The Punjab government has launched the Asaan Karobar Card to help small businesses and entrepreneurs. This program gives interest-free loans up to PKR 1 million. It helps businesses grow without financial pressure. The repayment policy is easy and simple. Borrowers can repay their loans without any trouble. This guide explains the repayment policy and key features of the Asaan Karobar Card loan.
Overview of the Asaan Karobar Card Loan
This loan helps small businesses and startups manage their financial problems. The program offers a credit facility with a flexible repayment system. Entrepreneurs can use this loan without worrying about high costs.
Key Details of the Loan
Loan Amount: Up to PKR 1 million
Loan Tenure: 3 years
Grace Period: 3 months after loan approval
Repayment Mode: Monthly installments after the first year
Key Features of the Loan Repayment Policy
- Interest-Free Loans
The full loan amount is given without any interest. This reduces financial stress and helps businesses grow. - Grace Period
Borrowers get a three-month grace period. They can use the loan amount before they start repaying. - Revolving Credit Facility
Borrowers can withdraw and repay money several times within the first year. This helps them manage cash flow easily. - Monthly Installments
After the first year, the remaining loan amount is divided into 24 equal installments for the next two years. - Cash Withdrawal
Borrowers can withdraw up to 25% of the loan amount in cash for business expenses. - Digital Transactions
The loan program encourages digital payments for safety and transparency.
Also Read: PSER Online Registration
Detailed Repayment Structure
- Loan Tenure
Borrowers must repay the loan within three years. - Grace Period
Borrowers get a three-month grace period before repayment starts. - First Year
Borrowers can use the revolving credit facility in the first 12 months. They can withdraw and repay money multiple times within the loan limit. - Second and Third Years
After the first year, the remaining loan amount is divided into 24 equal installments over two years. This makes repayment easy and manageable.
Late Payment and Penalties
Borrowers must repay the loan on time to keep a good credit record. Late payments may lead to penalties.
- Late Payment Charges
Missing an installment will result in late payment fees. - Impact on Credit Record
Frequent late payments will damage the borrower’s credit history. It may become difficult to get loans in the future.
Tip: Pay your installments on time to avoid penalties and maintain a good credit record.
Support and Assistance for Borrowers
The Punjab government provides full support to borrowers to make the repayment process easy.
- Dedicated Helpline
Borrowers can call 1786 for loan details and repayment help. - Online Support
The official website has FAQs and other resources for borrowers. - Local Branches
Borrowers can visit local branches for help with their loan.
Related Searches!
- Can I repay the loan earlier than the given time?
Yes early repayment is allowed and will improve your credit record. - What happens if I miss an installment?
Missing an installment will result in penalties and affect your credit history. - Is collateral needed for this loan?
No this loan is unsecured and does not need any collateral. - Can I apply for another loan after repaying this one?
Yes borrowers who repay their loan can apply for another loan under the scheme. - Where can I get more information?
Borrowers can call 1786 visit the website or go to a local branch for assistance.