Purpose:
- A 3-years Scheme to facilitate Existing & Prospective Small Entrepreneurs in Punjab by providing Clean Interest Free Loans through a completely digital process led SME
- Card, enabling them to establish and flourish their businesses.
- The spend shall be structured through Digital Channels (e.g., Mobile App, POS etc.), limiting cash spend, thereby restricting diversion of funds from the intended purpose of financing.
Eligibility Criteria:
- Age: 21 years and above, maximum up to 57 years
- Resident Pakistani National, resident in Punjab as per valid CNIC.
- Existing / Prospective Business Location: Punjab.
- Must have a valid CNIC as per NADRA record.
- Mobile Phone registered in his / her own name.
Loan Amount:
Up to Rs. 1 million
Loan Tenure:
3 Years, with 3 Months grace period
Repayment:
33 monthly instalments after three months grace period.
Structured Usage:
Funds limited to business-related activities via a digital platform (Mobile App, POS, etc.).
Processing Fee:
Rs. 500/-
Annual Fee of Card:
Rs. 25000 + FED
Markup Rate:
-
- 0% for borrowers (subsidized by the Government of Punjab).
- 6KM + 2.40 % p.a to be paid by GoPb to the Bank of Punjab.
Impact:
100,000+ Small Enterprises will be supported with the amount of Rs. 48.000 Billion through subsidy budget of Rs. 8.50 Billion
Categories