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Personal loans in Pakistan are a popular way for individuals to finance immediate expenses. Various types of personal loans are available in Pakistan, each with its own scope and eligibility criteria. It’s essential to consider the interest rates, loan amount, and repayment period when choosing a personal loan in Pakistan. Additionally, borrowers should ensure they are eligible for the loan and can afford the monthly repayments before applying for a personal loan.
The National Bank of Pakistan also offers a National Bank personal loan calculator on its website to help borrowers estimate their monthly and total interest payments. It considers factors such as loan amount, interest rate, and repayment period.
Scope of Personal Loans in Pakistan:
The scope of personal loans in Pakistan is vast, and various types of personal loans can be availed by individuals. Some of the most common types of personal loans in Pakistan include:
Unsecured personal loans:
These loans do not require collateral or security and are based on the borrower’s creditworthiness.
Secured personal loans:
These require collateral, such as a car or a house, which the lender can seize if the borrower defaults.
Salary advance loans:
These loans are offered to individuals with regular salaries who need immediate cash for emergencies.
Debt consolidation loans:
These loans are offered to individuals with multiple loans or credit card debts who want to consolidate into a single loan with a lower interest rate.
Wedding loans:
These loans are offered to individuals who want to finance their wedding expenses.
Education loans:
These loans are offered to students who want to finance their education expenses.
Different Banks In Pakistan In Offering Personal Lone And Their Requirements.
Personal loans are a popular financing option in Pakistan for individuals who need immediate cash for various purposes, such as medical expenses, debt consolidation, or home improvements. Different banks in Pakistan offer personal loans with varying requirements and interest rates.
Habib Bank Limited (HBL)
HBL offers personal loans to individuals with a minimum monthly income of Rs. 50,000. The loan amount can range from Rs. 100,000 to Rs. 2,000,000 with a repayment period of up to 5 years. The interest rate for HBL personal loans starts from 14% and varies depending on the loan amount and the borrower’s creditworthiness. HBL also requires the borrower to have a good credit score, a stable job, and a valid national identity card.
Bank Alfalah
Bank Alfalah offers personal loans to individuals with a minimum monthly income of Rs. 25,000 and also has the Bank Alfalah Personal Loan Calculator available on their website. The loan amount can range from Rs. 50,000 to Rs. 4,000,000 with a repayment period of up to 5 years. The interest rate for Bank Alfalah Personal Loan starts from 17% and varies depending on the loan amount and the borrower’s creditworthiness.
MCB Bank
MCB Bank offers personal loans to individuals with a minimum monthly income of Rs. 30,000. The loan amount can range from Rs. 50,000 to Rs. 2,500,000 with a repayment period of up to 5 years. The interest rate for MCB Bank personal loans starts from 15.5% and varies depending on the loan amount and the borrower’s creditworthiness. MCB Bank also requires the borrower to have a good credit score, a stable job, and a valid national identity card.
Standard Chartered Bank
Standard Chartered Bank offers personal loans to individuals with a minimum monthly income of Rs. 20,000. The loan amount can range from Rs. 50,000 to Rs. 2,500,000 with a repayment period of up to 5 years. The interest rate for Standard Chartered Bank personal loans starts from 18% and varies depending on the loan amount and the borrower’s creditworthiness. Standard Chartered Bank also requires the borrower to have a good credit score, a stable job, and a valid national identity card.
Allied Bank
Allied Bank offers personal loans to individuals with a minimum monthly income of Rs. 20,000. The loan amount can range from Rs. 50,000 to Rs. 2,000,000 with a repayment period of up to 5 years. The interest rate for Allied Bank personal loans starts from 17% and varies depending on the loan amount and the borrower’s creditworthiness. Allied Bank also requires the borrower to have a good credit score, a stable job, and a valid national identity card.
United Bank Limited (UBL)
UBL offers personal loans to individuals with a minimum monthly income of Rs. 30,000. The loan amount can range from Rs. 50,000 to Rs. 2,000,000 with a repayment period of up to 5 years. The interest rate for UBL personal loans starts from 17% and varies depending on the loan amount and the borrower’s creditworthiness. UBL also requires the borrower to have a good credit score, a stable job, and a valid national identity card.
National Bank
The National Bank of Pakistan offers personal loans to individuals with a minimum monthly income of Rs. 20,000. The loan amount can range from Rs. 50,000 to Rs. 2,000,000 with a repayment period of up to 5 years. The interest rate for National Bank Personal Loan starts from 14.5% and varies depending on the loan amount and the borrower’s creditworthiness.
National Bank Personal Loan Calculator:
Different banks in Pakistan offer confidential loans with varying requirements and interest rates. It’s essential to consider the loan amount, repayment period, and interest rates when choosing a personal loan. Additionally, borrowers should ensure they meet the eligibility criteria and can afford the monthly repayments before applying for a personal loan.
