In this article, we will explore the BOP advance salary loan scheme in detail, by exploring the age requirements, salary criteria, installment structures, and documentation.
We will provide you with a detailed guide for every step, but first here is a brief overview of this program:
Feature | Description |
---|---|
Flexible Loan Tenure | Tailor your loan term according to your financial preferences, ranging from 1 to 4 years. |
Fixed Mark-up Rate | Experience financial stability with a consistent mark-up rate throughout the entire loan tenure. |
Convenient Monthly Installments | Simplify repayment with manageable monthly installments, ensuring a stress-free experience. |
Financing Limits | Access financing between PKR 50,000 and PKR 1,500,000, catering to a wide range of financial needs. |
No Pre-payment Charges | Settle your loan ahead of time without incurring any pre-payment charges, promoting financial freedom. |
Minimal Documentation | Streamlined application process with minimal documentation requirements for ease of obtaining the loan. |
Life Assurance Coverage | Enhance financial security with life assurance coverage during the loan period for peace of mind. |
![Advanve-Salary-Loan-In-Pakistan Advanve-Salary-Loan-In-Pakistan](https://personalloan.pk/wp-content/uploads/2024/02/Advanve-Salary-Loan-In-Pakistan.jpg)
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Advance Salary Loan (Get PKR 25K-30Lakh Salary Loan) [Sharia-Compliant]
![Advance-Salary-Loan-[Sharia-Compliant] Advance-Salary-Loan-[Sharia-Compliant]](https://personalloan.pk/wp-content/uploads/2024/02/Advance-Salary-Loan-Sharia-Compliant.jpg)
Table Of Contents
Key Features Of Advance Salary Loan
![Personal Loan KFS Personal Loan KFS 1 pdf](https://personalloan.pk/wp-content/uploads/2024/02/Personal-Loan-KFS-1-pdf-1024x1024.jpg)
- Flexible Loan Tenure: Tailor your loan term to suit your financial preferences, with options ranging from 1 to 4 years.
- Fixed Mark-up Rate: Experience financial stability with a consistent mark-up rate that remains unchanged throughout the entire loan tenure.
- Convenient Monthly Installments: Simplify your repayment process by enjoying the convenience of manageable monthly installments, ensuring a stress-free experience.
- Financing Limits: Access financing between (50,000) and (1,500,000), catering to a wide range of financial needs and requirements.
- No Pre-payment Charges: Take advantage of the flexibility to settle your loan ahead of time without incurring any pre-payment charges, promoting financial freedom and flexibility.
- Minimal Documentation: Obtain your loan with ease, as minimal documentation requirements streamline the application process for your convenience.
- Life Assurance Coverage: Enhance your financial security during the loan period with the provision of life assurance, providing peace of mind throughout the loan term.
Eligibility Criteria Of Advance Salary Loan
![BOP-Advanve-Salary-Loan BOP-Advanve-Salary-Loan](https://personalloan.pk/wp-content/uploads/2024/02/BOP-Advanve-Salary-Loan-1024x565.jpg)
- Age Range: Applicants should be between 19 and 59 years old, with the upper age limit applying at the maturity of the facility.
- Minimum Gross Salary: Ensure a monthly gross salary of at least 17,500 to meet the eligibility criteria for the loan.
- Employment Tenure: A mandatory requirement is a minimum service period of six months with the current employer, demonstrating a stable employment history.
- Relationship with BOP: Establish a minimum one-month relationship with the Bank of Punjab (BOP) to fulfill the criteria for loan application.
Documentation Of Advance Salary Loan
- Valid Identification: Include a copy of your current Computerized National Identity Card (CNIC).
- Recent Salary Verification: Ensure transparency in your financial information by submitting your most recent salary slip, serving as a verification of your income.
- Bank Statements: Provide the last six months’ bank statements to present a comprehensive overview of your financial transactions and demonstrate financial stability during the loan application process.
How To Apply For BOP Advance Salary Loan Online
The following is a step-by-step guide on how to apply for a BOP Advance Salary Loan online:
Step | Description |
---|---|
1. Visit Website | Go to the Bank of Punjab (BOP) official website at https://www.bop.com.pk/. |
2. Check Eligibility | Ensure you meet the eligibility criteria, including age range (19-59 years), minimum gross salary (PKR 17,500), minimum service period of six months with the current employer, and a one-month relationship with BOP. |
3. Prepare Documents | Gather required documents including valid identification (CNIC), recent salary verification (salary slip), and the last six months’ bank statements. |
4. Calculate Loan | Use the provided loan amount and tenure options to calculate the desired loan amount and corresponding monthly installments based on your preferences. |
5. Online Application | Fill out the online application form available on the BOP website, providing accurate personal and financial information along with the necessary documentation. |
6. Submit Application | After completing the application form, review the information entered, and submit the application electronically through the website. |
7. Await Approval | Await approval from the Bank of Punjab after submission of the application. The bank will review your application and documentation before making a decision. |
8. Receive Funds | Upon approval, the sanctioned loan amount will be disbursed into your bank account, providing you access to the funds for your financial needs. |
Repayment Of Loan: Monthly Installment Breakdown
The following is a repayment schedule based on the applicant’s chosen loan amount and duration:
Loan Amount | One Year | Two Years | Three Years | Four Years |
---|---|---|---|---|
100,000 | 9,797 | 5,642 | 4,300 | 3,658 |
125,000 | 12,247 | 7,053 | 5,374 | 4,573 |
150,000 | 14,696 | 8,464 | 6,449 | 5,488 |
200,000 | 19,595 | 11,285 | 8,599 | 7,317 |
Contact Details Of Advance Salary Loan
- Website: https://www.bop.com.pk/
- Telephone Numbers: 042-35817661, 042-35817659.
- Email: personaloan@bop.com.pk
- Address: M.M Tower, 3rd Floor, 28-A, Block-K, Gulberg II, Lahore-54000.
Recommended Reading: HBL Salary Loan (Get PKR 25K-30Lakh Salary Loan In Pakistan) [Sharia-Compliant]
FAQs | Advance Salary Loan
What is the age range for loan applicants, and is there an upper age limit?
Applicants should be between 19 and 59 years old, with the upper age limit applying at the maturity of the facility.
What is the minimum gross salary required to be eligible for a loan?
A monthly gross salary of at least 17,500 is required to meet the eligibility criteria.
What is the minimum employment tenure required with the current employer?
A minimum service period of six months with the current employer is mandatory.
How long should an applicant establish a relationship with the Bank of Punjab (BOP) before applying for a loan?
Applicants must establish a minimum one-month relationship with the Bank of Punjab (BOP).
What documents are required for the loan application process?
1. Valid Identification: A copy of your current Computerized National Identity Card (CNIC).
2. Recent Salary Verification: Provide your latest salary slip.
3. Bank Statements: Furnish the last six months’ bank statements.
What are the contact details for inquiries or assistance related to personal loans?
Website: Visit https://www.bop.com.pk/
Telephone Numbers: 042-35817661, 042-35817659
Email: Contact personaloan@bop.com.pk
Address: M.M Tower, 3rd Floor, 28-A, Block-K, Gulberg II, Lahore-54000.
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