Are you in need of financial support without compromising your values? MCB Islamic Bank offers a comprehensive range of personal loan options that adhere to Sharia principles. Whether you are looking to fund your education, consolidate debt, or cover unexpected expenses, MCB Islamic Bank’s personal loans provide a viable solution that aligns with your faith and financial goals. In this article, we will explore the benefits, eligibility criteria, application process, and frequently asked questions related to MCB Islamic Bank’s personal loans.
Loan Type
Personal Loan
Home Loan
Car4U
Student Personal Loan
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Personal Loan
Key Features
- Minimum Loan Amount: PKR 50,000
- Maximum Loan Amount: Up to PKR 2 Million
- Tenure: 1 year to 5 years
- No collateral required
- No processing fee if a loan is not approved
- Approved Cities: Karachi, Lahore, Rawalpindi, Islamabad, Faisalabad, Hyderabad, Multan, and Peshawar.
Eligibility *
- Salaried individuals working in the Private sector, Government of Pakistan and Armed Forces *
- Any person who has taken a credit card, personal loan or an 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
Minimum Net Monthly Salary:
Salaried Customers: PKR 30,000 to PKR 40,000/- depending on employer*
Govt. Officers/ Armed Forces: PKR 30,000
Prime Customer Category Eligibility:
Salaried: if you have a Monthly Gross Salary of over PKR 500,000**
Initial Documents:
Copy of Salary slip/ Proof of income
Copy of Valid CNIC
Home Loan
Apna Ghar Mehfooz Zindagi
A home of your own is a blessing and a long held aspiration of many. With MCB Home Loan, fulfilling this dream is much easier than before. MCB Home Loan opens doors to a number of financing options to help you buy, build and renovate your dream home.
You can apply for MCB Home Loan if you have income source from one of the following:
Salaried
Self-Employed
Pensioners
Land Lords
Eligibility
Net Income (Salaried Customers): PKR 30,000 per month
Net income (Self-employed customers): PKR 50,000 per month
Minimum Age: 25 years for Primary Borrower & 22 years for Joint Borrower
Maximum Age: 70 years or retirement age(whichever is less at the time of maturity of the loan) for Primary Borrower & 70 years for Joint Borrower
Employment Length: 2 years for Salaried and 3 years for Self-employed Professional/Businessman
Minimum Documentation
Application form
Copy of valid and original CNIC/SNIC
Two passport size photographs
Income documents
Business /employment proof
Copy of property documents
Any other document required by the Bank
Product Variant- Low Cost Housing for Special segment
Variants Allowed:
Only Plot + Construction
Home Construction
Loan Amount:
Minimum: PKR 200,000/-
Maximum: PKR 3,000,000/-
Loan Tenor: From 1 – 12 Years
Collateral Property Cities: All over the country
Car4U
Salaried
Self-Employed
Self-Employed Businessmen
Self-Employed Professionals
Eligibility
Net Income: PKR 30,000 per month
Minimum Age Requirement: 21 years*
Maximum Age (at loan maturity):
65 years (salaried) and
70 (Self Employed)
Minimum Documentation
Copy of CNIC
2 passport sized recent photographs
Bank statement (6 month to 1 year)
Salary slip/ proof of business or other documents
Student Personal Loan
Age
Minimum 21 years and maximum 45 years at the time of loan/first trance approval
General Criteria
Generally, the student meeting the following criteria shall be eligible for the loan:
Be a Pakistani National.
Has got at least 50% marks (or equivalent) in the last public examination (i.e. other than admission tests, e.g. GMAT, SAT, LMAT, etc.) The same must be confirmed by LUMS in writing.
Must have a valid admission in and has provided admission acceptance to LUMS. Confirmation of finalized admission must be provided by LUMS in writing.
Maximum 80:20 of only Admission, Registration, Tuition, On-Campus Residence, and any other part/head/item of the fees that is payable in advance by the student to LUMS
Moreover, the loan shall not cover any amount that is refundable to the student later on.
Loan Amount
Maximum PKR 1 million only
A: MCB Islamic Bank encourages responsible borrowing and may offer incentives for early repayment.
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