CM Punjab Maryam Nawaz has initiated the Asaan Karobar Finance program. This is a loan scheme aimed at supporting Small and Medium Enterprises (SMEs) in Punjab. It offers interest-free loans to help new and existing businesses grow, thereby boosting job creation, entrepreneurship, and exports within the region. The focus is on priority sectors that can drive economic growth throughout Punjab.
akf.punjab.gov.pk/userProfile/new Registration
The image provided is the registration form for the Asaan Karobar Finance portal, hosted on https://akf.punjab.gov.pk/userProfile/new. This form is crucial for Small and Medium Enterprises (SMEs) owners or entrepreneurs in Punjab who are looking to apply for the interest-free loans offered by the CM Punjab Asaan Karobar Finance scheme. Below is a detailed breakdown of the form fields and their significance:
Form Fields and Their Significance:
- Applicant’s Name as per CNIC: This field requires the applicant’s full name as registered on their National Identity Card, ensuring that the loan application is linked to the correct individual.
- Applicant’s Father/Husband Name: Important for additional verification and background checks.
- Applicant’s CNIC No.: A critical identifier that is used across governmental and financial services in Pakistan.
- Email Address: For sending official communication, notifications, and updates regarding the loan application.
- Date of Birth (As per CNIC) and Age: To confirm that the applicant falls within the eligible age range of 25 to 55 years.
- CNIC Issuance and Expiry Date: To ensure that the CNIC is valid and the applicant is actively managing their civic responsibilities.
- Mother’s Maiden Name: Commonly used as a security question for further identity verification.
- Do you have any disability?: This could potentially qualify the applicant for different terms within the loan, as the program offers specific considerations for differently-abled persons.
- Applicant’s Gender: For demographic data and possibly influencing loan terms as the program offers incentives for female entrepreneurs.
- Network, Code, Cell No., and Is sim Registered in your own name?: To verify contact details and ensure reliable communication.
- Residential Address Information (Province, Division, District, Tehsil, City, Current and Permanent Address): Important for geographical eligibility and contact purposes.
- Is Permanent Address Different From Current?: To track stability and roots of the applicant in a specific location.
- NTIN Number and Residence Ownership Status: To assess financial status and responsibility.
- Are you Politically Exposed Person?: For compliance and anti-money laundering checks.
- Password and Confirm Password: For creating a secure account on the portal.
Registration Process:
After filling in all the required information, applicants must review their data for accuracy and completeness, as fields marked with an asterisk (*) are mandatory and the registration cannot proceed without them. Once all fields are completed, applicants can submit the form by clicking the “Register” button.
Purpose of the Form:
This registration form is designed to gather all necessary personal, contact, and financial information to evaluate the eligibility of applicants for the Asaan Karobar Finance scheme. By providing these details, the government and financial institutions involved can ensure that the financial aid is directed towards viable, legitimate businesses that aim to contribute positively to the economy of Punjab.
Completing this form is the first step in accessing the financial resources offered under this scheme, facilitating the growth and sustainability of SMEs within the province.
akf.punjab.gov.pk/login
The image displays the login interface for the “Asaan Karobar Finance” portal, accessible at https://akf.punjab.gov.pk/login. Here’s a breakdown of the elements and their functions:
Login Interface Elements:
- Header:
- The header prominently displays “ASAAN KAROBAR FINANCE,” which indicates the name of the finance program. It also includes the logos of the Government of Punjab and the Bank of Punjab, signifying their collaboration in this initiative.
- Access Asaan Karobar Finance:
- This text invites users to access their accounts or apply for financing under the Asaan Karobar Finance program.
- CNIC No. Input:
- Users are required to enter their Computerized National Identity Card (CNIC) number in the provided field. This serves as a username or identification number for logging into the portal.
- Password Input:
- Adjacent to the CNIC input, there is a password field where users must enter their password to access their account securely.
- Login Button:
- After entering their CNIC and password, users can click the “Login” button (labeled بھیج دیں in Urdu, which translates to “Send”) to access their account.
- Registration Prompt:
- Below the login form, there is an option for new users who don’t have an account. It says “Don’t have an account? REGISTER NOW” (کیا آپ کا اکاؤنٹ نہیں ہے؟ ابھی رجسٹر کریں), encouraging new users to register and create a new account to apply for loans.
Loan Purpose
- New Businesses: Funding for startups to help them get off the ground.
- Existing Businesses: Loans for expansion, modernization, or working capital.
- Leasing: Financing for commercial logistics to improve business operations.
- RECP Technologies: Supporting businesses that are environmentally friendly and promote climate-conscious practices.
Here’s a breakdown of the information shown in the image, aligned with the details of the CM Punjab Asaan Karobar Finance program:
- 0% End-User Rate:
- This segment highlights that the loans provided under the program have a 0% markup rate, making it a cost-effective solution for borrowers.
- Loan Amount:
- This section is likely to discuss the loan amounts available to Small and Medium Enterprises (SMEs). From the provided article, we know that SMEs can avail loans ranging from PKR 1 million to PKR 30 million, depending on whether they fall under Tier 1 or Tier 2 of the loan structure.
- Loan Tenor:
- This indicates the duration for which the loans can be taken, including a grace period. The complete program details state that loans can have a tenure of up to 5 years, with a grace period that varies (up to 6 months for new businesses and up to 3 months for existing businesses).
- Easy Installments:
- This part of the infographic suggests that loan repayment is manageable through equal monthly installments over the loan tenure, which facilitates financial planning for the borrowers.
- Easy Processing:
- The final section refers to the streamlined and digital processing of loans through the Bank of Punjab’s (BOP) statistical scoring system, which likely simplifies and accelerates the loan application process.
Eligibility Criteria
- Businesses must have annual sales:
- Small Enterprises: Up to PKR 150 million
- Medium Enterprises: Between PKR 150 million and PKR 800 million
- Applicant age must be between 25 and 55 years.
- Must be active FBR tax filers with a clean credit history.
- Both the residence and business should be located in Punjab.
- Hold a valid CNIC and NTN.
- Must own or rent the place of the existing business.
Loan Details
| Tier | Loan Amount (PKR) | Security | Term Length | Interest Rate | Processing Fee (PKR) |
|---|---|---|---|---|---|
| T1 | 1M – 5M | Personal Guarantee | Up to 5 years | 0% | 5,000 |
| T2 | 6M – 30M | Secured | Up to 5 years | 0% | 10,000 |
Additional Details
- Grace Period: Up to 6 months for start-ups/new businesses and up to 3 months for existing businesses.
- Equity Contribution:
- 0% for T1, excluding leased commercial vehicles.
- Leased Vehicles: 25%
- Other Loans: 20% for T2 cases, 10% for women, transgender, and differently-abled persons.
- Repayment Terms: Payments are made in equal monthly installments according to the terms of approval.
- Late Charges: PKR 1 per 1000/day on overdue amounts.
Additional Costs
- Handling Fee:
- NIL for setting up new businesses.
- 3% per annum for existing businesses.
- NIL per annum for climate-friendly businesses in T2.
- Insurance, legal, and registration charges are applicable as per actual costs.
Frequently Asked Questions (FAQs)
Q1: Who can apply for the Asaan Karobar Finance? A1: Small and medium-sized enterprises in Punjab with an annual turnover between PKR 150M and PKR 800M, aged between 25 to 55 years, and who are active tax filers with a clean credit history.
Q2: What can the loan be used for? A2: Loans can be used for starting a new business, expanding or modernizing existing businesses, leasing commercial logistics, and investing in climate-friendly technologies.
Q3: Is there any interest on the loans? A3: No, the loans offered under this scheme are interest-free.
Q4: Are there any additional fees? A4: Yes, there are processing fees of PKR 5,000 for Tier 1 loans and PKR 10,000 for Tier 2 loans. Additional costs like insurance and legal fees apply based on actual expenses.
Q5: What is the repayment period for these loans? A5: The loans must be repaid within 5 years, with a grace period that varies based on the type of business.
This comprehensive program by CM Punjab aims to foster a robust entrepreneurial ecosystem by providing financial assistance to SMEs across Punjab, enhancing their potential to contribute significantly to the region’s economy.