The Punjab government recently launched the Asaan Karobar Finance scheme, offering interest-free loans to small and medium enterprises (SMEs).

Chief Minister Maryam Nawaz launched Punjab Asaan Karobar finance and card schemes to promote business activities in the province. Addressing the inauguration ceremony, she said, “Under the Asaan Karobar Finance Scheme, interest-free loans of Rs1 million to Rs30 million will be provided.” The loan will be repaid in easy installments

The Chief Minister said that land would also be made available at highly subsidized rates to start small businesses.

She said the financing scheme was the first program in the history of the province under which interest-free loans of up to Rs30 million would be provided.

“There is no need to immediately get any NOC, license or plan approved to obtain a loan. Get a loan today and start your business tomorrow. These interest-free loans will be provided through Bank of Punjab,” she said.

Here is a step-by-step guide on how to apply.

Eligibility and requirements
Applicants must meet the following criteria:

• Be aged 21 to 57 years
• Have a valid CNIC and registered mobile number
• Own or plan a business located in Punjab
• Be a tax filer with a clean credit history
• Provide references and documentation related to business and housing

Documents required
Before applying, make sure you have scanned copies or clear images of:

• CNIC and passport size photo
• Proof of tax declaration
• Business income and expenses
• Lease agreement or property documents for business and housing
• References’ CNIC copies and contact details

Steps to apply

1. Create an account: Register through PITB portal using your CNIC linked mobile number.
2. Complete the application: Allow at least 15 minutes to complete the form.
3. Pay the fee: Submit a non-refundable processing fee of Rs 5,000 for Level 1 or Rs 10,000 for Level 2.
4. Send the application: Upload necessary documents and submit the form.
5. Track status: Receive a registration number and SMS updates regarding your application.

Loan details

• Level 1: Rs1 million to Rs5 million with a Rs5,000 processing fee.
• Level 2: Rs6 million to Rs30 million with a Rs10,000 processing fee.
• Both levels offer 0% interest and a repayment period of up to five years.

Use of SME card
Funds can be used for supplier payments, utility bills and government fees. Cash withdrawals are limited to 25% of the limit. Borrowers must register with PRA/FBR no later than six months after card issue.

For further details, visit the official website: akc.punjab.gov.pk/cmpunjabfinance.