PK-340 was on a routine flight from Karachi to Faisalabad. The Captain of the aircraft was the Pilot Flying (PF) for this sector. The flight was uneventful until final approach for Runway-03 at Faisalabad Airport: The weather at Faisalabad was reported overcast / raining with visibility 1 Km. Aircraft touched down the runway late and at faster speed. Consequently, it could not be stopped on the runway or the stopway. It went into Kutcha area and came to a stop after covering a distance of 350 feet. All passengers were disembarked safely by using passenger steps. There was no reported injury. The aircraft sustained minor damage.