Personal Loan In Pakistan: In order to understand which bank offers the best personal loans in Pakistan, you must first consider what they are and how they work.
Personal loan in Pakistan differs from other types of loans in that it has more flexible terms and can be paid back over a longer period of time usually up to 5 years.
A personal loan in Pakistan is also typically cheaper than other types of loans, such as mortgages or car loans, because it has less stringent requirements and generally doesn’t require collateral.
If you want to get a personal loan in Pakistan and don’t know where to get it and which bank is best for you. Then there is a detailed review of the top 5 banks to get personal loans.
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Top 5 Banks To Get Personal Loan In Pakistan | Private Loan Lenders In Pakistan
Table of Contents
- Top 5 Banks To Get Personal Loan In Pakistan | Private Loan Lenders In Pakistan
- What Are Personal Loans?
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What Are Personal Loans?
For most of us, a loan is money we borrow. But that’s not quite true with personal loans. The distinction is minor but important:
A personal loan in Pakistan is unsecured, which means there isn’t collateral behind it. A bank will lend you money because they believe your income and expenses are enough to pay back that debt.
If you need financing and don’t have enough liquid cash available to do it or if you have some sort of asset you can use as collateral it might be better to apply for a home equity loan or line of credit instead.
List Of Top 5 Banks To Get Personal Loan (Recommended)
State Bank Of Pakistan (SBP)
The State Bank of Pakistan offers personal loans. The bank’s average processing time is three days and annual interest rates are between 15% and 19%.
| Criteria/Feature | Details |
|---|---|
| Requirement for Loan | SBP card is required for both personal and business loans |
| Interest Rates | Variable interest rates for personal loans, which can change based on market conditions. Typically higher than fixed-rate loans but offer flexibility |
| Loan Amount | Varies depending on the borrower’s creditworthiness and the bank’s policies |
| Repayment Terms | Typically, repayment terms are flexible, allowing for extra payments to lower the monthly payment or pay off the loan faster |
| State Bank of Pakistan (SBP) Details | One of Pakistan’s largest banks with 39 branches, 54 ATMs, and around 1,200 service outlets across Pakistan |
| Loan Type | No-frills personal loans offered by State Bank of Pakistan |
| Eligibility Criteria | Pakistani citizenship required (foreigners ineligible), residency in Pakistan for at least three years before applying, and a clear credit history |
| Loan Amount and Interest Rate | Varies depending on the bank’s policies and the borrower’s creditworthiness. Interest rates may range from 11% to 20% for personal loans. Business loan rates may vary. |
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Muslim Commercial Bank (MCB)
MCB is one of the largest banks in Pakistan, and they have a variety of personal loan in Pakistan options available. Their loans range from PKR 500,000 to PKR 100 million, so there’s something for everyone.
| Criteria/Feature | Details |
|---|---|
| Loan Types | Personal loans, business loans, and car financing are available |
| Interest Rates | Interest rates range from 12% to 24% annually, depending on creditworthiness and payment history |
| Loan Amount | Varies based on the borrower’s creditworthiness and the type of loan applied for. Generally, loans range from PKR 500,000 to PKR 100 million. |
| Repayment Period | Loan lengths range from 12 to 36 months for personal loans |
| Repayment Schedule | Flexible repayment schedule |
| Application Process | Simple and quick application process, either online or over the phone |
| Document Security | Assured security of all documents handled by MCB staff during the application process |
| Customer Service | Strong customer service provided by MCB |
| Recommendation | MCB offers competitive interest rates, flexible repayment terms, and a straightforward application process, making it a good option for personal loans in Pakistan. |
National Bank Of Pakistan (NBP)
The National Bank of Pakistan is the best bank when it comes to offering personal loans to its clients. With a wide range of financial products and services, from consumer loans to credit cards, NBP has what you need to take control of your finances.
| Criteria/Feature | Details |
|---|---|
| Loan Types | Personal loans, including consumer loans and credit cards |
| Interest Rates | Interest rates starting at 16.3% annually |
| Loan Amount | Up to 1,000,000 rupees (approximately $9,600) |
| Repayment Period | Loan terms range from one to five years |
| Collateral Requirement | No collateral is required for personal loan in Pakistan. |
| Application Process | Online application available for convenience |
| Account Requirement | A checking account with NBP or an affiliated bank |
| Approval Criteria | Based on repayment history, credit score, and employment status; self-employed applicants require a business plan |
| Repayment Frequency | Payments are due once every six months; periodic statements are provided during repayment |
| Late Payment Fees | Late payments may result in additional fees |
| Customer Service | World-class customer service provided by NBP |
| Recommendation | With competitive interest rates, longer loan durations, flexible repayment options, and no collateral requirement, NBP personal loans offer convenience and affordability for borrowers in Pakistan. |
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Habib Bank Of Pakistan (HBL)
Habib Bank Limited (HBL) is considered to be one of the best banks for personal loans in Pakistan. Because it has a long tradition and history of over 60 years.
| Criteria/Feature | Details |
|---|---|
| Loan Types | Personal loans |
| Loan Amount | Varies based on individual eligibility and requirements |
| Interest Rates | Competitive interest rates |
| Repayment Period | Flexible repayment periods |
| Branch Network | 111 branches across major cities in Pakistan |
| Customer Service | 24/7 customer support via phone, email, and mobile banking apps |
| Recommendation | With its long history, wide branch network, competitive interest rates, and flexible repayment options, HBL offers convenient and accessible personal loan in Pakistan to customers in Pakistan. |
JS Bank
JS Bank is the best bank for personal loan in Pakistan. The bank has a wide range of financial products, including home and vehicle loans, education loans, personal financing solutions, and more.
| Criteria/Feature | Details |
|---|---|
| Loan Types | Personal loans |
| Interest Rate | A flat rate of 9% for all loan amounts |
| Processing Fee | 0.5% of the loan amount |
| Government Tax | 3% of the loan amount |
| Repayment Period | Flexible repayment options |
| Upfront Payment | 20-25% of the loan amount upfront |
| Online Banking | Easy online banking services |
| Customer Service | Responsive customer service via email or phone calls |
| Recommendation | With a flat interest rate of 9% for all loan amounts and easy online banking services, JS Bank offers competitive rates and convenience for personal loans in Pakistan. |
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FAQs | Personal Loan In Pakistan
Which bank gives Personal Loan In Pakistan at the lowest interest rates?
Meza Bank in Pakistan gives personal loan in Pakistan at the lowest interest rates through the car financing service IJARA (Leasing).
How much loan I can get if my salary is 50,000 (For 5 Years)?
You could get probably 1,000,000 to 1,500,000 Lakhs easily for 5 years if your salary is 50,000
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