Advance Salary Loan
In this post, you will find the detail of financial institutions that are providing the facility of advance salary loans to permanent employees. If you are interested to get an advance salary loan you should compare the products offered by financial institutions, in order to choose the best plan. Here, you will find the complete detail of advance salary loan products offered by the Financial Institution in the Province of Punjab, Pakistan.
Detail of Banks providing Advance Salary Loan
Currently, the following banks are providing the facility of advance salary loans to permanent employees of the Govt. of Punjab.
👉 National bank of Pakistan
👉 The bank of Punjab
👉 Habib bank Limited
👉 Bank Alfalah
👉 JS Bank
👉 MCB Bank
👉 NRSP Microfinance Bank
👉 Askari Bank
👉 Sindh Bank
👉 U Microfinance Bank
Detail of Products
👉 National bank of Pakistan
| For Permanent Employees | For Contractual Employees | |
|---|---|---|
| Eligibility Criteria: | NBP Advance Salary* is for NBP Account Holders who are: Permanent Employees of Federal / Provincial / Semi-Government & Autonomous Bodies receiving salaries through NBP. | NBP Advance Salary* is for NBP Account Holders who are: Contractual Employees of Federal / Provincial / Semi-Government & Autonomous Bodies receiving salaries through NBP. |
| Financing Limit*: | Maximum limit up to Rs. 3,000,000/-. | Maximum limit up to Rs. 2,000,000/-. |
| Tenure*: | Maximum tenure up to 4 years (48 months). | Maximum tenure up to 4 years (48 months) subject to the terms of the contract. |
| Age Criteria: | The maximum age of an applicant at the time of maturity of the finance should not exceed 59 years. | The maximum age of an applicant at the time of maturity of the finance should not exceed 55 years. |
For further information please contact the concerned NBP Branch.
👉 The bank of Punjab
👉 Habib bank Limited
FEATURES
- Financing limit between PKR 25,000 to PKR 3,000,000
- Repayment tenure(s) ranging from 12 to 48 months
- Availability of top-up facility after every 12 months
- Life insurance coverage
CRITERIA
- A salaried individual whose salary is being credited to the HBL account
- Applicant to be 21 years or more at the time of loan application and 60 years or less at the time of loan maturity
LOANS VIA MOBILE APP
Get an HBL Personal Loan by logging on to the HBL Mobile App. HBL is now offering a quick and hassle-free personal loan through the HBL Mobile App.
BENEFITS
- Easy - avail loan through quick and easy steps
- Paperless – no need to fill forms, submit documents or go through a verification process
- Convenience – get a loan through the HBL Mobile App, while sitting at home
CRITERIA
- A salaried individual whose salary is being credited to the HBL account
- Applicant to be 21 years or more at the time of loan application and 60 years or less at the time of loan maturity
HOW TO APPLY
APPLICANT TO PROVIDE:
- Verified copy of CNIC
- Verified copy of salary slip
- Letter from employer (if applicable)
Terms and conditions apply.
Source:- Click here to visit the link
👉 Bank Alfalah
Advance Salary
Additional Salary at your fingertips with Alfalah Advance Salary
Need an additional salary to cater to your financial needs? Look no further, Bank Alfalah has got you covered.
Manage your daily expense with Alfalah Advance Salary, and avail of a loan equivalent to your salary (up to PKR 100,000) from your Alfa app within minutes. Need cash for a new phone, medical need, education, or anything; Simply log into your Alfa app, apply for Advance Salary and get your loan disbursed. That too without filling out lengthy documentation or having to wait in a long queue at the bank. Apply today from the comfort of your home and manage your cash needs stress-free.
Download and Login into Alfa and avail of Advance Salary Instantly.
Benefits of Advance Salary
- No paperwork or branch visit
- Quick approval; get your loan within minutes
- Best Affordability with Zero Processing Fee
- Use any time through your Alfa Account.
- Hassel's free repayment facility
Eligibility Criteria
- Blue Collar customers who have their salaries disbursed in their Alfa wallet accounts
- Minimum income of PKR 20,000
Product Features
- Loan amounts from PKR 20,000 to PKR 100,000
- APR – 30%
- End–to–end the digitized process with the fastest delivery
- No documents required
- No processing fee
How to Apply
- Log onto Alfa, select Loans, and then Advance Salary
- Fill out the application form: CNIC issuance date and personal, professional & financial details.
- Read and Accept T&Cs
- Enter OTAC
- Application is submitted and customers are informed via SMS
- Within 5 minutes the application is accepted or rejected
Source:- Click here to visit the website
👉 JS Bank
JS Elite Salary loan offers financing from Rs. 40,000 to as high as 4 million, depending on your gross monthly salary and loan tenure.
- Financing- Rs. 40,000 to Rs. 3M,
- For Elite Prime customers Rs. 4M
- Markup - Two different Mark-Ups are offered with JS Elite Salary Loan
JS BankCredit Protector
24/7Call Centre
Financing: Up to Rs. 4,000,000/-Charges: Rs. 3500/- or 1% (Whichever is higher)
Tenure: Up to 48 Months
Early Settlement Option (5% of the outstanding loan amount)Pricing
- Facility A: Loan offered at 1-Year KIBOR + 8%, secured through the comfort letter and undertaking by the employee of the corporate entity for lien-marking for their end service benefit
- Facility B: Loan offered at 1-Year KIBOR + 12%, with up to 2 Post Dated Cheques as security equal to 6 EMI’S.
Eligibility Criteria
- Must have a JS Elite or JS Elite Plus salary account with JS Bank
- CNIC Holders between 21 and 60 years (at the time of maturity)
- Permanent and contractual employees can apply for a loan (Salaries should be credited into the JS Bank account)
- Minimum monthly Gross salary of Rs. 40,000/-
Source:- Click here to visit the website
👉 MCB Bank
Special Features
- MCB Bank Personal loan is FAST because we prioritize promptly satisfying your financial needs
- MCB Bank Personal loan is FLEXIBLE because the repayment tenure can be anywhere between 1-5 years
- MCB Bank Personal loan is AFFORDABLE because we have attractive & competitive interest rates for you
- You can avail of a loan of up to PKR 2 million with an MCB Bank Personal loan
- No securities or collateral required
- Quick Documentation
Eligibility
This product is currently available to the salaried class (whose salary is being transferred to MCB Bank) with Net Salary over PKR 40,000/ month. For details on your eligibility, please call the Call center.
Initial Documents Required:
- Copy of Salary slip/ Proof of income
- Copy of Valid CNIC
Rates
| Customers with Qualifying Credit History | Customers with non-Qualifying Credit History | |
| Tenure | 1 to 5 years | |
| Salaried - Govt./Armed Forces | 1-Year KIBOR + 14% | 1 - Year KIBOR + 16% |
*Subject to terms & conditions
** The approval eligibility criteria have been broadly defined. The bank reserves the right to accept or reject any proposal.
For further information, please call MCB Phone Banking at 111-000-622 (MCB Bank) or visit your nearest MCB Bank branch or click here
Note:
All loans shall be processed and approved as per MCB Bank Limited's sole discretion in accordance with regulations and Bank’s approved policies and procedures
Source:- Click here to visit the website
Purpose of Loans:
- Small Enterprise activities
- Income Generation Activities
| Loan eligibility |
|
| Loan Amount | Loan amount up to PKR 350,000 |
| Loan duration | Up to 36 Months |
| Repayment option | Equal Monthly Installments |
| Collateral | Pensions Books and Repayment Cheques in case of salary |
| Disbursement | The loan is credited into the account of the customer to make ultimate utilization much more secure. |
| Markup rate | As per applicable Schedule of Charges. |
| Insurance |
|
| Others Requirements | Pensions and Salary directly routed to NRSP MFBL Accounts |
Source:- Click here to visit the website
👉 Askari Bank
| Particulars | Details |
| Tenure of Loan | 1 to 4 years |
| Minimum Age of Borrower | Salaried: 21 Years SEB/SEP: 23 Years |
| Maximum Age till Maturity of Loan | 62 years (Salaried-Permanent) 65 years (SEB/SEP/Pensioner) |
| Minimum Salary/Income Permanent Employees Contractual Employees SEB/SEP (Branch Customers) SEB/SEP (Non-Branch Customers) | *Approved Companies: 30,000/- Non-Approved Companies: 35,000/- *Approved Companies: 40,000/- Non-Approved Companies: 45,000/- Rs. 55,000/- Average Balance Rs. 100,000/- Average Balance |
| Finance Amount (subject to DBR) | Rs. 50,000/- to 4,000,000/- |
| Top Up/Limit Enhancement | Loan top-up facility after 6 months (3 months if already using any other consumer product from Askari bank for 12 months) |
| Mark-up Rates Salaried SEB/SEP | Branch Customer: 23.99% Non-Branch Customer: 25.99% Branch Customer: 27.99% Non-Branch Customer: 29.99% |
Source:- Click here to visit the website
👉 Sindh Bank
*FEATURES:
- Finance amount from PKR 50,000 to PKR 1,500,000
- Financing up to 4 years
- Prompt and hassle-free processing with minimum documentation
- Low mark-up rate
ELIGIBILITY CRITERIA:
- Pakistani and AJK Citizen
- Age 21 to 59 years
- Salary Account with Sindh Bank
- Permanent Employee
- Minimum 2 years in service
- Guarantor of One Grade/Scale above applicant, but not less than BPS-15
DOCUMENTATION REQUIRED:
- Loan Application Form (LAF)
- Two recent photographs
- Copy of valid CNIC
- Last 3 month’s salary slips
- Copies of 2 utility bills
- Departmental/Employer NOC
- Undertaking from Deputy District Officer (DDO) or Salary Control Department
*Terms and Conditions Apply
Source:- Click here to visit the website
👉 U Microfinance Bank
Basic Features:
- Loan facility up to PKR 350,000
- Loan option for government, semi-government and private sector employees
- Embedded credit life and health insurance facility
- Loan tenure up to 60 months
- Loan repayment in equal monthly installments
Required Documents:
- Original CNIC
- 1 passport-size picture
- Salary slips
Source:- Click here to visit the website
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