The Punjab government launched a new scheme to give free loans of up to Rs1 million to small business owners in Punjab under the Asaan Karobar Card.
The scheme, facilitated through a digital SME card, aims to support entrepreneurs in growing and sustaining their businesses.
Asaan Karobar Loan comes with a 3-year tenure and a one-year revolving credit facility. Repayments start after a 3-month grace period, with monthly instalments due for the remaining balance.
Funds can be used for vendor payments, utility bills, and digital transactions.
Requirement to Apply?
| Criteria | Requirement |
|---|---|
| Age | 21-57 years |
| Residency | Punjab residents only |
| Business | Must own a small business in Punjab |
| CNIC & Mobile | Must be registered under your name |
| Credit History | No outstanding loans |
Loan Scheme
| Loan Detail | Description |
|---|---|
| First 50% of Loan | Available for use within the first 6 months. |
| Grace Period | 3-month grace period after card issuance before repayments start. |
| Monthly Repayment | Begins after the grace period with a minimum of 5% of the principal balance due each month. |
| Second 50% of Loan | Released after responsible usage, regular repayments, and registration with PRA/FBR. |
| Usage Restrictions | Funds can only be used for business purposes; non-business transactions are blocked. |
| Remaining Loan Balance | Paid off in equal monthly instalments over the next 2 years after the first year. |
Asaan Karobar Card Application Process
Step 1: Go to PITB Portal
Access the official PITB Portal and fill out the application form.
Step 2: Pay Non-Refundable Fee
Make a payment of Rs500, which is non-refundable.
Step 3: Select the Qualification
Choose the qualification option and proceed
Step 4: Submit the Guarantee Form
Take the completed Guarantee Form to the Bank of Punjab (BOP) and submit it.
Step 5: Process waiting and Card Collection
After submitting the form, wait for a notification from TCS, which should arrive within 3-4 days. Within 7 working days, visit the TCS office to collect your card.
