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National Bank of Pakistan’s (NBP) Cash n Gold Loan Scheme, is a unique lending solution to meet different domestic needs such as education, marriage, medical expenses, and more.
Here’s a brief overview of the NBP Gold Loan scheme:
| Feature | Description |
|---|---|
| Loan Name | Cash n Gold Loan |
| Loan Provider | National Bank of Pakistan (NBP) |
| Loan Type | Sharia-compliant financing option against the pledge of gold ornaments |
| Purpose | Designed to cater to various domestic needs, including education, marriage, medical expenses, or any other lawful purpose |
| Loan Range | Minimum loan amount: Rs. 50,000 Maximum loan amount: Rs. 7,000,000 |
| Eligibility Criteria | – Age Range: 18 to 60 years for salaried individuals, 18 to 65 years for self-employed and businesspersons – No minimum income requirement |
| Loan Duration Options | One-year and three-year terms |
| Financing Amounts | – One-Year Financing: Rs. 105,000 (sanctioned amount) – Three-Year Financing: Rs. 97,000 (approved amount) |
| Markup Rates | – Male Borrowers: 1 Year KIBOR + 3.5% – Female Borrowers: 1 Year KIBOR + 3.0% |
| Processing Fee | Rs. 1,500 (excluding FED) |
| Security/Collateral | Gold ornaments valued based on 24-karat gold |
| Collateral Duration | Up to three years with the option for renewal |
| Special Benefits | – No minimum income requirement – Flexible markup servicing structured on a quarterly or annual basis – Free insurance coverage for net gold ornaments |
| Documentation Required | – Copy of CNIC/SNIC (Computerized National Identity Card/Smart National Identity Card) – Passport-size photographs – Nomination form – CF-1 Undertaking – Proof of address |
| Application Process | – Visit an NBP branch – Meet with Branch Manager or Operations Manager – Submit required documents – Complete application form – Await loan approval |
| Contact Information | – Phone: (+92-021)111-627-627 – Address: NBP Building, I.I. Chundrigar Road, Karachi, Pakistan |
Now, let’s start our guide to know all the necessary details of this program!
Recommended Reading: Top 3 Banks To Get Gold Loan In Pakistan (Get 50K-1Crore Gold Loan)
Gold Loan In Pakistan (Get PKR 50K-70Lakh Gold Loan-NBP) [Sharia-Compliant]
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Table Of Contents
- Gold Loan In Pakistan (Get PKR 50K-70Lakh Gold Loan-NBP) [Sharia-Compliant]
- What Is The NBP Cash n Gold Loan Scheme?
- Eligibility Criteria For Gold Loan
- Security/Collateral Requirements
- Benefits of Cash n Gold Loans
- Required Documents for Cash n Gold Loan
- How To Apply For NBP Gold Loan (Step-By-Step)
- Markup Rates And Interest Calculation
- Contact Information
- Frequently Asked Questions (FAQs) – Gold Loan
What Is The NBP Cash n Gold Loan Scheme?
The National Bank of Pakistan (NBP) Cash n Gold Loan Scheme is a Sharia-compliant financing option against the pledge of gold ornaments.
This loan can be obtained for various domestic necessities such as education, marriage, medical expenses, or any other lawful purpose.
- Purpose: This type of loan is specifically designed to cater to various domestic needs, including but not limited to education, marriage, medical expenses, or any other lawful purpose.
- Loan Range: Borrowers can access a Cash n Gold Loan with a minimum amount of Rs. 50,000, making it a versatile option for different financial requirements.
- Maximum Limit: The loan extends up to Rs. 7,000,000, providing substantial financial backing for individuals seeking higher amounts for their specific needs.
Eligibility Criteria For Gold Loan
- For Salaried Class:
- Age Range: Applicants must be a minimum of 18 years old and up to 60 years old at the time of loan maturity.
- For Self-Employed and Businessperson:
- Age Range: Individuals in the self-employed and business categories should be a minimum of 18 years old and up to 65 years old at the time of loan maturity.
- Loan Duration Options:
- The loan duration options include both a one-year and three-year term.
- Financing Amounts:
- For One-Year Financing: Rs. 105,000 is the sanctioned amount.
- For Three-Year Financing: The approved amount is Rs. 97,000.
- Markup Rates:
- The Markup rate is calculated as 1 Year KIBOR + 3.5% for male borrowers.
- Special Discount for Female Borrowers:
- Female borrowers enjoy a special discount, with the Markup rate set at 1 Year KIBOR + 3.0%.
- Processing Fee:
- The processing fee for the loan is Rs. 1,500 (excluding FED), ensuring transparency in the overall cost structure.
Security/Collateral Requirements
Type of Collateral
The security for the Cash n Gold Loan is in the form of gold ornaments, with the measurement based on 24-karat gold. The valuation is determined by the net content of gold in the provided ornaments.
Collateral Duration
The collateral is accepted for a period of up to three years, with the option for renewal. Borrowers have the flexibility to extend the arrangement by making up-to-date markup payments and submitting a request letter.
Additionally, the collateral should be accompanied by a clean Credit Information Bureau (CIB) report. This approach ensures a transparent and mutually beneficial collateral management process.
Benefits of Cash n Gold Loans
- No Minimum Income Requirement: Unlike some loan programs, Cash n Gold Loan doesn’t impose a minimum income requirement. Instead, the financing eligibility is determined by evaluating the borrower’s repayment capacity, ensuring a more inclusive approach.
- Flexible Markup Servicing: The markup servicing is structured on a quarterly or annual basis, providing borrowers with options that align with their financial preferences. Additionally, the repayment of the principal amount is scheduled upon loan maturity.
- Free Insurance Coverage: Borrowers enjoy the added benefit of free insurance coverage for the net gold ornaments provided as collateral. This safeguard offers financial protection and peace of mind throughout the loan tenure.
- Transparent Charges: The documentation charges associated with the Cash n Gold Loan are assessed at actual rates, promoting transparency. Borrowers will be informed of the specific charges incurred, including any shroff charges, ensuring clear communication and understanding of the financial commitment.
Required Documents for Cash n Gold Loan
- Identification Documents: Copy of CNIC/SNIC (Computerized National Identity Card/Smart National Identity Card) for the Applicant, Nominee, and Introducer. Original CNICs must be presented before a Bank Officer for verification.
- Photographs: Three recent passport-size photographs of the Applicant and Nominee(s) are required for documentation.
- Nomination Form: Submission of a completed Nomination Form as per the attached format is a mandatory requirement.
- CF-1 Undertaking: Applicants are required to submit a CF-1 Undertaking, following the format provided by the State Bank of Pakistan (SBP) to ensure compliance with regulatory guidelines.
- Proof of Address: Submission of any current utility bill serves as proof of address for the applicant.
- Salaried Individuals: For salaried individuals, a copy of the salary slip is required as part of the documentation process.
- Business Persons: Business persons need to provide their bank statements as part of the documentation. This step ensures a comprehensive assessment of the financial standing of self-employed individuals.
How To Apply For NBP Gold Loan (Step-By-Step)
Here is an overview of the application process for obtaining a gold loan from the National Bank of Pakistan (NBP), including the required documentation and steps to follow.
| Step | Description | Additional Notes |
|---|---|---|
| 1. Visit an NBP Branch | Visit any authorized National Bank of Pakistan (NBP) branch. | Ensure to choose a convenient branch location for easy access and assistance. |
| 2. Meet with the Branch Manager | Approach the Branch Manager for guidance and assistance with the loan application process. | In the absence of the Branch Manager, the Operations Manager can provide assistance. |
| 3. Submit Required Documents | Present all required documents, including identification, photographs, nomination form, and undertaking. | Ensure all documents are complete and in accordance with NBP’s documentation requirements. |
| 4. Provide Identification Documents | Submit copies of CNIC/SNIC (Computerized National Identity Card/Smart National Identity Card) for verification. | Original identification documents must be presented before a Bank Officer for verification. |
| 5. Nomination Form Submission | Complete and submit the Nomination Form as per the attached format. | Ensure accuracy and completeness of the nomination details to avoid processing delays. |
| 6. Submit CF-1 Undertaking | Submit the CF-1 Undertaking following the format provided by the State Bank of Pakistan (SBP). | Compliance with regulatory guidelines is crucial for loan approval. |
| 7. Proof of Address Submission | Provide a current utility bill as proof of address for the applicant. | The utility bill must be in the applicant’s name and reflect the current address. |
| 8. Provide Income Documentation | Salaried individuals must provide a copy of their salary slip, while business persons need to provide bank statements. | Income documentation aids in assessing repayment capacity and eligibility. |
| 9. Complete Application Form | Fill out the NBP Gold Loan application form accurately and completely. | Double-check all entries to ensure accuracy and avoid processing delays. |
| 10. Review Terms and Conditions | Review and understand the terms and conditions of the loan agreement. | Seek clarification on any terms or clauses that are unclear before signing the agreement. |
| 11. Submit Application | Submit the completed application form along with all required documents to the Branch Manager or Operations Manager. | Ensure all documents are securely attached and properly organized for submission. |
| 12. Await Loan Approval | Wait for the loan application to be processed and approved by NBP. | The processing time may vary depending on the completeness of documentation and internal procedures. |
Markup Rates And Interest Calculation
Here’s the Markup Rates and Interest Calculations:
| Category | Markup Rate | Additional Information |
|---|---|---|
| Male Borrowers | 1 Year KIBOR + 3.5% | Markup rate for male borrowers is calculated based on 1 Year Karachi Interbank Offered Rate (KIBOR) plus an additional 3.5%. |
| Female Borrowers | 1 Year KIBOR + 3.0% | Female borrowers enjoy a special discount, with the markup rate set at 1 Year KIBOR plus 3.0%. |
| Loan Duration Options | ||
| One-Year Financing | Rs. 105,000 (Sanctioned Amount) | The sanctioned amount for one-year financing is fixed at Rs. 105,000. |
| Three-Year Financing | Rs. 97,000 (Approved Amount) | Borrowers opting for three-year financing can access an approved amount of Rs. 97,000. |
| Processing Fee | Rs. 1,500 (Excluding FED) | The processing fee for the loan is Rs. 1,500, excluding Federal Excise Duty (FED). |
| Security/Collateral | ||
| Type of Collateral | Gold Ornaments | The security for the Cash n Gold Loan is in the form of gold ornaments, with the valuation based on 24-karat gold. |
| Collateral Duration | Up to Three Years | The collateral is accepted for a period of up to three years, with the option for renewal upon making up-to-date markup payments and submitting a request letter. |
Contact Information
Authorized Branch Visits: Applicants can visit any authorized National Bank of Pakistan (NBP) branch to inquire about and apply for the Cash n Gold Loan.
Meet with the Branch Manager or Operations Manager: Upon reaching the branch, individuals are encouraged to approach the Branch Manager for assistance. In the absence of the Branch Manager, the Operations Manager is available to address inquiries and guide applicants through the loan application process.
- Official Website: https://www.nbp.com.pk/
- Phone: (+92-021)111-627-627
- Address: NBP Building, I.I. Chundrigar Road, Karachi, Pakistan.
Recommended Reading: Top 3 Banks To Get Gold Loan In Pakistan (Get 50K-1Crore Gold Loan)
Frequently Asked Questions (FAQs) – Gold Loan
What is the loan range for the Cash n Gold Loan offered by the National Bank of Pakistan (NBP)?
The Cash n Gold Loan from NBP provides a range from Rs. 50,000 to Rs. 7,000,000, catering to various financial needs.
What are the financing amounts for one-year and three-year terms under the Cash n Gold Loan program?
For one-year financing, the sanctioned amount is Rs. 105,000, while for three-year financing, it is Rs. 97,000.
What domestic needs does the Cash n Gold Loan specifically address?
This loan is designed to cater to a variety of domestic needs, including education, marriage, medical expenses, and other lawful purposes.
What is the age range for eligibility in the Salaried Class, and for self-employed and business categories?
Applicants in the Salaried Class must be between 18 and 60 years old, while those in the self-employed and business categories should be between 18 and 65 years old.
Is there a minimum income requirement for the Cash n Gold Loan?
No, unlike some loan programs, the Cash n Gold Loan from NBP does not impose a minimum income requirement, ensuring a more inclusive approach.
How is the markup servicing structured for the Cash n Gold Loan?
The markup servicing is flexible, occurring on a quarterly or annual basis, providing borrowers with options aligned with their financial preferences.
What additional benefits do borrowers enjoy with the Cash n Gold Loan?
Borrowers benefit from free insurance coverage for the net gold ornaments provided as collateral, enhancing financial security during the loan tenure.
How are documentation charges handled for the Cash n Gold Loan?
The documentation charges for this loan are assessed at actual rates, promoting transparency and ensuring borrowers are aware of the associated costs.
Where can applicants inquire about and apply for the Cash n Gold Loan?
Applicants can visit any authorized National Bank of Pakistan (NBP) branch or contact NBP through their official website or phone number for inquiries and assistance.
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