Karobar Cards By Maryam Nawaz
The Chief Minister of Punjab Maryam Nawaz announced the Karobar Card for people who own a small or medium-sized business. The main reason for launching this program is to empower small and medium-sized businesses so that they can grow and prove to be an economic power for the country. Through the Karobar Card, people will be able to get a loan amount of 1 lakh to 10 lakhs without any interest. Medium-sized businesses will be able to get a loan amount of up to 3 crore on some conditions. This interest-free loan will help such businesses to grow and promote their quality.
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In this article, you will be provided with the complete details about the Karobar Card. The card will be provided to the people who meet the eligibility criteria and complete the registration procedure. If you own a small or medium-sized business, you can apply for a Karobar card to grow your business. After meeting the eligibility criteria, and completing the registration procedure, you will be able to get the card which can be used to get an interest-free loan. This loan can be payable within 5 years.
Features Of Karobar Card
The following are the features of the Karobar card;
A. Loan Amount: The card will provide interest-free loans to eligible people. The loan structure is as;
- A loan amount of 100,000 (1 lakh) to 1,000,000 (10 lakh) for small businesses.
- A loan amount of up to 30,000,000 (3 crores) to medium-sized businesses.
To get a loan of up to 3 crores, you will have to meet some conditions, and security is required.
B. Repayment Terms: The repayment of the loan is kept very easy. You can repay the loan within 5 years with easy installment plans. By this Program, you will have not to pay any interest on the loan amount.
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Benefits Of Karobar Card
The initiative of the Karobar Card will provide many benefits to people who want to start or grow their businesses. Some of the benefits of the Karobar card are listed as;
- Enables individuals to focus on business development without worrying about loan costs.
- Loans can be repaid in simple installments over five years.
- No additional financial burden due to interest.
- Reduces financial pressure and allows businesses to stabilize before repayments.
- Provides necessary financial support for starting or expanding businesses.
- Businesses initiated through the Karobar Card will create job openings.
- Provides a pathway for economically disadvantaged individuals to improve their financial condition.
- Provides a chance for underprivileged groups to build a sustainable livelihood.
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Required Documents For Karobar Card
To apply for a Karobar card, you will have to provide the following required documents;
- Your Original CNIC or CNIC number.
- Your Business registration documents.
These documents are necessary to apply for the card through this program. After getting the card, you will be able to get the loan as required by using the Karobar card.
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Eligibility Criteria
You will have to meet the following eligibility criteria to be eligible for the Karobar card;
- You should have the original CNIC.
- You should have a small or medium-sized business registered in Punjab.
- No vehicle or other business registered in your name.
- You should not have taken a loan from any bank.
- Must have business registration documents.
If you meet the eligibility criteria, you can apply for a card by completing the registration procedure. Once your registration is completed, you can get your card which will be used to get the loan.
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Registration Procedure
The registration process for the Karobar Card has not started yet. When the registration starts, you will be able to apply for the card using the portal which will be provided to you shortly. Furthermore, you will be able to apply offline using the designated centers to apply for the card. Currently, no registration has started, when the registration process starts, you will be informed. After that, you will be able to apply for the card through this program.
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You will be informed when the registration process will start. Before that, you should complete the requirements for this program so that you can easily apply for this program. After that, you will be provided with a card that can be used for getting the loan.
Final Words
The Karobar Card initiative is a groundbreaking program launched by the Punjab government to support small and medium-sized businesses. By providing interest-free loans ranging from 1 lakh to 10 lakh for small businesses and up to 3 crore for medium-sized businesses, the scheme aims to empower entrepreneurs, promote economic growth, and alleviate poverty.
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The easy repayment terms and the absence of interest make this program highly beneficial for those looking to expand or stabilize their businesses. Eligible individuals are encouraged to prepare their documents and stay updated for the commencement of the registration process to avail themselves of this remarkable opportunity.
FAQs
What is the Karobar Card?
The Karobar Card is a scheme introduced by the Punjab government to provide interest-free loans to small and medium-sized business owners for business growth and development.
Who can apply for the Karobar Card?
Individuals owning a small or medium-sized business registered in Punjab, with a valid CNIC and no prior loans or vehicles registered under their name, are eligible to apply.
What are the repayment terms for the loans?
Loans obtained through the Karobar Card can be repaid in easy installments over a period of five years, and they are completely interest-free.
How will I know when the registration starts?
You can stay informed by visiting the official website or keeping track of announcements regarding the Karobar Card program.
What is the purpose of the Karobar Card?
The Karobar Card aims to empower small and medium-sized businesses, reduce unemployment, and contribute to the economic prosperity of the region.
What is the maximum duration for repaying the loan?
The maximum duration for repaying the loan is five years, with repayments made in easy installments.