Gold-Loan-In-Pakistan

Gold Loan In Pakistan (Get PKR 50K-70Lakh Gold Loan-NBP) [Sharia-Compliant]

Welcome to the financial versatility offered by the National Bank of Pakistan’s (NBP) Cash n Gold Loan, a unique lending solution tailored to meet a spectrum of domestic needs. Ranging from Rs. 50,000 to Rs. 7,000,000.

This loan program provides a flexible and accessible avenue for individuals seeking financial support for diverse purposes, such as education, marriage, medical expenses, and more.

What sets the Cash n Gold Loan apart is its inclusive approach?

Applicants need to be at least 18 years old, and there’s no minimum income requirement. The loan offers specific financing amounts for one-year and three-year terms, catering to various financial goals. With markup servicing structured on a quarterly or annual basis, borrowers have the freedom to align repayments with their financial preferences.

The inclusion of free insurance coverage for net gold ornaments and transparent documentation charges further enhance the appeal of this innovative loan product. Explore a hassle-free and transparent lending experience with the Cash n Gold Loan from NBP.

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Gold Loan In Pakistan (Get PKR 50K-70Lakh Gold Loan-NBP) [Sharia-Compliant]

Gold-Loan-In-Pakistan
Gold-Loan-In-Pakistan

Table of Contents

What is a Cash n Gold Loan?

The National Bank of Pakistan (NBP) introduces the Cash n Gold Loan a Sharia-compliant financing option against the pledge of gold ornaments.

This initiative aims to empower individuals for various domestic necessities such as education, marriage, medical expenses, or any other lawful purpose. Cash n Gold Loan involves obtaining financial assistance by pledging gold ornaments as collateral.

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.

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Eligibility Criteria For Gold Loan

Eligibility-Criteria-For-Gold-Loan
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.

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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.

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Required Documents for Cash n Gold Loan

Required-Documents-for-Cash-n-Gold-Loan
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 purposes.
  • 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.

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.

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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.

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