The Punjab government has introduced the Karobar Card Loan Scheme, offering interest-free loans to small and medium-sized enterprises. This program aims to alleviate financial strains and support business expansion. The scheme is designed for business owners and entrepreneurs who meet eligibility requirements. Small businesses can apply for loans between Rs. 100,000 and Rs. 1 million, while medium-sized enterprises can apply for up to Rs. 3 million. The scheme targets registered and operating businesses in Punjab, with small businesses qualifying for loans between Rs. 100,000 and Rs. 1 million. However, companies operating in specific sectors, such as government and agriculture, may not qualify.
Financial Requirements for Loan Candidates
The Karobar Card Loan Scheme requires businesses to meet specific financial criteria, including a key requirement of being in operation for at least one year and demonstrating positive cash flow or profitability in their financial records. This loan is intended for businesses needing capital for expansion, equipment purchase, or operational costs. Age and nationality restrictions apply, with applicants must be at least 18 years old and a Pakistani citizen. Repayment within the allotted time is required, and the loan may not be available to applicants enrolled in other government programs.
Documentation Needed for the Loan
Karobar Card Loan Application Process
• Applicants must provide valid CNIC, business registration evidence, and previous year’s financial statements.
• A business plan detailing loan’s intended use is required.
• Additional supporting documents include bank statements, income evidence, and guarantor information.
• Incomplete documentation may delay loan application processing.
The Punjab Small Industries Corporation (PSIC) offers the Karobar Card, a loan program designed to help small businesses in Pakistan. To apply, visit the PSIC’s official website and provide company information. Submit proof of business registration and a comprehensive business plan explaining the loan’s purpose. After review, qualifying candidates will receive a message regarding loan approval. The Karobar Card loan application process is straightforward and easy to complete, allowing small businesses to secure the necessary funds.
Loan Conditions and Repayment Terms
The Karobar Card Loan Scheme is a government program for small and medium-sized enterprises in Punjab, offering interest-free loans with flexible repayment terms. Recipients must maintain consistent income to ensure timely repayments, and failure to do so may result in penalties or legal action.
The loan has a five-year repayment period and is interest-free. Applicants must meet eligibility requirements, including financial, age, and documentation, to avoid processing delays. The loan not only provides financial assistance but also fosters growth in Punjab’s entrepreneurial sector. Applicants must provide necessary documentation to avoid processing delays.