Cm Punjab Asaan Karobar Card
Cm Punjab Asaan Karobar Card Punjab Chief Minister Maryam Nawaz has introduced the Asaan Karobar Card. With the help of this card, a loan of up to 1 million can be obtained. By obtaining this loan, you can do any business of your own. If you do not have information about the business, then you will also be given a representative to help you. And if you get a loan and then face problems, then even during this time, the Punjab government will help you as a representative and will tell you complete information.
There are two methods of registration for this card. One method is that you can do the registration online through the official website. The second method is that you can complete your registration process through Bank of Punjab.
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The CM Punjab Asaan Karobar Card is a groundbreaking initiative launched by Maryam Nawaz to support small entrepreneurs in Punjab. This scheme is designed to provide interest-free loans of up to 1 million through a digital SME card, allowing business owners to grow and sustain their businesses. With an easy-to-use digital platform, this initiative ensures a more structured and transparent way of utilizing funds. Let dive into the details of how this card works, its benefits, and how you can apply online through the official portal.
What is the CM Punjab Asaan Karobar Card?
The CM Punjab Asaan Karobar Card is a revolutionary scheme launched to help small entrepreneurs in Punjab. By providing interest-free loans, it supports business owners in improving their operations, managing expenses, and paying vendors, suppliers, and utility bills. The program aims to foster a robust business ecosystem through the use of digital transactions, helping businesses grow and sustain in the long term.
With the help of this card, eligible entrepreneurs can access 1 million in loans, use the funds for business purposes, and repay the amount in easy installments over the course of three years.
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Objective of the CM Punjab Asaan Karobar Card
Here are the key features of the CM Punjab Asaan Karobar Card:
- Maximum Loan Limit 1 million to support small business growth.
- Loan Type: The card offers a revolving credit facility for up to 12 months, which can be accessed as needed.
- Repayment Term: After the first year, the loan is repaid in 24 equal monthly installments.
- Grace Period: Entrepreneurs have a 3-month grace period after receiving the card to begin repayments.
- Usage Funds can be used for paying vendors, suppliers, utility bills, taxes, and even cash withdrawals for business purposes up to 25% of the loan limit
- Digital Transactions: The card supports digital payments through POS systems and a mobile app, making it easy to conduct transactions.
You can do business with this card. With this card price, you will be given a loan of up to 1 million. The loan period will be up to 12 months. All access can be obtained as per the need. The repayment period will be paid in 24 equal monthly installments. Business people will have a grace period of three months to start paying after getting the card. The funds can be used for business purposes such as suppliers, utility bills, taxes and even up to 25% of the loan limit.
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Eligibility Criteria
Before applying, make sure you meet the eligibility criteria:
- Age: Applicants must be between 21 to 57 years old.
- Nationality: Only Pakistani nationals residing in Punjab are eligible.
- Business Location: Your business must be located within Punjab.
- Required Documents: A valid CNIC and mobile number registered in your name are mandatory.
- Credit History: You must have a clean credit history with no overdue loans.
- Psychometric Assessment: Applicants will undergo a credit and psychometric assessment to evaluate their eligibility.
Importantly, only one application per individual or business is allowed.
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How to Apply for the CM Punjab Asaan Karobar Card?
The application process for the CM Punjab Asaan Karobar Card is simple and can be done digitally. Follow these steps:
- Visit the Official Portal Start by going to the official portal of the CM Punjab Asaan Karobar Card program.
- For registration, you have to write your name, parents’ name, husband’s name, date of birth, applicant’s ID card number, applicant’s ID card date of birth, expiration date of ID card, mobile number, network code and then write the password. Click on the registered button and your application will be received.
- Submit the Application Fill in your details, including CNIC, business information, and contact details.
- Processing Fee A non-refundable processing fee of 500 is required to complete the application process.
- Verification Your CNIC, creditworthiness, and business premises will undergo digital verification by authorized agencies.
- Approval After successful verification, your application will be processed, and the card will be issued.
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Loan Usage and Repayment Details
Once you’ve been approved for the card, here’s how the loan works:
- First 50% Limit: The first half of your loan limit 50% is available for use within the first 6 months.
- Grace Period: You get a 3-month grace period to begin repayments after receiving the card.
- Repayment After the grace period, repayments start with a minimum of 5% of the outstanding balance each month.
- Second 50% Limit The second 50% of the loan limit is unlocked once the borrower demonstrates satisfactory use of the first part, timely repayments, and registration with PRA FBR.
Funds must only be used for business-related expenses. Personal transactions, such as entertainment or personal consumption, are not allowed.
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Charges and Fees
While the CM Punjab Asaan Karobar Card offers interest-free loans, there are some fees associated with the card:
- Annual Card Fee 25,000 plus Federal Excise Duty FED
- Additional Charges: The scheme covers the costs of life assurance, card issuance, and delivery charges.
- Late Payment Fees: If you miss any payments, late payment charges will apply, as per the bank’s policy.
Security and Key Conditions
The loan comes with several key conditions:
- Personal Guarantee: Borrowers are required to digitally sign a personal guarantee.
- Life Assurance: Life assurance is included as part of the scheme.
- Physical Verification: Urban Unit will conduct physical verification of the business premises within 6 months of loan approval and annually thereafter.
- PRA FBR Registration: It is mandatory to complete your PRA/FBR registration within 6 months of receiving the card.
Funds can only be used for core business activities, and any non-business-related transactions will be blocked.
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Additional Support for Applicants
The program offers support for new businesses and startups, including:
- Feasibility Studies: Available on PSIC and BOP websites for guidance on starting and growing a business.
- Helpline For any inquiries or issues, you can contact the program’s helpline at 1786.
- Official Website For more details, you can visit the official website: CM Punjab Asaan Karobar Card.
Benefits of the CM Punjab Asaan Karobar Card
This program is a game-changer for small businesses in Punjab. Some of the key benefits include:
- Interest-free loans to help businesses grow and expand.
- Flexible repayment terms that make it easier for entrepreneurs to manage their finances.
- Digital platforms for easy tracking of funds and loan repayments.
- Support for vendors, suppliers, and utility payments, which ensures smooth business operations.
- Promoting transparency in fund usage and ensuring the funds are used strictly for business purposes.
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Conclusion
The CM Punjab Asaan Karobar Card offers a fantastic opportunity for small entrepreneurs in Punjab to access interest-free loans and improve their businesses. Whether you’re just starting your business or looking to scale, this card can provide the financial support you need. The easy online application process, along with the user-friendly digital platform for managing your funds, makes this initiative an excellent choice for entrepreneurs looking to expand and sustain their businesses.
If you meet the eligibility criteria, don’t hesitate to apply through the online portal and take advantage of this life-changing opportunity for your business.
FAQs
How can I check if I’m eligible for the CM Punjab Asaan Karobar Card?
- You can check your eligibility by visiting the official website and filling out the online application form. Make sure you meet all the criteria mentioned above.
How do I repay the loan?
- Repayments begin after the 3-month grace period, with a minimum of 5% of the outstanding balance paid each month. The loan must be repaid over 24 equal monthly installments.
Can I use the loan for personal expenses?
- No, the funds are strictly for business-related purposes only.
What is the interest rate on the loan?
- The loan comes with a 0% interest rate, making it an excellent option for small entrepreneurs.
How can I contact support if I need assistance?
- You can contact the helpline at 1786 for support or visit the official website for further details.