Punjab Chief Minister Maryam Nawaz Sharif has issued the Maryam Nawaz Asaan Karobar Finance Scheme for small and medium enterprises (SMEs) of Punjab province. Through this scheme, interest-free loans will be given to these small and medium enterprises so that they can further expand their businesses. If you also belong to the business class or want to start your own business, then this loan will help stabilize your business.
The purpose of providing this loan is to promote business activities in Punjab province, which will play an important role in the economic prosperity of the province. In today’s article, we will provide you with complete information on how you can get an SME loan from the Punjab government, what conditions have to be met for it, and what are the rules and regulations for repaying the loan. So, be sure to read the article till the end.
Who is Eligible for the Maryam Nawaz Asaan Karobar Finance Scheme
Regarding eligibility, you are being informed that for a small business loan, your annual turnover should be Rs 150 million, while if you want to get a loan for a medium-sized business, then your annual turnover should be between Rs 150 million and Rs 800 million.
Furthermore, for a loan, you must meet the following conditions:
- Your age should be between 25 and 55 years.
- You must be a tax filer with the FBR.
- Your credit history should be clean, meaning you should not have any previous debt.
- You must be a permanent resident of the province of Punjab.
- Your business must be located in Punjab.
- You must have a valid National Identity Card (CNIC) and National Tax Number (NTN).
- Your business must be privately owned or on rented premises.
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Maryam Nawaz Asaan Karobar Finance Scheme Loan Details
The Punjab government has created two categories (tiers) for the Maryam Nawaz Asaan Karobar Finance Scheme loans:
Tier 1:
- In this category, you can get a loan of Rs 1 million to Rs 5 million.
- This loan will be provided on a personal guarantee.
- The loan tenure is 1 year.
- No end-user rate (interest) will be charged to you on this.
- The processing fee for registration has been fixed at Rs 5,000.
Tier 2:
- In this category, you can get a loan of Rs 6 million to Rs 30 million.
- This loan will be a secured loan (i.e., collateral will be required for it).
- The loan tenure is 5 years.
- No end-user rate (interest) will be charged on this either.
- The processing fee for registration has been fixed at Rs 10,000.
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Grace Period:
- If you want to start a new business, you will be given a grace period of 6 months.
- If you want to expand your existing business, you will have a grace period of 3 months.
Loan Repayment Terms of Maryam Nawaz Asaan Karobar Finance Scheme
- An installment schedule will be provided by the Government of Punjab, and you will have to submit your installments as per the same schedule.
- If you delay the payment of any installment, you will have to pay a late fee of Rs 1,000 per day.
Additional Charges
In addition, there will be some additional costs involved, including:
Handling fees:
- 3% Annual Percentage Rate (APR) charges for new businesses
- Additional costs specific to existing businesses
- NILPA (Climate-Friendly Businesses) condition for Tier 2 loans
- Insurance, legal, and registration charges will be as per the actual cost
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Remember: You may have to bear an additional financial burden if you do not pay the installments on time, so ensure that you pay as per the given schedule.
Equity Contribution Details of Maryam Nawaz Asaan Karobar Finance Scheme
Tier 1:
- There will be a 0% equity contribution on general business (except leased commercial vehicles).
- A 25% equity contribution will be required for leased commercial vehicles.
Tier 2:
- A 20% equity contribution will be required for other loans given under Tier 2.
- A 10% equity contribution has been made for women, transgender individuals, and special individuals, to provide them with more convenience.
Note: Equity contribution means that the borrower will have to contribute capital from his/her side as per the prescribed percentage, to ensure the stability and liability of the business.
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Easy Registration Process of Maryam Nawaz Asaan Karobar Finance Scheme
Account Creation Process
- Regarding registration, you are being told that you have to create your account using your CNIC number, phone number, address, email address, father’s name, date of birth, CNIC issue date, CNIC expiry date, mother’s maiden name, nature of the disability, NTN number, residence ownership status, and password.
- After successfully creating the account, click on the login button and log in to your account using your CNIC and password.
Step 1: Provide Personal Information
Upon logging in, you will be provided with a form in which you have to provide your personal information. In addition to your name, the owner’s name, CNIC information, your current address, and NTN number information will be requested in the personal information.
Step 2: Provide Loan Details
In the second step, provide your loan details, including the date of establishment of your business, nature of the business, desired loan amount,t, and tenure. If you have a credit history that you would like to submit, click on the Add Row button, enter its information, and click on the “Save & Next” button.
Step 3: Provide Business Details
In the next step, provide your business details, including business name, contact number, email address, business phone number, business address, monthly sales, number of employees, business registration details, National Tax Number, etc. If you have any own partners tn, ers, or shareholders, click on the Add Row button, enter their information, and click on the “Save & Next” button.
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Step 4: Provide Financial Details
In the fourth step, provide your financial details, including the nature of the business, salary objective, percentage of participation, business status, experience, current employment status, and if you have a vehicle registered in your name, enter its information.
You will then be asked for more information, such as your business information, number of units sold per month, number of employees, monthly rent, miscellaneous expenses, monthly utilities, and salary per employee, etc.
Step 5: Provide References
In the fifth step, you will be asked for references. You have to provide details of two of your references who are not your blood relatives or close relatives. The references will ask for the names of the references, mobile numbers, CNIC numbers, issue date of the ID card, and relationship information. After entering all the information, click on the “Save and Next” button.
Step 6: Provide Documents
In the sixth and final step, you will be asked to provide photos of your documents, which include passport-size photographs and, the front and back sides of the ID card. Other available documents include a copy of the ID card of partners or directors, partnership deed, Form H and Partnership Resolution or Articles / Memorandum of Association, account statements if applicable, one to two years of account statements, and recent tax returns. You can upload other documents if you consider it necessary. If you do not have all the images, you can also skip them.
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Step 7: Application Submission
Submit your application after providing all the documents. If the Punjab government finds all your documents correct, complete, and genuine, then you will be provided with a Maryam Nawaz Asaan Karobar Finance Scheme Loan amount by the Punjab government, through which you will be able to improve your business.
Frequently Ask Questions (FAQs)
What is the Maryam Nawaz Asaan Karobar Finance Scheme?
It is an interest-free loan scheme for small and medium enterprises (SMEs) in Punjab to support business growth.
Who is eligible for the Maryam Nawaz Asaan Karobar Finance Scheme loan?
Business owners aged 25-55, who are tax filers, residents of Punjab, and have a clean credit history.
What are the loan categories of the Maryam Nawaz Asaan Karobar Finance Scheme?
- Tier 1: Rs 1 million to Rs 5 million
- Tier 2: Rs 6 million to Rs 30 million
Is there any interest in the Maryam Nawaz Asaan Karobar Finance Scheme loan?
No, the loan is completely interest-free.
What are the processing fees of the Maryam Nawaz Asaan Karobar Finance Scheme?
- Rs 5,000 for Tier 1 loans
- Rs 10,000 for Tier 2 loans
What is the grace period for repayment under the Maryam Nawaz Asaan Karobar Finance Scheme?
- New businesses: 6 months
- Existing businesses: 3 months
What happens if I miss an installment of the Maryam Nawaz Asaan Karobar Finance Scheme?
A late fee of Rs 1,000 per day will be charged.
What documents are required for registration?
CNIC, NTN, business details, financial records, and references.
How can I apply for the Maryam Nawaz Asaan Karobar Finance Scheme loan?
Create an account online, fill in personal and business details, upload documents, and submit your application.
Summary
Punjab Chief Minister Maryam Nawaz Sharif has launched the Asaan Karobar Financing Scheme, which aims to provide interest-free loans to small and medium-sized businesses in the province of Punjab so that they can strengthen their businesses and promote economic development in the province.
Two types of loans have been introduced under the Maryam Nawaz Asaan Karobar Finance Scheme. In Tier One, small entrepreneurs will be given loans ranging from Rs 1 million to Rs 5 million, while under Tier Two, medium-sized entrepreneurs can get loans ranging from Rs 6 million to Rs 30 million. To obtain a loan, the Punjab government will ask for specific information from the applicants, including personal information, business information, necessary documents, references, and loan details.
After applying, the Punjab government will verify all the information and documents provided. If the application is found to be valid and authentic, the loan will be approved, through which the applicants can expand their existing business or start a new business. If you also want to benefit from the Maryam Nawaz Asaan Karobar Finance Scheme, submit your application as soon as possible and benefit from this business-friendly policy of the Punjab government.