LAHORE: The Punjab government has launched the Easy Business Card scheme to support small traders and entrepreneurs. Under this initiative, applicants can access interest-free loans of up to Rs 10 lakh.
The scheme aims to provide financial assistance to small business owners and help them manage their day-to-day expenses. The loan tenure is set at three years, with a revolving credit facility available during the first 12 months.
Additionally, a grace period of three months is provided. After this, the loan is repaid in 24 equal monthly installments, with the interest rate fixed at zero percent.
Where can the loan be used?
The loan amount can be used for business related payments.
Payment of utility bills to suppliers
Government fees and taxes
Cash for business purposes (up to 25% of total amount)
All financial transactions are done through digital platforms to maintain transparency.
Eligibility Criteria
Applicant must be a citizen of Pakistan
Age between 21 to 57 years
Valid National Identity Card and registered mobile number
The business should be located in Punjab
Clear credit history and pass credit and psychometric testing
Each person or business can make only one application so that genuine entrepreneurs can benefit from the scheme.
How to apply
The application is completed through an online portal that includes personal information, business details and identity card verification. A non-refundable processing fee of Rs.500 must be paid along with the application.
After the application is verified, a convenient business card is issued through which access to the loan amount is possible. Initially 50% of the loan amount can be availed in the first six months while the remaining amount is released after timely registration and verification.
Additional administrative costs
Although the loan is interest-free, there are some additional charges attached to it
Annual Card Fee: Rs 25,000
Federal Excise Duty
Life insurance charges
Card Issuance Fee
Penalties for late payment as per bank policy
Government supervision and support
Urban unit teams physically verify the business location within six months
The latter is inspected every year to ensure proper utilization of the loan
Entrepreneurs are provided access to feasibility studies for start-up businesses through PSIC and Bank of Punjab.
1786 helpline is available for further guidance
This scheme is an important step in providing financial support to small entrepreneurs and is part of Punjab Government’s efforts to support the business sector.
