CM Punjab Asaan Karobar Card Scheme Online Application akc.punjab.gov.pk/cmpunjabfinance
The scheme offers interest-free loans up to PKR 1 million to support small entrepreneurs in Punjab. These loans are provided through a digital SME card and managed via digital channels such as mobile apps and POS systems, ensuring a transparent way to grow and sustain local businesses.
CM Punjab Asaan Karobar Card Scheme Online Application
The loans have a maximum limit of PKR 1 million with a tenure of three years. Initially, it acts as a revolving credit facility for the first 12 months. After the grace period of three months following the card issuance, the borrower must begin repaying the loan in 24 equal monthly installments. The loans are used for vendor payments, utility bills, government fees, taxes, and up to 25% of the limit can be withdrawn as cash for miscellaneous business purposes.
Eligibility and Application Process
Eligible applicants are small entrepreneurs aged between 21 and 57 years, who are Pakistani nationals residing in Punjab with a valid CNIC and a registered mobile number. The business must be located in Punjab and have a satisfactory credit and psychometric assessment. Applicants can apply digitally via the PITB portal with a non-refundable processing fee of PKR 500, and digital verifications of CNIC, creditworthiness, and business premises are conducted by authorized agencies.
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Loan Utilization and Repayment
In the first six months, 50% of the loan limit is available for use. Following the initial grace period, the borrower starts paying monthly installments with a minimum payment of 5% of the outstanding loan balance. The remaining 50% of the loan is released upon satisfactory usage and regular repayments, and it is mandatory for the borrower to register with PRA/FBR. The funds are restricted to business-related purposes, with non-essential transactions blocked. After the first year, the remaining balance is repaid over two years in equal monthly installments.
Charges and Security
The annual card fee is PKR 25,000 plus FED, recovered from the borrower’s approved limit. The scheme covers additional charges such as life assurance and card issuance. In case of late payment, charges will be recovered according to the bank’s policy. Security involves a personal guarantee digitally signed by the borrower, and life assurance is included. The Urban Unit conducts physical verification of business premises within six months of loan approval and annually thereafter.
Key Conditions and Additional Support
Loan funds must be used strictly for core business activities, with any non-business related transactions being blocked. Registration with PRA/FBR is mandatory within six months of card issuance. Each individual or business can only apply once. For new businesses, feasibility studies are available on the PSIC and BOP websites, providing additional support to applicants.
This loan scheme is designed to foster the growth of small businesses in Punjab by offering financial support without interest, ensuring that entrepreneurs can focus on expanding their business operations efficiently.
