Asaan Karobar Finance Scheme New Registration
Asaan Karobar Finance Scheme New Registration is a revolutionary initiative of the Punjab government, under which interest-free loans of up to Rs 3 million are being provided to entrepreneurs. The aim of this scheme of Punjab Chief Minister Maryam Nawaz Sharif is to help start new businesses, modernize existing businesses, and expand them. This scheme is a golden opportunity for small and medium entrepreneurs to overcome financial obstacles and strengthen their businesses.
Two types of loans for Asaan Karobar will be given under this scheme. In the first category, loans of Rs 1 million to 5 million will be given, for which a personal guarantee will be required, while in the second category, loans of Rs 6 million to 30 million will be given, for which security is mandatory. Applicants should be between 25 and 55 years of age and must be registered as tax filers with the FBR. To apply, eligible candidates have to register online at akf.punjab.gov.pk, where they are required to provide personal and business details.
The scheme provides entrepreneurs with a grace period of up to 6 months to consolidate their businesses before they start repaying the loan. Furthermore, the minimum investment limit for women and persons with disabilities is 10 percent, while for other entrepreneurs it is 20 percent. The government has introduced a transparent balloting system for Asaan Karobar scheme to provide equal opportunities to every eligible person. If you want to do business in Punjab, do not miss this golden opportunity and complete your registration as soon as possible.
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Eligibility Criteria
To qualify for the Asaan Karobar Finance Scheme, applicants must meet the following conditions:
1. Business Scale
- Small-scale businesses: Annual sales should not exceed Rs. 150 million.
- Medium-scale businesses: Annual sales should be between Rs. 150 million to Rs. 800 million.
2. Age Limit
- Applicants must be between 25 and 55 years old.
3. Tax Compliance
- Must be a registered tax filer with the Federal Board of Revenue (FBR).
4. Business Location
- The business must be located in Punjab, regardless of whether it operates on rented or owned property.
5. Required Documents
- Valid CNIC (front and back copy).
- NTN (National Tax Number).
- Business financial records (if applicable).
Step-by-Step Registration Process
To apply for an interest-free loan under the Asaan Karobar Finance Scheme, follow these steps:
Step 1: Visit the Official Website
- Go to the official website: akf.punjab.gov.pk.
Step 2: Create an Account
- Enter your personal details, including:
- Name, Father’s Name, CNIC, Email, Date of Birth, CNIC Issue & Expiry Date.
- Contact Number, Address, NTN Number.
- Set a password and confirm if you hold any political influence.
- Click Register to create your account.
Step 3: Login and Fill Personal Information
- Log in using your CNIC and password.
- Provide additional personal and financial details.
Step 4: Enter Business Information
- Fill in details about your business name, type, contact details, and address.
- Mention the number of employees and business category.
- If applicable, provide shareholder details.
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Step 5: Loan Application Details
- Select:
- Business Type (Startup or Existing Business).
- Loan Amount (choose from available tiers).
- Loan Tenure (repayment period).
- Business Expenses (rent, salaries, operational costs).
Step 6: Submit Supporting Documents
- Upload scanned copies of:
- CNIC (front & back).
- Passport-sized photograph.
- Bank statements.
- Any other business-related documents.
Step 7: Submit the Application
- Review all details and click Submit.
Once submitted, your application will go through a verification and approval process.
Loan Categories and Details
The Asaan Karobar Finance Scheme offers two types of interest-free loans:
Tier I Loan
- Amount: Rs. 1 million to 5 million.
- Security: Personal guarantee required.
- Tenure: Up to 5 years.
- Interest Rate: 0% (Interest-Free).
- Application Fee: Rs. 5,000.
Tier II Loan
- Amount: Rs. 6 million to 30 million.
- Security: Secured loans.
- Tenure: Up to 5 years.
- Interest Rate: 0% (Interest-Free).
- Application Fee: Rs. 10,000.
Both loan categories provide easy repayment options without interest, making it a great opportunity for businesses.
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Grace Period for Loan Repayment
To make repayment easier, the scheme offers a grace period before repayments start:
- 6 months for new businesses.
- 3 months for businesses undergoing expansion or modernization.
This ensures that businesses have sufficient time to establish themselves before making repayments.
Equity Contribution Requirements
- Tier II Businesses:
- 20% equity contribution for general applicants.
- 10% equity contribution for women entrepreneurs and disabled persons.
- Tier I Businesses:
- 0% equity contribution.
- Leased Vehicles:
- 25% equity contribution required.
This policy ensures that businesses contribute responsibly while benefiting from interest-free loans of Asaan Karobar.
Penalties and Additional Charges
To maintain financial discipline, the following penalties and handling fees apply:
- Late Payment Fee: Rs. 1,000 per day for delayed repayments.
- Handling Fee:
- New businesses: No handling fee.
- Existing businesses (Tier II): 3% handling fee.
Applicants are advised to repay their loans on time to avoid penalties.
Loan Approval and Disbursement
- Applications will be reviewed and approved through a transparent balloting system.
- Make sure all required documents are correctly submitted to avoid rejection.
- Once approved, loan funds will be disbursed directly to the applicant’s business account.
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Frequently Asked Questions (FAQs)
1. What is the Asaan Karobar Finance Scheme?
It is an interest-free loan program by the Punjab government to support small and medium businesses.
2. Who can apply for this Asaan Karobar Loan?
Punjab residents who own or want to start a business and meet the eligibility criteria.
3. How much loan amount can I apply for?
- Tier I: Rs. 1 to 5 million.
- Tier II: Rs. 6 to 30 million.
4. How do I apply?
By registering at akf.punjab.gov.pk and completing the online application process.
5. Is this loan really interest-free?
Yes, all loans are completely interest-free.
6. What is the loan repayment grace period?
- 6 months for startups.
- 3 months for expanding businesses.
7. Are there any penalties for late payments?
Yes, a fine of Rs. 1,000 per day applies for delayed repayments.
Conclusion
The Asaan Karobar Finance Scheme is a golden opportunity for businesses in Punjab to access interest-free loans and achieve financial stability. Whether you are starting a new business, expanding operations, or modernizing existing structures, this scheme offers flexible financial solutions.
Entrepreneurs should apply before the deadline and ensure all required documents are in place to avoid delays or rejections. Take advantage of this initiative and grow your business with government support.
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