Allied Bank Personal loans have become an important way for many people to get the money they need to pay for current costs or reach life-changing goals. Personal loans can help you get the money you need for changes you want to make to your home, for college, or to consolidate your debt. When it comes to personal loans, Allied Bank stands out as a reliable financial partner that can meet a wide range of needs.
This blog will tell you everything you need to know about Allied Bank personal loans, including how to easily apply online.
Understanding Allied Bank Personal Loans
Allied Bank stands out because it offers a lot of different personal loan options. These are the most important parts of what they offer:
What is a Personal Loan?
There is no need to put up collateral for a personal loan, which is an unsecured loan. It is great for paying for a lot of different costs without any limits.
Types of Personal Loans
Personal loans from Allied Bank are designed to fit a wide range of financial needs. They pay for everything, from college costs and medical bills to home improvements and getting things for everyday life. They even pay for weddings. There is probably an Allied Bank personal loan option that will work for you, no matter what you need.
Key Features of Allied Bank Personal Loans
- Loan amounts tailored to your needs
- Fixed or variable interest rates
- Convenient repayment options
Allied Personal Finance
Allied Personal Finance is a personal loan facility designed to provide you with financial assistance whenever you need it. Allied Bank Personal Finance helps you achieve your dreams or navigate through difficult times. This flexible solution offers the support you need when you need it most.
- – Loan amount from Rs. 30,000/- to Rs. 3,000,000/-
- – Simple and easy documentation
- – No hidden cost
- – Low markup rate
Benefits of Choosing Allied Bank
- Easy personal loan with repayment in equal monthly installments
- Flexibility to choose a repayment period from 1 to 4 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.
Flexible Loan Amounts
In order to meet your financial goals, Allied Bank offers a range of loan amounts, from small to large.
Competitive Interest Rates
Some of the best interest rates on the market can be found at Allied Bank, which makes it easy to pay back your loan.
Quick Processing Times
With a digital-first approach, you can receive your loan approval and funds faster than ever.
Who Can Apply for an Allied Bank Personal Loan?
You are eligible for Allied Personal Finance if:
- You are a resident Pakistani national
- You are a salaried or self-employed individual
In case of Salaried Individual
- You are minimum 21 years old and maximum 59 years old
- Minimum six (06) months relationship with ABL or another bank
- Minimum net monthly salary of Rs.25,000/- in case of salary account with ABL and 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
In case of Self-Employed Business Person / Self-Employed Professional
- You are minimum 21 years old and maximum of 64 years old
- 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
Eligibility Criteria
To qualify for an Allied Bank personal loan, you must:
- Be a salaried individual or self-employed
- Be aged between 21 and 64 years
- Have a minimum monthly income as specified by the bank
Documents Needed
Prepare the following documents before starting your application:
- Government-issued ID
- Recent salary slips or income tax returns
- Bank statements from the last six months
How to Apply Online for an Allied Bank Personal Loan
Step-by-Step Guide
- Visit the Allied Bank official website.
- Navigate to the “Personal Loans” section.
- Create an account or log in if you are an existing user.
- Complete the online application form with accurate details.
- Upload all required documents.
- Submit your application and wait for approval.
Tips for a Successful Online Application
- Ensure all information matches your official documents.
- Avoid submitting incomplete applications to prevent delays.
Loan Repayment Options
Repayment Tenures
Allied Bank offers flexible tenures ranging from 12 to 60 months, allowing you to choose a plan that fits your budget.
Payment Methods
- Online banking platforms
- Automated deductions from your Allied Bank account
Pricing of Allied Personal Finance:
| Pricing | Minimum:1YK+10% |
| Maximum:1YK+18% |
Note: The pricing will be offered between the given range in accordance to different segments and other factors.
Common Questions About Allied Bank Personal Loans
Interest Rates and Charges
Rates of interest are based on things like your credit score and the amount of the loan. Also, Allied Bank tells you all of their handling fees up front, so there are no surprises.
Loan Disbursement Time
Once approved, funds are typically credited to your account within 2-3 working days.
Allied Bank Personal Loan Calculator
You can use this helpful tool to get an idea of how much your monthly payments will be by entering the loan amount, loan term, and interest rate. You have to use it to plan how you will pay back your debt.
Allied Bank App
myABL brings you the best in mobile banking, giving you a secure and easy way of banking on the go. Let us help you stay on top of your finances.
Major features include:
1. Biometric login with Touch ID (Login with Face ID is also available for iPhone users)
2. In-app Biometric Verification
3. Personal Finance Management
4. Manage Personal Information (Add/update address and Preferred address marking)
5. Debit Card Management (Activation, PIN generation and Change, Temporary Block and Unblock, Allow International Use, Allow eCommerce Use)
6. Bus, Movie & Event Tickets
7. Voice Assisted Banking for Funds Transfer, Accounts & ABL Credit Card Balance Inquiry using Siri (for iPhone users)
8. Funds Transfers
9. Utility Bill Payments
10. Credit Card Payments
11. Pay AnyOne
12. Mobile Top ups
13. Govt. Payments
14. Student Fee Payments
15. Internet/Broadband Bill Payments
16. Internet Shopping
17. Investment Payments
18. Mastercard QR Scan & Pay
19. Golootlo QR Scan for discounts
20. Franchise Payments
21. Donations
22. PayDay Loan (Advance Salary)
23. Manage ABL AMC Mutual Fund Investments
24. Daily transaction limit view and adjustment
25. Marking of Transfer/Payment as Favorite
26. Payee/ Biller management.
27. Mini & Full Account Statement
28. Subscription of E-Statement on different frequencies
29. Cheque Book request & Cheque Status Inquiry
30. Account Link/Delink and default account setup
31. View transaction history
32. Manage Linked Devices
33. OTP Medium Change
34. CNIC Expiry Update
35. RAAST Transfer
36. RAAST ID Management
37. Merchant Lending
38. Account Maintenance Certificate
39. Withholding Tax Certificate
40. Positive Pay
41. Stock Market Investment Consent
42. Stop Cheque Payment
43. Alerts & Notifications
44. Allied Live Chat
45. Discount Offers
46. Locate Us
47. Virtual Debit Card
48. Merchant Payments through RAAST QR
49. Temporary Limit Enhancement for ATMs
50. Activation of Dormant Account
51. myABL Coins Loyalty Program
52. In-app Complaint and Refund Request
To benefit from myABL Digital Banking, you need to have an active account with us. If you are new to ABL, open an account at any Allied Bank branch.
For more information:
• 24/7 Helpline: 111-225-225
• Email: complaint@abl.com or cm@abl.com
• Desktop view: https://www.myabl.com
• Corporate Website: www.abl.com
Frequently Asked Mistakes to Avoid When Applying Online
- Providing incorrect personal details
- Forgetting to attach necessary documents
- Missing out on application deadlines
Conclusion
It is easy to apply for an Allied Bank personal loan online as long as you meet the requirements and carefully follow the steps. Because they have low rates, a lot of choices, and fast processing times, Allied Bank is still a trusted partner for financial solutions. Start today to reach your full cash potential!
FAQs about Allied Bank Personal Loan
What is the markup rate applied on Allied Personal Finance in Pakistan?
Allied Bank is offering Allied Personal Finance at a competitive markup rate of upto 1 Year KIBOR + 17% for salaried individuals and upto 1 Year KIBOR + 18% for self-employed individuals or as per prevailing Schedule of Charges.
Does ABL charge a 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.
What are the loan repayment options?
The loan can be repaid in 12, 24, 36 or 48 equal monthly instalments, depending on your choice of tenure i.e., the options are available for full repayment in 1 to 4 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 partial pre-payments against the financing facility?
Yes, a customer may make partial pre-payments also known as balloon payments. Partial pre-payment can be made after completion of 6 months of financing which should at least three or more instalments amount; further, maximum two (02) balloon payments are allowed during tenor of the loan.
Can I get my loan settled before maturity?
Yes, you may exercise the right to fully pay off the loan any time before maturity of loan.
Is there any pre-payment penalty?
A prepayment penalty shall be applicable as per prevailing SOC.
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 further information.
What is the minimum loan amount I can apply for?
The minimum loan amount varies but is generally around PKR 50,000.
Can I apply if I am self-employed?
Yes, self-employed individuals can apply, provided they meet the income criteria.
How soon will I receive the loan amount?
After approval, funds are usually disbursed within 2-3 working days.
Are there penalties for early repayment?
Allied Bank typically charges a nominal fee for early repayment.
Can I change my repayment plan later?
Yes, you can request a repayment plan change, but additional charges may apply.
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