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CM Punjab Asaan Karobar Card: How to Apply Online

Posted on the 18 January 2025 by Anees @ZulfiqarAAnees

CM Punjab Asaan Karobar Card Are you a small entrepreneur in Punjab looking for financial support to expand your business? The CM Punjab Asaan Karobar Card could be the perfect solution for you. With this initiative, the Punjab government aims to empower small businesses by offering interest-free loans through a digital SME card, making it easier for entrepreneurs to manage their finances and grow their businesses. In this guide, we’ll walk you through the key features, eligibility criteria, application process, loan usage, and more. Let’s dive into the details.

What is the CM Punjab Asaan Karobar Card?

The CM Punjab Asaan Karobar Card is an innovative program launched by the Government of Punjab to help small entrepreneurs in the province. The scheme offers interest-free loans of up to PKR 1 million to eligible applicants, which can be used for business-related expenses. The loan is provided in a digital format through a card, enabling users to make payments, pay utility bills, and even withdraw cash for business-related purposes. The card is designed to be used through digital channels like mobile apps and POS (Point of Sale) systems, ensuring transparency and easy monitoring of fund usage.

Key Features of the CM Punjab Asaan Karobar Card

Before applying for the CM Punjab Asaan Karobar Card, it’s important to understand its key features and benefits:

  • Loan Amount: Up to PKR 1 million.
  • Loan Tenure: 3 years.
  • Revolving Credit Facility: Available for the first 12 months.
  • Grace Period: 3 months from card issuance for repayment commencement.
  • Repayment Term: After the grace period, repayments are made in 24 equal monthly installments.
  • Interest Rate: 0% for end-users.

Usage:

  • Vendor and Supplier Payments: You can use the loan to pay suppliers and vendors.
  • Utility Bills: The loan can be used for paying utility bills, taxes, and government fees.
  • Cash Withdrawal: You can withdraw up to 25% of the loan limit for miscellaneous business purposes.
  • Digital Transactions: Payments through POS and mobile app are enabled.

Eligibility Criteria for the CM Punjab Asaan Karobar Card

To ensure that the loan reaches the right individuals, there are specific eligibility criteria for applicants. Here’s a breakdown of who can apply for the CM Punjab Asaan Karobar Card:

  • Small Entrepreneurs: The scheme is targeted at small entrepreneurs in Punjab who need financial support.
  • Age Requirement: Applicants must be between 21 to 57 years of age.
  • Nationality: Only Pakistani citizens residing in Punjab can apply.
  • Business Location: Your business must be located in Punjab, whether it is an existing business or a new one.
  • Valid CNIC and Mobile Number: You must have a valid CNIC and a mobile number registered in your name.
  • Credit History: Applicants must have a clean credit history and no overdue loans.
  • Psychometric Assessment: A satisfactory credit and psychometric assessment is required.
  • One Application per Individual/Business: Only one application per individual or business is allowed.

How to Apply for the CM Punjab Asaan Karobar Card?

Applying for the CM Punjab Asaan Karobar Card is a straightforward digital process. Here’s a step-by-step guide on how to apply:

  1. Visit the Official Portal: Start by visiting the official website of the Punjab government’s Asaan Karobar Program at Akf Punjab Gov Pk Portal.
  2. Fill Out the Application: Complete the online application form by providing details like your business information, CNIC, and mobile number.
  3. Pay the Processing Fee: A non-refundable processing fee of PKR 500 is required. Make sure you complete this step during the application process.
  4. Verification: After submitting the application, your CNIC, creditworthiness, and business premises will be digitally verified by authorized agencies.
  5. Await Approval: Once your application is approved, you’ll receive the CM Punjab Asaan Karobar Card, and the loan will be made available to you.

 Loan Usage:

  • The funds provided through the CM Punjab Asaan Karobar Card can only be used for business-related purposes.
  • Non-business-related transactions (like personal consumption or entertainment) will be blocked.

Repayment Details:

  • First 50% of the Loan: You can use the first 50% of the loan within the first 6 months.
  • Grace Period: There is a 3-month grace period after receiving the card, meaning you don’t have to start repayments immediately.
  • Repayment Starts: After the grace period, you must start repaying the loan. The repayments will be made in 24 equal monthly installments.
  • Minimum Repayment: The minimum monthly payment is 5% of the outstanding loan balance (principal portion).
  • Second 50% of the Loan: This will be made available to you after you demonstrate satisfactory usage of the first half of the loan, regular repayments, and registration with PRA/FBR.

Charges and Fees

While the CM Punjab Asaan Karobar Card offers an interest-free loan, there are some charges to be aware of:

  • Annual Card Fee: PKR 25,000 + FED (Federal Excise Duty).
  • Additional Charges: Charges for life assurance, card issuance, and delivery will be covered by the scheme.
  • Late Payment Charges: If you miss any repayment, late payment charges will be applied as per the bank’s policy.

Security Details

To ensure the security of the loan, the following measures are in place:

  • Personal Guarantee: The borrower must digitally sign a personal guarantee.
  • Life Assurance: Life assurance is included in the loan portfolio.
  • Physical Verification: The Urban Unit will conduct physical verification of your business premises within 6 months of loan approval, and annually thereafter.

Key Conditions

There are a few important conditions that all borrowers must adhere to:

  • Funds Usage: All loan funds must be used strictly for business activities.
  • Registration with PRA/FBR: You must complete your PRA/FBR registration within 6 months of receiving the card.
  • One Application per Business: Only one application per individual or business is allowed.

Additional Support for Applicants

The Punjab government also provides additional support for applicants:

  • Feasibility Studies: You can access feasibility studies for startups and new businesses on the PSIC and BOP websites.
  • Helpline: For any inquiries, you can contact the helpline at 1786.
  • Website: For more details, visit the official website at Akf Punjab Gov Pk Portal.

Conclusion

The Asaan Karobar Card is a game-changer for small entrepreneurs in Punjab. With interest-free loans, digital usage, and transparent fund management, it provides the financial support that small businesses need to thrive. If you meet the eligibility criteria, apply now through the Akf Punjab Gov Pk Portal to take advantage of this fantastic opportunity. Don’t wait start your business journey today.

Apply Here

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