CM Punjab Offers Karobar Card Interest-Free Loans Ranging from 1 Lakh to 10 Lakh

The Punjab government has unveiled a groundbreaking initiative, the Maryam Nawaz Karobar Card Loan Scheme, aimed at eradicating unemployment and empowering the youth of Punjab. This transformative program, spearheaded by Punjab Chief Minister Maryam Nawaz Sharif, offers interest-free loans ranging from PKR 100,000 to PKR 3,000,000, enabling young individuals to establish and grow their small and medium-sized businesses.

Key Features of the Maryam Nawaz Karobar Card Loan Scheme

The scheme is designed to support the youth in achieving financial independence and uplifting their families. Here are the main highlights:

• Loan Amounts:
  • Small businesses: PKR 100,000 to PKR 1,000,000
  • Medium-sized businesses: Up to PKR 3,000,000
• Repayment Terms: Loans are entirely interest-free and repayable in easy installments over five years.
• Purpose: To foster entrepreneurship among unemployed youth, enabling them to contribute positively to Punjab’s economic growth.

Loan Distribution Process

The Punjab government has ensured transparency and accessibility in distributing loans under the Maryam Nawaz Karobar Card Loan Scheme. Loans will be provided via a balloting system, ensuring equal opportunities for all eligible applicants.

1. Small Business Loans: Financial support ranging from PKR 100,000 to PKR 1,000,000 for launching small ventures.
2. Medium Business Loans: Interest-free loans up to PKR 3,000,000 for scaling medium-sized enterprises.

How to Register for the Maryam Nawaz Karobar Card Loan Scheme

The registration process for the scheme will commence in January 2025. As of now, no official website or SMS code has been launched. Applicants are advised to stay connected for updates. Here’s a step-by-step guide:

1. Visit the Official Portal: Once launched, access the registration portal announced by the Punjab government.
2. Provide Personal Information: Enter details such as your name, CNIC, address, and contact number.
3. Upload Documents: Submit clear photos of the front and back of your CNIC along with any additional required documents.
4. Participate in Balloting: Registration will be followed by a transparent balloting process to select successful applicants.

Eligibility Criteria

To qualify for the scheme, applicants must meet the following conditions:

• Be a resident of Punjab province.
• Be an unemployed youth seeking financial assistance to start a business.

Frequently Asked Questions (FAQs)

Q1. What is the Maryam Nawaz Karobar Card Loan Scheme? The scheme provides interest-free loans to unemployed youth in Punjab to launch small and medium-sized businesses.

Q2. How much loan can I get? Eligible applicants can receive:

• PKR 100,000 to PKR 1,000,000 for small businesses.
• Up to PKR 3,000,000 for medium enterprises.

Q3. Are the loans interest-free? Yes, all loans are entirely interest-free and repayable over five years.

Q4. Is there a registration portal? Not yet. The Punjab government plans to launch the registration portal in January 2025.

Q5. How will loans be distributed? Loans will be allocated through a balloting process to ensure fairness.

Q6. What documents are required? Applicants must provide their CNIC and other necessary personal details during the registration process.

Also Read: CM Maryam Nawaz Sharif Announces Free Core i7 Laptops for Punjab Students

Benefits of the Scheme

The Maryam Nawaz Karobar Card Loan Scheme aims to:

• Reduce unemployment by fostering entrepreneurship.
• Enable financial independence for Punjab’s youth.
• Contribute to economic growth through small and medium enterprises.

Final Thoughts

The Maryam Nawaz Karobar Card Loan Scheme is a remarkable step by the Punjab government to combat unemployment and uplift the youth. With interest-free loans and an easy repayment plan, this initiative paves the way for young entrepreneurs to transform their dreams into reality. Keep an eye on official announcements to register and seize this opportunity to shape your future.