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How to Apply for Interest-Free Loans Under Punjab’s Asaan Karobar Scheme 

by Haroon Amin
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The Punjab government has unveiled the “Asaan Karobar Scheme” to promote the business environment in the country. Asaan Karobar scheme is a loan program without interest rate imposition. The main objective is to empower entrepreneurs to level up their businesses. This program is intended to convert your dreams related to business into reality. 

Loan Categories and Details 

The scheme offers two tiers of loans to align with the requirements and demands of businesses of various sizes: 

1. Tier 1: Loans between Rs. 1 million and Rs. 5 million. These loans require only a personal guarantee and come with no interest. The maximum repayment term is five years, and the processing fee is a modest Rs. 5,000. 

2. Tier 2: Loans ranging from Rs. 6 million to Rs. 30 million. These require secured collateral but share the same interest-free policy and 5-year repayment period. The processing fee for this tier is Rs. 10,000. 

Repayments are to be made in equal monthly installments. To encourage timely payments, a late fee of PKR 1 per PKR 1,000 per day will be charged on overdue amounts. 

Read more: Punjab govt launches fancy number plates scheme: Here’s how to apply

How to Apply 

The application process is not complicated and user-friendly. You need to have these before applying: 

• A recent passport-sized photo and your CNIC. 

• A mobile number registered against your CNIC. 

• CNICs and contact details of two non-relative references. 

• Proof of active tax filer status. 

• Records of your business income and expenses. 

• Property-related documents, such as rental agreements or transfer letters. 

• Collateral documents (for Tier 2 loans). 

• Payment of the non-refundable application fee (Rs. 5,000 for Tier 1 or Rs. 10,000 for Tier 2). 

You go on the official portal and start applying for the application. Apply and wait for the registration number that you will receive on your phone through SMs, which you can use to track your application status online. All the relevant updates will be provided, and once you are approved you will be informed. 

This is expected to steer the country on the ladder of economic growth, providing a remarkable opportunity for aspiring and established business owners to achieve their goals. 

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