Personal Loan schemes offered by various banks in Pakistan

What you need to know before signing a Personal Loan

You could feel
the need to borrow money at some point to complete a major project, such as
redecorating your home, traveling abroad, or replacing worn-out dressers and
shabby futons with a new living room and bedroom set. And your favorite means
of borrowing money can be a personal loan.

Personal loans
are fantastic because of how adaptable they are. When you take out a mortgage,
you must buy a house with the money from the loan. But if you take out a
personal loan, you can use the money you receive for anything.

Another
fantastic benefit of personal loans? They typically have affordable interest
rates. For instance, a personal loan often has far lower interest rates than a
credit card (plus, the personal loan interest is fixed, whereas, with a credit card
balance, it can be variable). These are one of the best personal loan in Pakistan.

Comparative
study

Before you take
out a personal loan, you must examine several bank schemes in order to use the
best personal loan for your needs. In order to achieve your goal, you must have
options. Here is a list of banks in Pakistan that offer personal loans; check
over these possibilities and pick the one that most attracts you.

NBP Personal
Loan 

Maximum limit
of NBP Advance Salary Loan

You can avail of a
maximum limit of up to Rs. 3,000,000/-, subject to debt burden requirement i.e.
not more than 40% of the net disposable income.

Maximum Tenor	Criteria
Up to 48 months	For those who have completed 5 years of service in their current organization and are eligible for gratuity
Up to 36 months evergreen contract	In case of less than 5 years’ service in the current organization and having the evergreen contract
Up to the remaining contract period	In case of less than 5 years’ service in the current organization

Frequently Asked Questions – FAQ 

To get answers to the following frequently asked questions, just click on the question

Who can apply for NBP Advance Salary Loan?

NBP account holders who are contractual employees of federal/provincial government, semi-government & autonomous bodies and receiving their salaries through NBP can avail of this loan.

What are the Age Criteria for NBP Advance Salary?

The maximum age of the customer at the time of maturity of the finance should not exceed 55 years.

What is the Job length for NBP Advance Salary?

Minimum service in the current organization should be at least 1 year.

Is there any minimum income and collateral requirement to apply for NBP Advance Salary?

Minimum Income required PKR 70,000/- but no collateral requirement.

What is the maximum limit of the NBP Advance Salary Loan?

You can avail of a maximum limit of up to Rs. 2,000,000/-, subject to debt burden requirement i.e. not more than 35% of the net disposable income.

What is the mode of repayment?

Monthly installments will directly be recovered by debiting your Salary Account maintained with NBP.

Is there any requirement for References?

Yes, two references of work colleagues, one reference must be of a higher grade and the second reference must be of the same or higher grade. However, at least one of the two references should be a permanent govt employee. Both references should maintain their salary account with any of the NBP branches or any other bank.

What is the applicable markup rate on NBP Advance Salary?

Mark-up rate @ 25.5% Fixed (per annum).

Can I avail Rollover/Enhancement Facility? Is there any benefit for existing customers?

Processing Fee: For Fresh Customers: Rs.2,000/- or 2% of the loan amount whichever is
higher, subject to the maximum ceiling of Rs.20,000/- (plus FED)

For Rollover Customers:
Rs.2,000/- or 2% of net fresh/enhanced amount whichever is higher,
subject to a maximum ceiling of Rs.20,000/- (plus FED)

Verification Charges (Actual
to verification Agency)

Early Payment
Charges (2% of
adjustment amount + FED)

Documentation
& Legal Charges (Actual)

The following are the documents required at the initial stage from the customer:

• Copies of CNIC
  of Applicant and References
• Copies of the Employee ID Card of the applicant and References
• Last 3 months
  Salary Slip/Certificate.
• Customer
  Undertaking
• Employer
  Undertaking
• PEP Undertaking
• Attested copy
  of contract/agreement/ offer duly verified by the concerned department.
• Personal Guarantee
  of the customer on the standard format (IB-29)  

ABL Personal
Loan  

Features &
Benefits

• Easy loan with
  repayment in equal monthly installments
• Flexibility to
  choose a repayment period from 1 to 5 years
• Loan amount
  from Rs. 30,000/- to Rs. 3,000,000/-
• Simple and easy
  documentation
• No hidden cost
• Low markup rate
• Finance
  Enhancement
• Prepayment
  Facility (partial & full)

The facility is
currently being offered in Lahore, Karachi, Islamabad / Rawalpindi, Faisalabad,
Multan, Sialkot, Gujranwala, and Hyderabad only.

Eligibility
Criteria

• You are
  eligible for Allied Personal Finance if:
• You are a
  resident Pakistani national
• You are a salaried or self-employed individual
• You are a minimum of 21 years old and maximum of 59 years old in case of salaried and 64 years old in
  case of self-employed

Salaried
Individuals

• Minimum six months
  relationship with ABL or another bank
• Minimum net
  monthly salary of Rs.25,000/- in case of salary account with ABL or Rs.35,000/-
  in case of salary account with another bank
• Working as
  permanent or direct contract staff with a minimum length of employment of 2 years

Self-Employed
Individuals

• Minimum twelve
  (12) months relationship with ABL or twenty-four (24) months with another bank.
• Minimum net
  monthly income of Rs.45,000/- in case of an account with ABL or Rs.55,000/- in
  case of an account with another bank.
• Minimum 2 years
  of business in case of an account with ABL or 3 years in case of an account with
  another bank.

Markup/Interest
rate

The markup rate is
subject to change, therefore, please refer to the Schedule of Charges of the Bank,
available at www.abl.com, for the prevailing markup rate.

Frequently Asked Questions – FAQ 

To get answers to the following frequently asked questions, just click on the question

What is the markup rate applied on Allied Personal Finance?

Markup rate is subject to change, therefore, please refer to Schedule of Charges of the Bank, available at www.abl.com, for prevailing markup rate.

Does ABL charge Processing Fee or any other charges?

Yes, Processing Fee is applied and deducted from the approved loan amount at the time of disbursement. For any fee or charges, please refer to prevailing Schedule of Charges (SOC) of the Bank available at ABL Branches and at www.abl.com

What are the loan repayment options?

The loan can be repaid in 12, 24, 36, 48 or 60 equal monthly installments, depending on your choice of tenure i.e. the options are available for full repayment in 1 to 5 years.

How much loan can I avail?

The loan amount could range from Rs.30,000/- to Rs.3,000,000/- depending upon the applicant’s credit worthiness, cushion in DBR (Debt Burden Ratio) and overall profile.

Can I make pre-payments against the financing facility?

Yes, the customer may exercise the right to fully or partially pay off the outstanding amount. Partial pre-payment can be made after completion of 6 months of financing which should be equal to at least three or more installments amount; further, maximum two (02) balloon payments are allowed in a year.

Can I get my loan settled before maturity?

Yes, by paying all outstanding liability against your account you can settle your loan prior to maturity.

Is there any pre-payment penalty?

Prepayment penalty shall be applicable as per prevailing Schedule of Charges of the Bank.

How can I Apply for the loan?

You can visit your nearest ABL branch and fill out the application form to apply for Allied Personal Finance.

What is the application processing time for Allied Personal Finance?

An average processing time for disbursement of loan is 15 working days provided all required documents are submitted with the application form to the satisfaction of the Bank.

From where can I get further information or track the status of my application?

You may contact us on ABL Helpline 111-225-225 for any information.

For further details click on ABL Personal Loan

HBL Personal
Loan  

FEATURES

• Financing limit
  between PKR 25,000 to PKR 3,000,000
• Repayment
  tenure(s) ranging from 12 to 48 months
• Availability of
  top-up facility after every 12 months
• Life insurance
  coverage

CRITERIA

The salaried individual whose salary is being credited to the HBL account

Applicant to be
21 years or more at the time of loan application and 60 years or less at the
time of loan maturity

HOW TO APPLY
APPLICANT TO PROVIDE

• Verified copy
  of CNIC
• Verified copy
  of salary slip
• Letter from
  employer (if applicable)
• Terms and
  conditions apply.
• MARKUP RATE is
  Fixed at 35.99%

Am I Eligible for HBL Personal Loan?

You are eligible to apply for HBL Personal Loan if you fall under any of the following categories
-Top-up customers’ Existing HBL Personal Loan customers with a good repayment history
-Salary transfer customers Individuals who earn more than PKR 15,000 monthly and whose salaries are being transferred to an HBL account

How Can I Apply?

You can visit the nearest HBL branch and fill out a simple application form to apply for HBL PersonalLoan.

Personal Loan What Is a Top-Up Facility?

Existing HBL PersonalLoan customers can apply for a new loan of the same amount or more after a 12-month time period.

How Much Money Can I Borrow Through HBL Personal Loan?

You can avail any amount ranging from Rs. 25,000 to Rs. 3,000,000 based on your eligibility and the Bank’s criteria.

How Can I Repay My Loan?

You can easily repay your loan in equal monthly installments in periods ranging from 12, 24, 36 or 48 months.

What is the applicable Interest Rate on HBL Personal Loan?

The interest rate varies according to the category of customer that you fall under, with a maximum of up to 35.99% per annum. For further details, please visit Schedule of Bank Charges (SOBC)- HBL PersonalLoans uploaded on https://www.hbl.com/personalloan. However, for us to guide you better, please call HBL PhoneBanking at 111-111-425.

Can The Interest Rate Change During the Tenure of My Loan?

No, once your loan is approved, the interest rate will remain unchanged throughout the tenure of your loan.

Are There Any Hidden Costs Involved?

No, there are no hidden costs involved. All charges are clearly mentioned in the Schedule of Bank Charges available at all HBL branches. You can also visit www.hbl.com for the Schedule of Bank Charges.

Can I Apply for an Extension of My Loan Tenure?

If you want to increase your loan tenure, you can apply for our loan top-up facility.

For further details click on HBL Personal Loan

MCB Personal Loan  

Key Features

• Minimum Loan
  Amount: PKR 50,000
• Maximum Loan
  Amount: Up to PKR 2 million
• Tenure: 1 year
  to 4 years
• No collateral
  required
• No processing
  fee if the loan is not approved

Approved
Cities: Karachi, Lahore, Rawalpindi, Islamabad, Faisalabad, Hyderabad, Multan,
Peshawar, Sialkot, Bahawalpur, Abbottabad, Jhelum & Wah Cantt.

Eligibility

• Salaried
  individuals working in the Private sector, the Government of Pakistan, and the Armed
  Forces *
• Any person who
  has taken a credit card, personal loan, or overdraft facility from any bank
  in Pakistan.
• An existing MCB
  Car4U customer who took the MCB car loan more than 1 year ago*
• Any MCB
  salaried customer whose salary has been being credited in MCB for more than a
  year

Initial
Documents:

• Copy of Salary
  slip/ Proof of income
• Copy of Valid
  CNIC

Rates

Tenure 1 to 4 years

Customers with
Qualifying Credit History and are salaried Govt./Armed Forces, eligible for 1-Year KIBOR + 14%

Customers
with non-Qualifying Credit History and are Salaried Govt./Armed Forces, eligible for 1-year KIBOR + 16%

For further details click on MCB Personal Loan

UBL Personal
Loan 

Product Benefits
& Features

• Maximum Limit:
  Up to Rs. 3 million
• Tenor: 1 – 4
  years
• Quick
  Processing
• Competitive
  Rates
• Flexible
  Repayment Terms
• Complimentary
  Credit Insurance
• Processing fee
  on approval

Clubbing of
income and Early Settlement option

Loan
top-ups/enhancements for more financing

Balance
transfer facility for outstanding personal loan(s)

Eligibility
Criteria

• Minimum Net
  Income: Rs. 25,000
• Age: 21 – 60
  years
• Salaried
  individuals whose salaries are being credited to UBL or any other Bank in
  Pakistan.

Documentation
Requirements

• Signed
  application form
• The loan declaration form duly signed
• Letter of
  Irrevocable Standing Instructions & Authorization of Auto Debit
• Copy of CNIC
• Salary Slip
  (original or verified as original seen by the Branch Manager) and/or
• Salary
  Certificate mentioning break up. Net salary credited in the account should be the same as mentioned in the break-up
• Employment
  letter/employment card/appointment letter confirming the required tenor
• 12 months’ bank
  statement reflecting consistent salary credit.

Who can apply for UBL CashPlus Term Loan?

Permanent Salaried employees of companies/ Government / Armed Forces, maintaining payroll relationship with UBL can apply for UBL CashPlus Term loan.

What is the minimum net income criteria to apply for UBL CashPlus?

Minimum monthly net income criteria is Rs. 20,000

What is the minimum and maximum credit limit of UBL CashPlus?

 Minimum 20,000
 Maximum 2,000,000

What is the minimum and maximum age limit for UBL CashPlus?

 Minimum 21 Years
 Maximum 60 Years (at the end of loan)

What is the tenure for the UBL CashPlus loan?

The tenure of the loan will vary between 1 to 5 years.

Is Direct Debit mandatory for UBL CashPlus customers?

Yes Auto Debit for due payment is mandatory for all UBL CashPlus customers.

What is the mechanism for calculating APR?

For UBL CashPlus Markup is calculated based on 365 days due to system functionalities. This gives the customer the benefit of a slightly lower repayment amount as APR is slightly lower than the published rates.

What is the mechanism for Charging Late payment fee?

Due date is 10th of every month and Late Payment Fee will be charged on every missed/late EMI from customers at the time of their next due installment. These charges will be recovered in addition to the EMI amount due. If customer fails to deposits the late fee charges in addition to the EMI, then charges will be recovered from the amount deposited/recovered through direct debit.

For further details click on UBL Personal Loan

Bank Alfalah
Personal Loan 

Basic Product
Features

• Financing
  facility starting from PKR. 50,000 up to PKR. 3 million
• Tenure ranging
  from 1 to 4 Years
• No
  security/collateral requirement
• Complimentary
  orbits on sign-up
• Both fixed and
  variable pricing options are available.

Why Alfalah
Personal Loan?

Hassle-free
processing with minimum documentation

• Affordable
  markup rates
• Partial
  prepayment option
• You can lower
  your installments by making a partial prepayment of the outstanding principal
• A maximum of 1
  partial payment is allowed in a year (a year is equal to 12 installments from
  the date of disbursement). Each partial payment cannot be more than a total of
  6 installments
• Loan
  top-ups/enhancements for more financing
• You can top up
  the loan amount based on revised income and repayment history
• Multiple
  repayment options
• Non-Checking
  Account
• Direct Debit
• Cross Cheque
• ATM
• Internet
  Banking
• Mobile Banking
• Cash Payment at
  Branches
• Multiple income
  sources allowed for higher loan limits
• You can club
  more than one source of income to avail a higher loan limit. A maximum of 2
  eligible secondary sources/businesses are allowed
• Balance
  transfer facility for outstanding personal loan(s) and credit card(s)
• You can better
  manage your outstanding personal loan(s) and credit card(s) of other banks by
  consolidating and transferring them under one installment loan
• Special
  Discounts and Minimal Documentation for existing Bank Alfalah account holders
  and customers
• Existing Bank
  Alfalah customers and account holders can enjoy discounted rates based on their
  relationship tenure, average balance, and history with the Bank with minimal
  documentation

Frequently Asked Questions – FAQ 

To get answers to the following frequently asked questions, just click on the question.

Who can apply for Alfalah Personal Loan?

Pakistani Nationals and Foreign Nationals (with company letter of comfort) having income from any of the following sources
Employment
Business/ Profession
Individuals with other sources of income i.e. Landlords, retired individuals, individuals with regular rental income

What is the minimum/ maximum tenure for which I can avail Alfalah Personal Loan?

You can choose to spread your Alfalah Personal Loan over a minimum of 1 year and a maximum of 4 years.

How much can I apply for?

You can apply for as low as PKR 50,000 up to PKR 3,000,000

What is the fee for applying for Alfalah Personal Loan?

There is no fee for applying for Alfalah Personal Loan. A processing fee of PKR 4,000 or 1.3% of the loan amount (whichever is higher).

What is the minimum/ maximum age requirement?

Minimum 21 years and maximum 60 years (salaried) / 65 years (SEB/SEP).

Can I make partial prepayments?

Maximum of 1 partial payment is allowed in a year where each partial payment cannot be more than a total of 6 installments.

How many partial prepayments can I make?

You can make a maximum of 1 partial prepayment in a 12-month period after the 1st year of disbursement.

Is there a maximum amount of each partial prepayment?

Yes, each partial prepayment should not be more than a total of 6 equal monthly instalments.

Is there a partial prepayment fee?

Yes
1st year is Not allowed, 2nd-year 3rd year, 5% of the paid amount,  onwards  8% of the paid amount 

Can I settle my loan before the end of term?

Yes, you may give a 30 day prior written notice to the Bank if you wish for early settlement of your facility. Based on prior written consent of the Bank on your request, you may fully pre-pay your loan.

Is there an early settlement fee?

Yes
1st year 10% of the remaining principal, 2nd year 5% of the remaining principal, 3rd year onwards 8% of the remaining principal

Is there a late payment charge?

Yes, PKR 700 per month per instalment will be applied as late payment charges

Can I enhance my financing?

Yes, you may enhance your financing based on revised income or repayment history with Bank Alfalah Limited.

Is there a limit enhancement fee?

Yes, PKR 2000

For further details click on Bank Alfalah Personal Loan

Askari Bank
Personal Loan 

Tenure of Loan                                    1 to 4 years

Minimum Age of
Borrower                 Salaried: 21 Years

                                                             SEB/SEP: 23 Years

Maximum Age
till Maturity of Loan     62 years (Salaried-Permanent)

                                                               65 years
(SEB/SEP/Pensioner)

Minimum
Salary/Income

 

Permanent
Employees        Approved Companies: 30,000/-

                                            Non-Approved Companies: 35,000/-

Contractual
Employees       Approved Companies: 40,000/-

                                            Non-Approved Companies: 45,000/-

SEB/SEP (Branch Customers) Rs.
55,000/- Average Balance

SEB/SEP (Non-Branch Customers) Rs. 100,000/- Average Balance          

Finance Amount
(subject to DBR) Rs. 50,000/- to 4,000,000/-

Top Up/Limit
Enhancement: Loan top-up facility after 6 months (3 months if already using any
other consumer product from Askari bank for 12 months)

Mark-up Rates

Salaried             Branch Customer: 23.99%

                          Non-Branch Customer: 25.99%

SEB/SEP           Branch Customer: 27.99%

                           Non-Branch Customer: 29.99%

Documents
required are:

• Application
  form duly filled in all respects.
• Copy of valid
  CNIC
• Salary Slip /
  Salary Certificate
• 6-month bank
  statement
• Contract letter
  (For contractual employees)
• Proof of
  Admission and education-related documents.

Who can
apply for AKBL Personal Finance?

• Officers Serving
  & Retired/ widows
• Serving &
  Retired JCOs/ Equivalent and Lower Cadres/ widows
• Civilians
  working in Armed Forces Organizations Permanent & Contractual
• Salaried
  Individuals including GOP/ Semi-Government/ Autonomous Bodies
• Self Employed
  Businessman & women/ Professional (SEB/SEP)
• Especially abled
  Persons/ Visually Impaired Persons/ Persons with Disabilities (PWD)
• Askari Bank
  Employees

Frequently Asked Questions – FAQ 

To get answers to the following frequently asked questions, just click on the question.

Who can apply for AKBL Personal Finance?

Officers Serving & Retired/ widows
Serving & Retired JCOs/ Equivalent And Lower Cadres/ widows
Civilians working in Armed Forces Organizations Permanent & Contractual
Salaried Individuals including GOP/ Semi Government/ Autonomous Bodies
Self Employed Businessman & women/ Professional (SEB/SEP)
Specially Abled Persons/ Visually Impaired Person/ Persons with Disabilities (PWD)
Askari Bank Employees

Can overseas Pakistanis obtain Personal Finance facility from AKBL?

Yes. The individuals maintaining FC account with AKBL, Remittances/ Roshan Digital Account holders/ Holders of Naya Pakistan Certificates.
Note: Facility can only be allowed In case of joint account maintaining with AKBL.

What is the minimum and maximum financing amount?

The minimum financing amount is Rs. 50,000/. The maximum financing limit will be up to 40% Debt Burden Ratio and as per SBP PR.

What would be the financing tenure?

Loan tenure is Minimum 01 year and maximum 04 years or as per prevailing SBP PRs.

What is the age criteria for applying AKBL Personal Finance?

Min: 21 Years to Max: 60 Years.

What is the minimum monthly income criterion?

Minimum monthly income of Rs. 30,000/- is required to be eligible for the AKBL Personal Finance.

In which area of the country one can avail Personal Finance form AKBL?

Personal Finance can be availed from all cities / Areas without discrimination.

What is the Application processing time?

The processing time of Personal Finance is 10 working days form login till approval subject to complete application with required documents.

What is the Application processing Charges?

It will be as per prevailing Schedule of Charges (SOC).

What is the repayment mode?

Payment of Equal Monthly Installment (EMI) comprising of principal and mark-up will be made through Direct Debit Authority (DDA) of borrower’s account maintained with AKBL.

Can I make balloon payments or premature termination of facility?

Yes, Balloon payment or premature termination option is available for all customers. Charges will be applied as per prevailing Bank’s schedule of charges

What happens if I fail to fulfill your payment obligations?

In case of overdue / default, recovery department of AKBL will contact you, your loan related details will be reported to Credit Bureau. Late payment and cheque return charges may also be applicable as per prevailing schedule of charges. Legal proceeding may also be initiated by the Bank.

How will I get update of my Personal Loan Application?

For further details click on Askari Bank Personal Loan

Bank of Punjab
Personal Loan  

Salient
Features

• Tenure of loan
  from 1 to 5 years
• Fixed markup
  for the complete tenure
• Easy monthly installments
• Financing
  Limits from (50,000) to (1,000,000)
• No pre-payment
  penalty
• Avail of the loan with
  minimum documentation
• Life assurance
  is also provided

Basic required
Documents

• Copy of valid
  computerized national identity card (CNIC)
• Latest salary
  slip
• Eligibility
  Criteria
• Age limit 19
  years to 59 years
• Minimum Gross
  Salary of 17,500 monthly

Frequently Asked Questions – FAQ 

To get answers to the following frequently asked questions, just click on the question.

Which department’s employees are eligible candidates for the loan facility?

Government /semi-government/federal/provincial department employees who have their salary A/C in The Bank of Punjab.

How much monthly salary is required to avail of the loan?

Gross salary should be a minimum of Seventeen thousand and five hundred (17,500) rupees.

Minimum job experience required for a loan?

No minimum job experience.

Is there any age limit for the applicant?

Yes, the applicant should be in between 19 years to 59 years.

What are the minimum and maximum amounts for which an applicant can apply?

The given amount of loan is dependent upon the monthly salary of the applicant and any other loan is already taken from any bank. An applicant can avail loan up to his twenty-five net salaries amount. Which can be a minimum of fifty thousand (50,000/-) and a maximum of one million.

For which purpose the loan can be used?

The loan amount can be used for personal needs. So, with this amount, no investment in any IPO can be done.

What are the minimum and maximum time period of a loan?

Tenure for loan is between 1 year to 5 years.

What documents are required for availing of the loan?

Copy of valid National identity card, Latest salary slip and , Confirmation letter from the department (if required)

Are there any expenses to process loan application? And what other expenses can be possible?

Rs. 2500/- will be charged loan processing charges which will be non-refundable. For further details of charges are available on the website of BOP.

How much time will be required for loan processing?

After completion of documentation within seven days amount of loan will be transferred in your salary A/C.

Will mark-up rate is fixed or variable?

Mark-up rate will be fixed for whole tenure.

Will there be any penalty on advance or partial payment?

No, there will not be any penalty on advance or partial payment.

What is the method to return loan?

The payment of loan would be done on monthly basis. For which the applicant has to keep an instalment amount in his bank account from which that amount would be deducted on the mentioned date.

When the monthly installment will be deducted from the salary account?

Monthly installment will be deducted on every 5th of the month from the salary account.

In case of any queries related to loan, whom should the customer contact?

For any queries related to loan contact on given telephone number. 042-35817659, 35817646. The customer can also approach the bank officials personally (CFC) whose details are mentioned on the bank page.

Can the customer transfer their salary account from BOP to any other Bank?

No, the salary account cannot be transferred till the closure of loan.

Is there life assurance facility available for customer?

Yes, till the return of loan this facility is available. In case of death the rest of amount will be covered by the insurance company.

Can the application for the loan be canceled?

Yes, Bank reserves the right to accept or reject the loan.

I have taken a salary loan from another bank. Can I transfer my salary account to the Bank of Punjab and avail loan against my salary?

Yes, you can transfer your salary account to BOP, according to the policy of advanced salary loan.

Will there be any penalty or delayed payment?

If there is a delay in payment of monthly installments after the 5th of the month, one rupee per thousand per day will be fined along with the payable due.

For further details click on BOP Personal Loan

Bank Al Habib
Personal Loan  

Cash Finance

Need cash
without encashing your savings?

A hassle-free
secured personal loan from Bank AL Habib Cash Finance can be used to borrow
money for any purpose at the best possible interest rate in exchange for
National Savings Certificates, Pakistani rupees, or foreign currency. Deposits
in the First Habib Cash Fund and at Bank AL Habib.

Al Habib Cash
Finance works in two ways

• Running Finance
  Facility (RF), a Revolving line of Credit with quarterly mark-up servicing
• Term Finance
  Facility (TF), 1 Year to 5 years, repayments in equal monthly installments.

Great option

• Prompt &
  Hassle-Free Processing
• No Processing
  Fee
• Balance
  Transfer Facility
• Documentation
  Charges at Actual
• No Pre-payment
  Penalty
• Third-Party
  security of Bank AL Habib Deposit/National Saving Certificates
• PayPak Debit
  Card (Default)
• Free Online
  Banking
• Free
  eStatement/ AL Habib Mobile and Netbanking Facility

Who can avail
AL Habib Cash Finance facility?

• Resident
  Pakistanis such as Salaried, Self Employed & Business Individuals.
• Having
  Requirement of funds for personal use.
• Having
  Satisfactory Credit History.

Finance Amount

• The minimum Finance
  amount is PKR 50,000/-.
• Maximum 90%
  against PKR Deposits / Encashment value of Securities and 85% on Foreign
  Currency Deposits.

Securities and
Pricing

• Financing up to
  PKR 5.0 million Against Bank AL Habib PKR Deposits
• Running Finance
  2.00% over Deposit Rate
• Term Finance 1.50%
  over Deposit Rate
• Financing up to
  PKR 5.0 million (Against Foreign Currency Deposits and Permissible Government
  Securities)

Running Finance

2.00% over 3
Months KIBOR

Term Finance 1.50% over 1 Year KIBOR for Financing of over PKR 5.0 million

Running Finance
1.50% over 3 Months KIBOR

Term Finance 1.25% over 1 Year KIBOR

Documents
Required

• Bank’s
  prescribed Application Form
• Copy of CNIC /
  SNIC
• Latest salary
  slip / Salary Certificate (For salaried person)
• Bank Account
  Statement for last six Months (For Businessperson) Any other document of income
  proof, if available
• Liability
  declaration (CF-1)
• Open a Cash
  Finance Account

Visit the nearest
Bank AL Habib Branch for an Account Opening Form

Submit the duly
completed form with all supporting documents

We offer both
Term Finance (TF) & Running Finance (RF) Facilities for individuals to meet
their personal, family, or household needs.

The minimum Finance
amount is PKR 50,000/-. Maximum (90% against PKR Deposits or Encashment value
of Securities, and 85% on Foreign Currency Deposits).

For further details click on Bank AL Habib Personal Loan

Sindh Bank
Personal Loan  

FEATURES

• Finance amount
  from PKR 50,000 to PKR 1,500,000
• Financing up to
  4 years
• Prompt and hassle-free
  processing with minimum documentation
• Low mark-up
  rate

ELIGIBILITY
CRITERIA

• Pakistani and
  AJK Citizen
• Age 21 to 59
  years
• Salary Account
  with Sindh Bank
• Permanent
  Employee
• Minimum 2 years
  in service
• Guarantor of
  One Grade/Scale above applicant, but not less than BPS-15

DOCUMENTATION
REQUIRED

• Loan
  Application Form (LAF)
• Two recent
  photographs
• Copy of valid
  CNIC
• Last 3 month’s
  salary slips
• Copies of 2
  utility bills
• Departmental/Employer
  NOC
• Undertaking
  from Deputy District Officer (DDO) or Salary Control Department

For further details click on Sindh Bank Personal Loan

Summit Banks
personal loan  

The salient
features of this plan are as follows:

Loan Amount                                 Minimum: Rs.25,000/-

                                                       Maximum: Rs.1,000,000/-

Loan Tenor                                     Minimum: 1
year

                                                       Maximum: 5 years

Mark-up Type                                 Fixed

Loan
Enhancement Facility           Available

Early
Settlement Facility               Available

Benefits:

• Quick
  Processing
• No Processing
  Fees before approval
• Minimum
  Documentation
• Competitive
  Rates
• Complimentary
  Credit Life Insurance

Requirements:

• Pakistani
  Resident & CNIC holder
• Age between
  21yrs to 65yrs
• Minimum net
  Income PKR 15,000/-
• Salaried
  individual only

For further details click on Summit Banks Personal Loan

Dubai Islamic
Bank Personal Loan 

DIBPL is the
first Islamic bank in Pakistan to offer a Sharia-compliant “Personal Finance
“facility based on the Islamic Finance concept of “Musawamah”. The financing
facility can be availed and utilized for financial needs such as education,
marriage, medical expenses, credit card loan settlements, conventional loan
settlements, or meeting any other emergency needs in the “HALAL/ISLAMIC” way.

How It Works

• The Customer
  (with the requirement of funds for personal needs) will approach the Bank to avail
  Personal Finance Facility.
• After the
  required credit approvals, the Bank will purchase specified goods (e.g. cotton,
  meat) from a commodity supplier on a spot payment basis.
• The goods will
  be identified (i.e. the location and warehouse details) & disclosed to the
  bank by the broker.
• The Bank, after
  getting the title to and possession of the goods, will sell the goods to
  Customer on deferred payment basis.
• The possession
  (constructive) of goods will be given through a DO/DC in favor of Customer.
• The DO/DC
  issued will give absolute right to the beneficiary to possess the goods or to
  liquidate the same by selling it to the ultimate buyer.

Special Sharia
Controls have been added to ensure Sharia compliance of the product at various
stages, so there’s no possibility /chance of returning goods to the original
seller (directly or indirectly) and it will be strictly monitored on a continuous
basis.

Features

• 100% Sharia
  Compliant.
• Riba Free
  solution to your immediate cash needs like education, hospitalization, marriage
  etc.
• Avoiding Riba
  on your existing conventional loans through our product’s balance transfer
  facility.
• Lower rates for
  BTF customers.
• Financing limit
  from PKR 50,000 to PKR 2 million (Terms & Conditions apply)
• Flexible tenor
  from 6 months to 60 months.
• Swift
  turnaround time and hassle-free processing of your application.
• Affordable and
  competitive equal monthly installments.

Age Criteria

• Minimum Age =
  21 years
• Maximum Age =
  60 years or over

Income Criteria

• Salaried –
  Prime Customers: PKR 250,000 Gross/month
• Salaried –
  Known Company A & B Employees: PKR 30,000 Gross/month
• Salaried –
  Unknown Company Employees: PKR 35,000 Gross/month
• Salaried –
  Government Employees: PKR 30,000 Gross/month
• Salaried –
  Armed Forces Employees: PKR 30,000 Gross/month
• Salaried –
  Contractual (Known Company A & B Companies): PKR 40,000 Gross/month

Finance Limit

• Minimum Finance
  Amount – PKR 50,000
• Maximum Finance
  Amount – PKR 2,000,000

Documents

• Documents
  required at the time of application:
• Duly filled
  Application form.
• Balance
  transfer undertaking (In case the customer wants to transfer his existing
  outstanding loan from another bank)
• Two recent
  passport-size photographs.
• Copy of CNIC.
• All other
  relevant documents (Income documents, Bank Statements, Profession proof, etc. as
  per customer category)

For further details click on Dubai Islamic Bank Personal Loan

JS bank Personal
Loan 

Customers who
require money or who wish to meet their own financial needs frequently seek JS Personal Loan, a general consumer good. Customers consider using non-end-used and end-used specified services to be the most convenient given these
market demands and advancements.

Hassle-free
processing with minimum documentation

• Affordable
  markup rates
• Partial
  prepayment option
• You can lower
  your installments by making a partial prepayment of the outstanding principal
• A maximum of one partial payment is allowed in a year (a year is equal to 12 installments from
  the date of disbursement). Each partial payment cannot be more than a total of
  6 installments
• Loan top-ups
  and enhancements
• You can top up
  the loan amount based on revised income and repayment history.
• Multiple
  repayment options
• Non-checking
  account
• Direct Debit
• Cross Cheque
• Internet
  Banking
• Mobile Banking
• Cash payment at
  branches
• Balance
  transfer facility
• You can better
  manage your outstanding personal loan(s) of other banks by consolidating and
  transferring them under one instalment loan.

Credit
Protector (optional)

• The loan will be
  covered in an unfortunate event
• Cash benefit to
  the family of the equivalent outstanding loan amount
• Optional at
  0.48% monthly of your total outstanding loan amount
• Markup Rates:
• 28% Salaried
• 32% Businessmen

Documents
Required

• Complete the application form with signatures
• Copy of CNIC
• 6 Months Bank
  Statement (If required)
• For Salaried
  Individuals – Salary Slip/Salary Certificate
• For
  Self-employed businessmen and Self-employed professionals – Any Relevant Proof
  of Business Documents (Tax returns, NTN, Bank Certificate)

Eligibility
Criteria

• All Pakistani
  nationals/Foreign nationals with a company letter of comfort (Approved companies)
• Salaried
  Individuals, Self Employed Businessmen/Professionals, others (Landlords/
  Housewives & Retired Individuals) with consistent rental income/foreign
  remittances
• Age │min: 21
  years & max: 60 years
• Income |
  Salaried: Min. gross monthly salary of PKR. 30,000/- Self-Employed
  Professionals/ Businessman: Min. monthly average balance of PKR. 75,000/-
• Minimum 12-month
  bureau history for BTF/BTF with top up.

NOTE: Some
banks prefer to include information about their interest rates and fees in
their schedule of charges. For more information on the current markup rate,
please see the Schedule of Charges of the Bank, which is accessible on the website
of the relevant bank.

For more details click on JS Bank Personal Loan

Pros and Cons of Personal Loan

Pros of
personal loans

In comparison
to other types of loans, personal loans can have advantages. Here are a few
benefits of choosing this kind of financing over others.

A single lump
sum loan payment

Making a big
purchase, consolidating debt, or using the loan in other ways all at once may
be simpler because you receive your loan payment all at once. Additionally, the
loan will be simpler for you to manage because of the set interest rate and
predictable monthly payment.

Short &
fast funding periods

Personal loans
generally have fast approval times and payment times, making them useful for
emergencies or other situations where you need money quickly. Some personal
loan lenders can deposit the loan proceeds to your bank account as soon as the
next business day.

Unsecured loan

You can get authorized
for unsecured personal loans without putting up any collateral. This implies
that you are not required to pledge your house, car, or other items as
collateral for your promise to repay the loan. You’ll have serious financial
and credit repercussions if you are unable to repay the loan in accordance with
the terms established with your lender. However, you won’t have to be concerned
about actually losing your house or automobile, unlike with a secured personal
loan.

Comparatively lower
interest rates

Compared to
credit cards, personal loans frequently have cheaper interest rates. Consumers
with great credit histories are eligible for very low-interest personal loans.
Additionally, you can be eligible for a loan with a larger loan amount than the
credit card limit.

Versatility and
adaptability

Some loans have
strict restrictions on their usage. For instance, if you take out a car loan,
the sole use of the money is to buy a car. Personal loans can be used for a
variety of things, including paying for medical expenses and debt
consolidation. If you want to finance a large purchase but don’t want to be
restricted in how you use the money, a personal loan may be a viable solution.

Longer loan
terms

Personal loans
can be taken out for a period of one to five years, depending on the lender, in
contrast to short-term loans like payday loans and others that have high-interest rates. As a result, you’ll receive a fair monthly payment and enough
time to pay back the money you borrow.

Simpler to
manage

To combine debt
from various credit card accounts, some consumers take out personal loans.
Compared to many credit cards with varying interest rates, payment due dates,
and other factors, a personal loan with a single fixed-rate monthly payment is
simpler to handle.

When borrowers
are approved for personal loans, they can simplify their monthly payments and
reduce their costs by switching from credit cards to loans with lower interest
rates.

Disadvantages
of personal loans

Personal loans
are not always the best option, but they can be a good option for some people.
Before applying for a personal loan, think about these drawbacks.

There may be
higher interest rates than other options.

Personal loans
do not necessarily have the lowest interest rates. This is particularly true
for borrowers with bad credit, who may end up paying interest rates that are
greater than those on credit cards or secured loans that require collateral.

Additional
prerequisites

The standards
for personal loans may be more stringent than those for other forms of funding.
Fewer lenders will be willing to work with you if you have bad credit or a
brief financial history. Additionally, some lenders do not accept co-signers,
which can increase your chances of getting approved if you have a little credit
history or a low credit score.

Penalties and
fees may be very substantial.

Fees and
penalties that may be associated with personal loans could raise the cost of
borrowing. Origination fees for some loans range from 1 percent to 6 percent of
the loan amount. The processing fees, which go toward the loan, can either be
added to the loan or deducted from the amount given to the borrower.

If you pay the
remaining debt before the end of your loan term, some lenders may impose
prepayment penalties. Review all the costs and penalties associated with any
personal loans you are considering before applying.

Additional
monthly payment

You add a new
monthly payment when you take out a personal loan. If you are not careful, a
personal loan could cause problems with your budget in the long run if it is
not taken into account when you apply for the loan, and making the monthly
payment results in you becoming overdrawn and putting your budget in the
negative.

Greater debt
burden

Personal loans
can be used to consolidate debt, including credit card bills, but they don’t
deal with the root of the problem. Your available credit limit is increased
when you pay off your credit cards with a personal loan. This enables excessive
spenders to accumulate additional debt rather than paying it off.

You can borrow money
from a personal loan to spend it on a range of things. For instance, you might
use a personal loan to pay for home improvements, debt consolidation, or a
fantasy wedding. Online lenders, credit unions, and banks can all provide
personal loans. You must pay back the money you borrow over time, usually with
interest. Fees for personal loans may also be assessed by some lenders. Almost
all banks in Pakistan offer personal loans to customers who require money or
who wish to finance their individual financial demands.