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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Also Check:  U Bank Loan

        

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

 

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