LAHORE – Punjab Chief Minister Maryam Nawaz has launched the interest-free Asaan Karobar Loan Scheme to boost Small and Medium Enterprises in Punjab.
As per official website, the initiative aims to drive economic growth by supporting entrepreneurship, job creation and exports by focusing on priority sectors across the province.
The primary purpose of the Asaan Karobar Loan Scheme is to provide funding for startup and helping existing businesses in their expansion and modernization.
Asaan Karobar Loan Eligibility Criteria
Small Enterprises with annual sales up to PKR 150 million and medium Enterprises with annual sales ranges between PKR 150 million – PKR 800 million can apply for the loan for expansion.
People aged 25-55 years can apply for the scheme to get loan while they must be active FBR tax filers with clean credit history.
They must hold valid CNIC and NTN and own / have rented the place of existing business.
Complete Loan Details
There are two tiers for granting loan to the applicants. Under Tier 1, a loan ranges between Rs1 million and Rs5 million will be provided with a security tenure of up to five years at 0% interest.
Under Tier 2, a loan of Rs6-Rs30 million will be provided for up to five years at 0% rate.
Asaan Karobar Loan Processing Fee
The fee for those applying in Tier 1 has been fixed at Rs5,000 while it is Rs10,000 for Tier 2 applicants. Furthermore, Grace period is up to 6 months for start-ups / new businesses and up to 3 months for existing businesses.
Loan Repayment Terms
Equal monthly installments as per terms of the approval
Late Charges: PKR 1 per 1000/day on overdue amounts
