The Asaan Karobar Card is a revolutionary initiative by the Punjab government to provide interest-free loans to small businesses and entrepreneurs. With a loan amount of up to PKR 1 million, this program aims to support businesses in managing their finances effectively and growing sustainably. The repayment policy is designed to be flexible, ensuring that borrowers can repay the loan comfortably over a three-year period. Key features like a revolving credit facility, grace period, and digital transactions make it convenient for borrowers to comply with the repayment terms while focusing on their business growth.
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Key Details of the Loan Return Policy
| Feature | Details |
|---|---|
| Loan Amount | Up to PKR 1 million |
| Tenure | 3 years |
| Grace Period | 3 months from loan disbursement |
| Repayment Type | Monthly installments after the first year |
Loan Repayment Structure
The Asaan Karobar Card offers a simple and structured repayment policy to ensure convenience for borrowers:
- Loan Tenure: The total repayment period is three years.
- Grace Period: Borrowers enjoy a three-month grace period before repayments begin.
- Revolving Credit Facility: During the first year, borrowers can withdraw and repay amounts multiple times within the approved credit limit.
- EMI Conversion: After the first year, the remaining balance is converted into 24 equal monthly installments for repayment over the next two years.
Read More: Punjab Asaan Karobar Card Application Process
Features of the Loan Return Policy
- Interest-Free Loans: The entire loan amount is free from interest charges, reducing financial pressure on borrowers.
- Cash Withdrawal Limit: Borrowers can withdraw up to 25% of the loan in cash for business-related expenses.
- Digital Transactions: Encourages the use of digital payments for transparency and convenience.
Late Payment Penalties
Borrowers must adhere to the repayment schedule to avoid penalties. Late payments may result in additional charges as per bank policy and could impact the borrower’s credit record.
Read More: Aasaan Karobaar Scheme by Punjab Government
Support and Assistance
For any queries or issues regarding repayment, borrowers can seek assistance through:
- Helpline: 1786
- Official Website: Access online support for detailed guidance.
Conclusion
The Asaan Karobar Card repayment policy is structured to provide maximum ease and flexibility to small business owners. By adhering to the repayment terms, borrowers can efficiently manage their finances while enjoying the benefits of interest-free credit. This initiative reflects the Punjab government’s commitment to supporting entrepreneurship and boosting the economy.
Read More: Asaan Karobar Card: Monthly Installment Plans
FAQs
1. Can I repay the loan amount earlier than the tenure?
Yes, early repayment is allowed and may enhance your credit standing.
2. What happens if I miss an installment?
Missing an installment may lead to penalties and negatively affect your credit record.
3. Is collateral required for the loan?
No, the Asaan Karobar Card loan is unsecured and does not require collateral.
4. Can I reapply for the loan after repaying the current one?
Yes, upon successful repayment, you may apply for another loan under the scheme.
Read More: Asaan Karobar Card Loan Disbursement