In a significant move to bolster small and medium enterprises (SMEs) in Punjab, Chief Minister Maryam Nawaz has directed the Bank of Punjab (BoP) to maximize the issuance of loans under the ‘Asaan Karobar Card’ scheme. This initiative aims to provide accessible financial support to entrepreneurs, facilitating economic growth and job creation in the region.
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Empowering SMEs Through Accessible Financing
The ‘Asaan Karobar Card’ is designed to simplify the loan acquisition process for SMEs, offering them the necessary capital to start or expand their businesses. By streamlining access to funds, the scheme addresses one of the primary challenges faced by small business owners—financing.
Read More: Interest Free Loans Under Asaan Karobar Finance
Key Features of the Loans Under Asaan Karobar Card
- Loan Amounts: Entrepreneurs can avail loans ranging from PKR 100,000 to PKR 10 million, catering to both small startups and more established medium-sized enterprises.
- Interest Rates: Competitive interest rates are offered to make borrowing affordable, encouraging more entrepreneurs to take advantage of the scheme.
- Repayment Terms: Flexible repayment schedules are in place, with tenures extending up to five years, including a grace period of six months.
- Collateral Requirements: For loans up to PKR 500,000, a personal guarantee is sufficient. Loans exceeding this amount may require additional collateral, such as property or third-party guarantees.
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Table: Key Details
| Feature | Details |
| Loan Amounts | PKR 100,000 to PKR 10 million |
| Interest Rates | Competitive rates |
| Repayment Terms | Up to 5 years, including a 6-month grace period |
| Collateral | Personal guarantee for loans up to PKR 500,000; additional collateral for higher amounts |
| Application Portal | https://rozgar.psic.punjab.gov.pk/ |
BoP’s Role in Facilitating the Scheme
The Bank of Punjab has been entrusted with the responsibility of implementing the ‘Asaan Karobar Card’ scheme. With its extensive network and experience in SME financing, BoP is well-positioned to ensure the scheme’s success.
BoP’s Commitment to SMEs
BoP offers a range of products tailored to the needs of SMEs:
- BOP SME Asaan Finance Scheme (SAAF): Provides collateral-free loans up to PKR 10 million at a low markup rate of 9% per annum, with quick processing times.
- BOP Kamyab Karobar: Offers short-term working capital lines up to PKR 15 million, secured by acceptable property, with a tenure of one year.
- BOP e-Business Qarza: An end-to-end digital product providing running finance facilities up to PKR 3.5 million, with instant approval and disbursement.
Read More: Loans Under ‘Asaan Karobar Scheme’
How to Apply for Asaan Karobar Card?
Follow these simple steps to apply for the Asaan Karobar Card:
- Visit the Official Website – Go to https://rozgar.psic.punjab.gov.pk/.
- Sign Up/Login – Create an account or log in if you already have one.
- Fill the Application Form – Enter your personal, business, and financial details.
- Upload Required Documents – Attach CNIC, business details, and income proof.
- Submit the Application – Review and submit your application.
- Wait for Approval – The Bank of Punjab (BoP) will review your request and notify you.
- Loan Disbursement – If approved, the loan amount will be transferred to your account.
Conclusion
The directive by Chief Minister Maryam Nawaz to maximize loan issuance under the ‘Asaan Karobar Card’ underscores the government’s commitment to empowering SMEs in Punjab. By providing accessible financing options through the Bank of Punjab, the initiative aims to stimulate economic activity, foster entrepreneurship, and create employment opportunities across the province.
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