LAHORE: Punjab Chief Minister Maryam Nawaz has launched the Asaan Karobar Loan Scheme, a new initiative designed to provide interest-free loans to support Small and Medium Enterprises (SMEs) throughout the province.
The scheme aims to foster entrepreneurship, create jobs, and stimulate exports by targeting key sectors in Punjab.
The primary objective of the Asaan Karobar Loan Scheme is to provide financial support to startups and assist established businesses in expanding and modernizing.
Expected to be a driver of regional economic growth, the scheme offers much-needed funding to businesses in need.
Eligibility Criteria for Asaan Karobar Loan Scheme
To qualify for the scheme, businesses must meet the criteria for small or medium enterprises. Small businesses with annual sales up to PKR 150 million and medium-sized businesses with annual sales between PKR 150 million and PKR 800 million are eligible to apply.
Applicants must be between the ages of 25 and 55, active taxpayers registered with the Federal Board of Revenue (FBR), and possess a clean credit history. Additionally, they must have a valid CNIC and NTN, and either own or rent the premises where their business is located.
Asaan Karobar Loan Scheme Categories
- Tier 1: Businesses can apply for loans ranging from Rs1 million to Rs5 million, with a five-year repayment period and 0% interest.
- Tier 2: Loans ranging from Rs6 million to Rs30 million, with the same repayment period and interest rate.
Applicants in Tier 1 are required to pay a processing fee of Rs5,000, while Tier 2 applicants will pay Rs10,000.
Startups and new businesses will be granted a grace period of up to six months, while existing businesses are eligible for a grace period of up to three months.
Repayment Details
Loan repayments will be made in equal monthly instalments, based on the terms agreed upon at the time of approval. If payments are overdue, a late fee of PKR 1 per 1,000 rupees per day will be applied.
For more details, visit the official website: Asaan Karobar Loan Scheme
Earlier, Maryam Nawaz Sharif launched the Asaan Karobar Finance Scheme, aimed at assisting small and medium enterprises and boosting economic growth in Punjab. At the ceremony, she also introduced the Asaan Karobar Finance Card, which offers interest-free loans up to Rs30 million.
Under the scheme, loans ranging from Rs10 lac to Rs3 crore will be provided with repayment made in easy instalments.
CM Maryam Nawaz encouraged young entrepreneurs to take advantage of these schemes to expand their businesses and contribute to the province’s economic development.
