The CM Punjab Asaan Karobar Card is an innovative initiative designed to support small entrepreneurs in Punjab, Pakistan. The program provides interest-free loans of up to PKR 1 million through a digital SME (Small and Medium Enterprises) card. This initiative aims to help small business owners grow and sustain their businesses by offering flexible financial assistance. Entrepreneurs can access the funds using digital platforms like mobile apps and POS (Point of Sale) systems. The scheme ensures transparency and provides easy access to business financing for small entrepreneurs in Punjab.
| Feature | Details |
| Maximum Loan Amount | Up to PKR 1 million |
| Loan Repayment Term | 24 monthly installments after a 1-year grace period |
| Loan Usage | Vendor payments, utility bills, taxes, and business expenses |
| Eligibility Criteria | Small entrepreneurs aged 21-57, residing in Punjab |
How the CM Punjab Asaan Karobar Card Works
The CM Punjab Asaan Karobar Card is designed to make business financing easy and accessible for small entrepreneurs. The card offers a revolving credit facility that can be used for business expenses such as vendor payments, utility bills, and taxes. Entrepreneurs can use the card digitally through a mobile app or POS system, ensuring transparent and traceable transactions. The loan has a maximum limit of PKR 1 million, and the first 50% of the limit can be used within the first six months. Repayments start after a three-month grace period and are done through equal monthly installments.
See also: Asaan Karobar Card Apply Online
Eligibility Criteria for the Karobar Card
- Applicants must be small entrepreneurs aged between 21 and 57 years.
- Applicants must be residents of Punjab.
- A valid CNIC (Computerized National Identity Card) and a mobile number registered in the applicant’s name are required.
- The business should be located in Punjab.
- The applicant must pass a credit and psychometric assessment.
- The applicant must have a clean credit history with no overdue loans.
- Only one application per individual or business is allowed.
How to Apply for the Karobar Card
The application process for the CM Punjab Asaan Karobar Card is simple and digital.
- Applicants can submit their applications through the PITB (Punjab Information Technology Board) portal.
- A non-refundable processing fee of PKR 500 is required.
- The application undergoes digital verification, including checking the CNIC, creditworthiness, and business premises.
- Once verified and approved, the applicant will receive the card.
- Ensure that all information provided is accurate and up-to-date to avoid delays in the approval process.
See also: Asaan Karobar Card Apply Online
Loan Usage and Repayment Details
The CM Punjab Asaan Karobar Card has clear guidelines on how funds should be used and repaid. The first 50% of the loan limit can be used within the first six months, after which the borrower must start repaying the loan in monthly installments. The repayment term starts after a three-month grace period, and the borrower must pay at least 5% of the outstanding loan balance each month. The second 50% of the loan is released once the borrower has used the first half responsibly and made regular repayments. All funds must be used for business purposes only, with non-business-related transactions blocked.
Key Conditions and Charges of the Karobar Card
There are a few key conditions and charges that applicants should be aware of when using the CM Punjab Asaan Karobar Card. The primary condition is that the funds must be used strictly for business purposes, and any personal or non-business expenses are blocked. Applicants must also register their business with PRA (Punjab Revenue Authority) or FBR (Federal Board of Revenue) within six months of receiving the card. An annual card fee of PKR 25,000, plus FED (Federal Excise Duty), will be deducted from the approved loan limit. Additional charges may apply for life assurance, card issuance, and delivery.
Conclusion
In this article, we are sharing all the details about the CM Punjab Asaan Karobar Card, an initiative aimed at supporting small entrepreneurs in Punjab. This digital SME card provides interest-free loans up to PKR 1 million to help small businesses thrive. The process is simple, transparent, and accessible, ensuring that small entrepreneurs can use the funds for essential business purposes. With clear eligibility criteria and a flexible repayment plan, this card is a valuable tool for growing businesses in Punjab.
FAQs
How do I check my eligibility for the CM Punjab Asaan Karobar Card?
You can check your eligibility by ensuring that you meet the age, residency, and business criteria. The application will be verified through the PITB portal.
What is the interest rate on the CM Punjab Asaan Karobar Card?
The card offers an interest-free loan, which means there is no interest charged on the amount borrowed.
Can I use the funds from the Karobar Card for personal expenses?
No, the funds are strictly for business purposes only. Non-business transactions are blocked.
What happens if I fail to repay the loan on time?
If you miss a payment, late payment charges may apply as per the bank’s policies. It is essential to repay on time to avoid additional charges.