The Punjab government has launched an exciting initiative called the Asaan Karobar Finance Scheme, designed to empower Small and Medium Enterprises (SMEs) in the province. This scheme offers interest-free loans to support entrepreneurship, boost business growth, and create job opportunities.
One of the key features of the scheme is the Asaan Karobar Card, which provides financial assistance to both new and existing businesses. In this article, we’ll guide you step by step on how to apply for the Asaan Karobar Card online through the official portal at akc.punjab.gov.pk.
What is the Asaan Karobar Card AKC?
The Asaan Karobar Card is a financial product introduced by the Punjab government to help small and medium businesses access interest-free loans. This scheme aims to support the growth of businesses in various sectors including startups, infrastructure modernization, and eco-friendly ventures. With loan amounts ranging from Rs 1 million to Rs 30 million, businesses can use the funds for operations, vendor payments, utility bills, and other essential expenses.
Eligibility Criteria for the Asaan Karobar Card
Before applying for the Asaan Karobar Card, you must ensure that your business meets the eligibility requirements. Here are the basic eligibility conditions:
- Age: The applicant must be between 21 and 57 years old.
- Business Type: The business should be classified as small or medium enterprise (SME) according to the government’s definition. Small businesses should have annual sales of up to Rs 150 million, and medium-sized businesses should have annual sales ranging from Rs 150 million to Rs 800 million.
- Tax Filing: The applicant must be an active taxpayer registered with the Federal Board of Revenue (FBR) and must have a clean credit history.
- Business Location: The applicant must either own or rent the premises where the business operates within Punjab.
- Valid Documentation: You will need a valid CNIC, a registered mobile number, and proof of business operations.
Asaan Karobar Loan Amounts and Repayment Terms
The Asaan Karobar Finance Scheme is divided into two tiers, each offering different loan amounts and terms:
- Tier 1: This tier offers loans ranging from Rs 1 million to Rs 5 million. It requires a processing fee of Rs 5,000 and has a repayment period of up to 5 years with zero interest.
- Tier 2: This tier provides loans between Rs 6 million and Rs 30 million. The processing fee for this tier is Rs 10,000, and it also has a repayment period of up to 5 years with zero interest.
Both tiers offer the advantage of a grace period:
- Startups and new businesses are granted a grace period of up to 6 months before they must begin repayment.
- Existing businesses are given a grace period of up to 3 months.
Repayments will be made in equal monthly installments, and in case of any overdue payments, a late charge of PKR 1 per PKR 1,000 per day will apply.
Documents Required to Apply for the Asaan Karobar Card
Before you start the application process, make sure you have the following documents ready:
- CNIC: Scanned copy of your Computerized National Identity Card (CNIC).
- Passport-size Photo: A recent passport-sized photo.
- Tax Filing Proof: Evidence of your active taxpayer status, such as a tax filing certificate or FBR registration details.
- Business Documentation: Proof of business income and expenses, along with property documents like rental agreements or ownership proof.
- Reference Information: CNIC copies and contact details of at least two non-relative references.
- Collateral Documentation: For Tier 2 applicants, provide details of the collateral you are offering.
Step-by-Step Guide to Apply for the Asaan Karobar Card
Here’s a simple guide to help you apply online for the Asaan Karobar Card:
Step 1: Create an Account on the Official Portal
- Visit the official website: akc.punjab.gov.pk.
- Register by creating an account using your CNIC-linked mobile number. This step ensures that your details are linked correctly with your CNIC for verification.
Step 2: Fill Out the Application Form
- Once you’ve created an account, fill out the online application form. Take your time to complete it accurately. The form will ask for details such as personal information, business details, and reference information.
- Ensure that all the information is correct and matches your official documents.
Step 3: Upload Required Documents
- Upload scanned copies or clear images of all the necessary documents listed above, such as your CNIC, proof of tax filing, business income records, and collateral documents (if applying for Tier 2).
- Make sure the files are clear and legible to avoid any delays in the application process.
Step 4: Pay the Processing Fee
- Once you’ve filled out the form and uploaded the documents, you’ll need to pay a non-refundable processing fee.
- Tier 1 applicants: Rs 5,000.
- Tier 2 applicants: Rs 10,000.
- The fee can be paid online through the payment gateway provided on the website.
Step 5: Submit Your Application
- After completing the form and paying the fee, submit your application.
- You will receive a registration number via SMS, and you can use this number to track the status of your application.
Step 6: Track Your Application Status
- You can track the status of your application on the official portal. Once your application is processed, you will receive updates via SMS.
- If your loan is approved, you’ll be notified and can proceed with the next steps to receive your Asaan Karobar Card.
Benefits of the Asaan Karobar Card
The Asaan Karobar Card offers a wide range of benefits for business owners, such as:
- Interest-free loans: You get financial assistance without having to worry about paying interest, which makes it easier to manage your finances.
- Flexible repayment terms: With repayment periods of up to 5 years, the scheme offers flexibility and allows businesses to manage their cash flow efficiently.
- Support for growth: The loans can be used for a variety of purposes, including infrastructure development, business expansion, and working capital management.
- Grace period: New businesses enjoy a 6-month grace period, while existing businesses get 3 months to start repayments.
Conclusion
The Asaan Karobar Card is a fantastic opportunity for entrepreneurs and business owners in Punjab. Whether you’re looking to start a new venture or expand an existing one, this interest-free loan scheme can provide the financial support you need to grow. By following the simple steps outlined above, you can easily apply for the Asaan Karobar Card online at akc.punjab.gov.pk.