Rs. 1,000 overdue.
Applying for a loan under the Asaan Karobar Scheme is simple and straightforward. First, gather the required documents. You’ll need a passport-sized photo, your Computerized National Identity Card (CNIC), and the CNICs of two non-relative references. You’ll also need to provide proof of your active tax filer status, business income and expense records, and property-related documents like rental agreements or transfer letters. If you’re applying for the second tier, make sure to have your collateral documents ready.
Once you have all your documents, you can start the application process online. It’s quick and easy! The online form takes about 15 minutes to complete. After filling out the form, you will need to upload your documents and pay the application fee, which is Rs. 5,000 for Tier 1 or Rs. 10,000 for Tier 2. Remember, this fee is non-refundable. After submitting your application, you will receive a registration number, and the system will keep you updated via SMS on the status of your application.
The good news doesn’t stop there! The online platform allows you to track your application status at any time. If your loan is approved, you will be notified through SMS. This program is an excellent way for entrepreneurs in Punjab to get the financial support they need without the worry of paying interest.
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