Loan Scheme for 5 Million Interest-Free
5 million A significant move has been made by Punjab’s Chief Minister Maryam Nawaz Sharif to support companies and encourage economic growth with the introduction of the “Asaan Karobar Card” and the “CM Punjab Asaan Karobar Finance Scheme.” These programs seek to support company beginnings and growth by offering interest-free loans to small and medium-sized businesses (SMEs) throughout the province.
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Loan Scheme for 5 Million Interest-Free:
| Scheme Name | Loan Amount | Repayment Period | Eligibility | Application Method |
|---|---|---|---|---|
| Asaan Karobar Finance Scheme | Rs. 1 million Rs. 30 million (Interest-Free) | Up to 5 years (monthly installments) | Age: 25-55 years Punjab resident Valid CNIC Tax compliant | Online at akf.punjab.gov.pk Toll-free helpline: 1786 |
| Asaan Karobar Card | Rs. 500,000 Rs. 1 million (Interest-Free) | Up to 3 years (monthly installments) | Age: 21-57 years Punjab resident Valid CNIC Active mobile phone | Online at akc.punjab.gov.pk Toll-free helpline: 1786 |
| Additional Incentives | Free solar systems (up to Rs. 5 million) | Not applicable | Business in export processing zones | Government-supported initiative |
Introduction to the Asaan Karobar Finance Scheme
The ‘Asaan Karobar Finance Scheme’ is intended to give interest-free loans ranging from Rs. 1 million to Rs. 30 million to Punjab-based SMEs. The payback time might last up to five years, with convenient monthly payments. This project is unparalleled in the province’s history, providing considerable financial assistance without the cost of interest.
Key Elements of the Scheme
Interest-Free Loans: Businesses that qualify can obtain interest-free loans up to Rs. 30 million.
Streamlined Application Process: No Objection Certificates (NOCs), permits, or authorized maps must be obtained as soon as possible. Thus, company owners may get a loan now and start operating their companies right away.
Repayment Terms: The loans may be repaid in convenient monthly payments for a maximum of five years, which makes it feasible for enterprises to organize their budget.
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Requirements for the 5 Million Interest-Free Loan Scheme
In order to be eligible for the Asaan Karobar Finance Scheme, candidates need to fulfill the following requirements:
Between the ages of 25 and 55.
Residency: One must live in Punjab.
Residency: A valid Computerized National Identity Card (CNIC) is a requirement for citizenship as a Pakistani national.
Financial Status: Must be in compliance with all tax laws and not in arrears with any financial institutions.
How to Apply for the Interest-Free Loan Scheme of 5 Million
Those who are interested may apply online at akf.punjab.gov.pk, the designated website. There’s a toll-free helpline at 1786 for support.
Asaan Karobar Card
In addition to the financing plan, the “Asaan Karobar Card” was created to assist small and starting companies. This card provides loans between Rs. 500,000 and Rs. 1 million that are interest-free. These loans have a three-year maximum payback duration with manageable monthly payments.
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The Asaan Karobar Card’s main features
Payments to Vendors: Makes it easier to pay suppliers for raw goods purchased.
Utility Payments: Paying utility bills, taxes, and government levies is made possible by this feature.
Cash Withdrawal: Allows for a cash withdrawal of up to 25% of the loan balance.
Requirements Required for Receiving the Card
Age range: 21–57 years.
Residency: You have to be from Punjab.
Citizenship: A Pakistani national who possesses a current CNIC and a working mobile phone.
Procedure for Card Applications
There is an online application process at akc.punjab.gov.pk. Those who are interested can call the toll-free number 1786 for assistance.
More Rewards
The Punjab government is providing further incentives for the establishment of enterprises in export processing zones in an effort to further stimulate economic development. Free solar systems costing up to Rs. 5 million would be given to entrepreneurs starting companies in these areas.
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Conclusion
Under the direction of Chief Minister Maryam Nawaz Sharif, Punjab’s 5 million Interest-Free Loan Program offers interest-free loans to SMEs in an effort to promote entrepreneurship and economic growth. Through the CM Punjab Asaan Karobar Finance Scheme and Asaan Karobar Card, the program provides incentives, flexible repayment periods, and loans with amounts ranging from Rs. 1 million to Rs. 30 million. To further promote sustainable company growth, the initiative also gives free solar systems to companies in export processing zones.
FAQs
The Asaan Karobar Finance Scheme offers a 5 million interest-free loan. Who is eligible?
The requirements for the Asaan Karobar Finance Scheme are:
• 25 to 55 years old
• A Punjabi citizen
• Current CNIC
• A citizen of Pakistan who pays taxes
How do you go about applying for an Asaan Karobar Card or an interest-free loan?
Applications for the Asaan Karobar Finance Scheme and Card
- akf.punjab.gov.pk is the online application.
- For support, call the toll-free hotline at 1786.
How long will it take to pay back the loans?
Overview of Asaan Karobar’s Card and Finance Plan
- Rs. 1 million to Rs. 30 million are the loan amounts.
- The maximum repayment duration is five years.
- 500,000 to 1 million rupees for the card.