The Punjab Government, led by Chief Minister Maryam Nawaz Sharif, has launched the Karobar Card Loan Scheme alongside the Chief Minister Asan Karobar Financing Scheme. These initiatives aim to empower small and medium-sized businesses in Punjab by providing financial assistance in the form of interest-free loans. The loans range from Rs. 100,000 to Rs. 3 million, helping entrepreneurs overcome financial barriers, reduce unemployment, and foster economic growth.
| Key Details | Information |
| Loan Amount | Rs. 100,000 to Rs. 3,000,000 |
| Interest Rate | Interest-free |
| Eligibility | Small and medium business owners |
| Application Portal | rozgar.psic.punjab.gov.pk |
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Table of Contents
Objectives of the Karobar Card Loan Scheme
The Karobar Card Loan Scheme has been introduced to promote entrepreneurship and economic stability across Punjab. By providing interest-free loans, the program enables individuals to start or expand businesses without financial stress. It is designed to create employment opportunities, particularly for young people, and encourage a culture of innovation. Additionally, the scheme seeks to support local businesses in scaling their operations, contributing to the province’s overall economic prosperity.
Eligibility Criteria
To qualify for the Karobar Card Loan Scheme, applicants must meet the following criteria:
- Be permanent residents of Punjab.
- Own a business registered within the province.
- For small businesses, loans between Rs. 100,000 and Rs. 1 million are available.
- Medium enterprises can apply for loans of up to Rs. 3 million under the Asan Karobar Financing Scheme.
- Applicants must provide a valid business plan detailing loan utilization and goals.
- Certain sectors, such as restaurants, are excluded from the scheme.
These eligibility requirements ensure that the loans are distributed to deserving candidates, fostering economic development in the province.
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Application Process
The application process for the Karobar Card Loan Scheme is straightforward and entirely online, making it accessible to all eligible individuals.
Follow Step-by-Step Guide
- Visit the Official Portal: Go to the Punjab Small Industries Corporation (PSIC) portal at rozgar.psic.punjab.gov.pk.
- Register an Account: Create an account on the portal to begin the application process.
- Fill Out the Form: Provide accurate details about your business, including its type, size, and purpose for seeking the loan.
- Upload Required Documents: Submit necessary documents, such as a business registration certificate, a detailed business plan, and bank statements for the past six months.
- Submit the Application: Double-check all details and submit the form for processing.
- Notification: After review, eligible applicants will receive a notification regarding the approval status and next steps.
This streamlined process ensures efficiency and transparency, allowing entrepreneurs to focus on their business ambitions.
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Loan Distribution and Repayment
The loans under the scheme are distributed based on the business category. Small businesses are eligible for loans ranging from Rs. 100,000 to Rs. 1 million, while medium enterprises can secure loans of up to Rs. 3 million. All loans are interest-free and repayable over a period of five years through manageable monthly installments. This repayment structure minimizes financial strain, enabling businesses to stabilize and grow effectively.
Anticipated Impact
The Karobar Card Loan Scheme is expected to have a profound impact on Punjab’s economy. By supporting small and medium enterprises (SMEs), the program strengthens the local business ecosystem, encourages entrepreneurship, and generates job opportunities. Additionally, the scheme promotes self-reliance among entrepreneurs, laying the foundation for long-term economic stability and growth in the province.
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Conclusion
The CM Punjab Karobar Card Loan Scheme and Chief Minister Asan Karobar Financing Scheme are groundbreaking initiatives aimed at fostering economic empowerment and entrepreneurship in Punjab. By offering interest-free loans, these schemes address the financial challenges faced by small and medium businesses, enabling them to thrive. Entrepreneurs are encouraged to seize this opportunity to expand their ventures and contribute to the economic prosperity of Punjab. With a simple and transparent application process, the program ensures accessibility for all eligible candidates.