Karobar Card Scheme
Recently, the Punjab government has formally announced the launch of the Karobar card scheme to support small businesses. This decision was taken in a meeting chaired by Punjab Chief Minister Maryam Nawaz Sharif last week. Under this scheme, the Punjab government will provide loans ranging from Rs 1 lakh to Rs 10 lakh to the eligible people to promote small businesses. Along with this, where the government is introducing the Karobar card scheme to support small businesses, the Chief Minister Aasan Karobar Financing Scheme is also being introduced to help medium businesses. The scheme will provide loans ranging from Rs 1 lakh to Rs 30 lakh to medium-sized businesses, which will be repayable over five years.
Therefore, if you also belong to Punjab and are associated with a medium or small business, then this scheme will be extremely beneficial for you. And if you want to benefit from this scheme, for your guidance, the necessary instructions regarding the eligibility criteria and registration set by the Punjab government are being provided in this article. You will be able to know whether you are also eligible for the scheme after reading the eligibility criteria provided in this article. Along with this, you will find complete details regarding completing the registration within the same article.
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Benefits of Business Card Scheme
Financial assistance for small businesses
- Eligible individuals will be provided with loans ranging from Rs.1 lakh to Rs.10 lakh.
- These loans will be provided without interest, which will reduce financial pressure on entrepreneurs.
Convenience for medium-sized businesses
- Loans up to Rs.30 Million (3 Crores) will be given under “Chief Minister Easy Business Financing Scheme”.
- These loans will be repayable over five years, allowing entrepreneurs to pay in installments.
Payment discount
- A grace period of 3 months will be given for repayment of the first installment of the loan.
Creation of business zone
- Separate zones will be set aside for small and medium industries in major cities, which will promote commercial activities.
Priority sectors
- Loans will be provided on priority basis to specific sectors, especially IT start-ups.
- Use of loans in restaurants and other non-essential sectors will be prohibited.
Employment opportunities
- The scheme will create new employment opportunities and promote economic development in the province.
Simple and transparent procedure
- A comprehensive and transparent system of loan distribution will be created, so that the deserving people can get their right.
Development of industry and commerce
- Promotion of trade and industry in Punjab through the scheme will stabilize the economy.
Eligibility Criteria
If we talk about the eligibility criteria, let us tell you that the official advertisement of this scheme has not been released by the Punjab government at present. Therefore, it would be premature to talk about the eligibility criteria. However, I am going to tell you some of the eligibility criteria that will be set by the Punjab government to join this scheme. Which are as follows:
- The applicant must be a permanent resident of Punjab.
- The applicant must have a Pakistani identity card.
- The age of the applicant must be between 18 years and 45 years.
- The applicant should not be a defaulter of any financial institution.
- The applicant should not avail themselves of a loan from any other scheme earlier.
- The applicant must be the sole proprietor of any small or medium business.
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When Will The Registration Of Karobar Card Scheme Start?
If you are also a resident of Punjab and are associated with a medium or small business and you want to benefit from this scheme, here I am going to provide complete information regarding the registration of this scheme for your guidance. Let me tell you that so far no official announcement has been made by the Punjab government regarding the registration. However, according to an estimate, it is expected that the registration of this scheme will be officially started in January 2025. And exactly one month after the registration, as soon as all the steps are completed, the loan disbursement process will start regularly.
So if you also want to benefit from the scheme, then you need to wait a few more days. As soon, the registration of this scheme will be formally started by the Punjab government.
Conclusion
The Punjab government’s decision to start the Karobar card scheme to promote small and medium businesses is a commendable step. With this initiative of the Chief Minister of Punjab, where small and medium businesses will be promoted, employment opportunities will be created for millions of people, and development will be promoted in the business and industrial sectors of the province. Therefore, if you also want to benefit from the scheme, you have been provided complete information regarding registration within this article. Further, you will be fully informed as soon as the government releases more details regarding the registration.