CM Punjab Karobar Card Program 2025 Online Registration akc.punjab.gov.pk
The CM Punjab Karobar Card Program 2025 represents a significant step forward for small business owners in Punjab by providing interest-free financial assistance up to PKR 1 million. This initiative, facilitated through advanced digital platforms such as mobile applications and POS systems, promotes transparent financial transactions and accountability. Also Check CM Punjab Asaan Karobar Program 2025.
Overview of Program Benefits
- Credit Limit: Eligible entrepreneurs can access up to PKR 1 million.
- Duration of Loan: The loan has a duration of three years.
- Type of Credit: Initially, it operates as a revolving credit facility for the first year.
- Repayment Schedule: After the first year, repayment is spread over 24 monthly installments.
- Initial Grace Period: Borrowers enjoy a 3-month grace period before starting repayments.
- Interest Charges: There is no interest charged on the borrowed amount.
Allowed Uses for the Loan
- Payments for vendors and business suppliers.
- Settling utility bills, government dues, and taxes.
- Limited cash withdrawals (up to 25% of the credit limit) for various business needs.
- Engaging in digital transactions using POS systems and mobile applications.
Who Can Apply?
- This program is open to all small business owners residing in Punjab.
- Age requirement: 21 to 57 years old.
- Applicants must be Pakistani nationals with residency in Punjab.
- A valid CNIC and a mobile number registered under the applicant’s name are necessary.
- The business should be situated in Punjab and meet credit and psychometric assessments.
- A clean financial history is essential, with no current overdue debts.
- Only one application is permitted per individual and per business.
How to Apply for the Karobar Card
- The application process is entirely online via the PITB portal at https://akc.punjab.gov.pk/.
- An application fee of PKR 500, which is non-refundable, is required during submission.
Details on Loan Utilization and Repayment
- Initial Utilization: The first half of the limit must be used within six months.
- Post-Grace Period Payments: Following the initial grace period, payments commence with a minimum due each month based on 5% of the outstanding balance.
- Subsequent Credit Release: The remaining credit is available upon successful and disciplined initial spending and repayment.
Fees and Additional Costs
- Yearly Card Maintenance Fee: An annual fee of PKR 25,000 plus applicable taxes, deducted from the credit limit.
- Additional Expenses: Covered by the program are the costs for life insurance and card issuance.
- Penalties for Late Payments: Enforced as per the bank’s standard fee structure.
Security Measures and Compliance
- All borrowers need to provide a digital signature as a personal guarantee.
- Comprehensive life insurance is included.
- Physical verification of the business premises is conducted by the Urban Unit initially and annually.
Program Requirements
- Usage of funds is strictly for business operations.
- Registration with the PRA/FBR is obligatory within six months after receiving the card.
Additional Resources for Entrepreneurs
- Entrepreneurs can access feasibility studies through PSIC and BOP websites, helpful for both startups and expanding businesses.
Commonly Asked Questions
Q1: What are the eligibility criteria for the Karobar Card?
- Small business owners between 21 and 57, residing in Punjab with no financial defaults and who meet specific credit assessments, qualify for this program.
Q2: What are permissible uses for the loan?
- The funds can be utilized for business-related expenses including vendor payments and digital transactions.
Q3: How do I apply for the loan?
- Submit your application online via the PITB portal.
Q4: Is there a cost to apply for the Karobar Card?
- Yes, a processing fee of PKR 500 applies.
Q5: What are the consequences of late repayment?
- Late payments attract additional charges according to the bank’s policies.
The CM Punjab Karobar Card Program 2025 is engineered to propel small businesses into a new realm of growth and stability by providing substantial financial support entirely free of interest, thereby nurturing the entrepreneurial ecosystem in Punjab.