CM Maryam Nawaz Announces Up to 30 Lakh Loan Through Karobar Card Scheme

The Punjab government has unveiled an ambitious initiative to tackle unemployment and foster economic growth through the Karobar Card Loan Scheme. This program aims to provide substantial interest-free loans to the youth of Punjab, enabling them to establish small and medium-sized businesses. The scheme promises to be a game-changer in empowering young entrepreneurs and revitalizing the provincial economy. Here’s a closer look at what this groundbreaking program entails.

Features of the Karobar Card Loan Scheme

The Karobar Card Loan Scheme has been strategically designed to address the financial challenges faced by unemployed youth in Punjab. It offers two distinct categories of loans:

1. Small Business Loans
   • Loan amount: Rs. 1 Lakh to Rs. 10 Lakh.
   • Purpose: To support young entrepreneurs in launching small-scale businesses.
2. Medium-Sized Business Loans
   • Loan amount: Up to Rs. 30 Lakh.
   • Purpose: For those looking to establish medium-sized enterprises.

Key Highlights of the Scheme

• Interest-Free Loans:
  Borrowers will not have to pay any interest, easing the financial burden significantly.
• Flexible Repayment Options:
  Loan repayment is structured over a period of five years in manageable installments.
• Empowering Women and Minorities:
  Special provisions ensure inclusivity, with a focus on providing opportunities for women and minority groups.

Also Read: Benazir Kafalat Double Payment in January 2025 – Eligibility and Required Documents

Big Announcement on the Registration Process

Punjab Chief Minister Maryam Nawaz Sharif has announced that the registration for the Karobar Card Loan Scheme will commence in January 2025. The process will be entirely online, ensuring accessibility for youth across the province. Applicants will need to provide the following:

• CNIC (Computerized National Identity Card)
• Contact information (phone number, email, address)
• Relevant business details or plans

The official website for registration will be launched soon. Stay tuned for updates to ensure you don’t miss out on this life-changing opportunity.

Loan Structure and Eligibility

The loans provided under this scheme are tailored to meet the diverse needs of aspiring entrepreneurs. Here’s a breakdown:

Eligibility Criteria:

• Must be a resident of Punjab.
• Should be unemployed and aged between 18-40 years.
• Must present a clear and viable business plan.

Benefits of the Karobar Card Loan Scheme

1. Boost to Entrepreneurship:
   Encourages self-employment by making capital accessible to youth.
2. Economic Growth:
   Strengthens the provincial economy by fostering new businesses.
3. Reduction in Unemployment:
   Aims to significantly reduce joblessness in Punjab.
4. Empowerment of Marginalized Groups:
   Ensures financial inclusion for women, minorities, and underserved communities.

Also Read: Ehsaas Program Last Phase of 2024 Payment is 10,500 to 13,500 Payments in 2025

Frequently Asked Questions (FAQs)

1. Who is eligible to apply for the Karobar Card Loan Scheme?

Unemployed youth residing in Punjab, aged 18-40 years, are eligible. Applicants must have a clear business plan to qualify.

2. Is the loan interest-free?

Yes, the loans under this scheme are completely interest-free.

3. When does the registration process begin?

The registration process is expected to begin in January 2025. Keep an eye on official announcements for updates.

4. How can I apply?

Applicants will need to visit the official website (to be announced) and submit their personal and business details for registration.

5. What types of businesses are eligible?

Both small-scale and medium-sized businesses are eligible under this scheme. The government encourages innovative and sustainable ideas.