Bank Al Habib Personal Loan
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Why Bank AL-Habib Is an Ideal Choice for Personal Loan?
Personal loans are loans from a bank to fulfil your personal needs. Financial needs do not always come when you are expecting them. In such a situation, you require money; you can achieve this by applying for personal loans from Bank AL-Habib. Bank AL-Habib is the perfect choice as:
- Quick and hassle-free process, so you may not have to wait long.
- No processing fees
- Convenient balance transfer facility
- Free online banking; you can log in with your personal email, and you are good to go.
- Providing third-party security for deposits or national saving certificates.
- Free e-statement
- Documentation charges at the Actual
Who can Avail of or Apply for a Personal Loan Facility?
- You must be a citizen of Pakistan.
- You must be a salaried, business or self-employed individual.
- You must be able to show a satisfactory credit history.
- You can apply for a personal loan for as little as PKR 50,000.
What Documents Do You Need to Apply for a Personal Loan?
In order to register for a personal loan from Bank Al-Habib, you need the following documents:
- A bank’s prescribed application form,
- A photocopy of your CNIC/ SNIC.
- Your fresh salary slips.
- Salary certificate – in case you are a salaried person.
- Provide a Bank Statement for the last six months – if you are a business person or any other document to prove your income.
- Liability Declaration (CF-1)
How Do the Securities and Pricing Methods Work?
If financing is up to PKR 5.0 Million Against bank deposits
- Running finance would be 2.00% over the deposit rate.
- Term finance would be a 1.50% over the deposit rate.
If finances are up to PKR 5.0 Million against permissible government securities and foreign currency deposits.
- Running finance would be 2.00% over 3 months KIBOR (Karachi Interbank Offer Rates).
- Term Finance would be 1.50% over 1-year KIBOR (Karachi Interbank Offer Rates).
For finances of over PKR 5.0 Million
- Running finance would be 1.50% over 3 months KIBOR
- Term finance would be 1.25% over 1 Year KIBOR
Product Features
Low and competitive mark-up rates
Tenure of Financing: 1-25 years
Co-Applicant option available (Spouse, Father, Mother and Son)
No charges for early settlement and balloon payment
Repayment in equal monthly installment
Free life insurance
Eligibility Criteria
Must be Pakistani National.
Minimum 1 year relation with any bank(s).
Debt Burden Ratio (DBR): Up to DBR 50% aggregate of Net Income.
Age: Minimum 25 Years. Maximum 60 years for Salaried; & 65 years for Self Employed Professional (SEP) and Self Employed Business men (SEB) at maturity of financing.
Employment/Business Tenure: Minimum 2 years for Salaried and SEP, 3 Years for SEB.
Minimum Income: Rs.60,000/- per month take home for Salaried and Rs.100,000/- per month for SEP / SEB
Satisfactory credit history
Co-borrower with minimum net take home income Rs.30,000 may be added for income clubbing and property ownership purposes.
See also Silk Bank Personal Loan in Pakistan
