Asaan Karobar Finance Scheme: All details on application, eligibility criteria

The program is tailored to meet diverse business requirements, including support for startups, business expansion, modernization, working capital, commercial logistics, and environmentally friendly ventures.

Eligibility Criteria

• Small Enterprises with annual sales up to PKR 150M
• Medium Enterprises with annual sales > PKR 150M – PKR 800M
• Age: 25-55 years
• Active FBR Tax Filters with clean credit history
• Residence and business located in Punjab
• Valid CNIC and NTN
• Must own / have rented the place of existing business

Loan Program Structure

The initiative is divided into two tiers:

• Tier 1: Offers loans ranging from Rs1 million to Rs5 million, backed by a personal guarantee. The loan has a tenure of up to five years, a 0% end-user interest rate, and a processing fee of Rs5,000.
• Tier 2: Provides loans between Rs6 million and Rs30 million, requiring secured collateral. It features the same tenure, interest rate, and a processing fee of Rs10,000.

Repayments will be made in equal monthly installments based on the approved terms. Late payment charges are set at PKR 1 per PKR 1,000 per day for overdue amounts.

Application Process

Applicants should prepare the following documents before starting the application process:

• Passport-size photographs
• CNIC (Computerized National Identity Card)
• Mobile number linked to the CNIC
• Names, CNIC copies, and mobile numbers of two references (not blood relatives)
• Proof of active tax filer status
• Details of business income and expenses
• Copies of Rent Agreement, Transfer Letter, or Registry for business and residential addresses, as applicable
• Application fee payment
• Collateral documents (e.g., Property Transfer Letter, Registry, Fard, or Government Securities)

Steps to Apply

1. Create an account to begin the application.
2. Ensure the mobile number is registered in your name.
3. Set aside approximately 15 minutes to complete the process.
4. Fill out and submit the application form.
5. Upload additional information if requested.

Fees: Application fees are non-refundable and set at PKR 5,000 for Tier 1 and PKR 10,000 for Tier 2.

Upon submission, applicants will receive a registration number displayed on the screen via SMS. Updates on application status will also send via SMS.

Helpline

For further information interested individuals can contact the helpline at 1786.

For more details and latest about the program, visit website: https://akf.punjab.gov.pk/cmpunjabfinance