In this article, we have mentioned the key details of the top 3 banks to a get gold loan in Pakistan.
We will explore the key features like eligibility criteria, maximum loan limit, and repayment options of gold loans offered by the following top 3 banks of Pakistan i.e. NBP, BOP, and JS Bank Pakistan.
For your convenience, the following is a brief overview and comparison table of gold loans offered by the top banks in Pakistan:
Certainly! Here’s a brief overview and comparison table of gold loans offered by the top banks in Pakistan:
| Criteria | JS Bank Gold Loan | BOP Gold Loan | NBP Gold Loan |
|---|---|---|---|
| Maximum Loan Amount | Up to 1 Crore PKR | Up to 50 Lakhs PKR | Up to 1 Crore PKR |
| Interest Rate | Competitive rates | Competitive rates | Competitive rates |
| Loan Tenure | Flexible repayment options | Up to 5 years | Flexible repayment options |
| Loan Approval Time | Quick approval process | Quick approval process | Quick approval process |
| Eligibility Criteria | Simple documentation | Shariah-compliant product | Simple documentation |
| Additional Features | Online application | Takaful coverage available | Online account management |
| Customer Support | 24/7 assistance available | Dedicated customer service | 24/7 helpline |
Recommended Reading: Gold Loan In Pakistan Via NBP [Sharia-Compliant]
Top 3 Banks To Get Gold Loan In Pakistan (Get 50K-1Crore Gold Loan)
Table Of Contents
- Top 3 Banks To Get Gold Loan In Pakistan (Get 50K-1Crore Gold Loan)
List Of The 3 Banks To Get Gold Loan In Pakistan
Get a Gold Loan In Pakistan from these Banks:
- National Bank Of Punjab (NBP)
- The Bank Of Punjab (BOP)
- JS Bank
Gold Loan From the National Bank Of Pakistan (NBP)
National Bank of Pakistan (NBP) is now offering a secure and convenient way to access financing through its Gold Loan scheme.
This scheme provides individuals with the opportunity to leverage their gold ornaments as collateral for running finance, offering a range of financing limits from Rs. 50,000 to Rs. 7,000,000.
Eligibility Criteria:
- Age Requirements:
- For Salaried Class: Minimum 18 years and 60 years at the time of loan maturity
- For Self-Employed and Business Persons: Minimum 18 years and 65 years at the time of loan maturity
Product Features:
- Duration: 01 year / 3 years
- Mark-up Rate:
- 1 Year KIBOR + 3.5%
- Special discount for female borrowers: 1 Year KIBOR + 3.0%
- Valuation Rate:
- For One Year Financing: Rs. 105,000
- For Three Years Financing: Rs. 97,000
- Processing Fee: Minimum Rs. 2000/- or 0.2% of finance amount (Maximum up to Rs. 5,000/-) whichever is higher
- Collateral / Security: Gold Ornaments (measurement based on 24-karat Gold). Only net content of Gold.
- Tenure: Up to three years (with the option of renewal) upon payment of up-to-date markup and furnishing of request letter from the borrower and clean CIB)
- Income Requirement: No minimum income requirement, financing is allowed after assessing the repayment capacity of the borrower.
- Repayment: Mark-up servicing on the utilized amount every quarter and final adjustment upon maturity
- Insurance: Free insurance coverage of net Gold ornaments
- Shroff / Gold Smith Charges: At actual (Shroff charges will be paid by the borrower)
- Documentation Charges: At actual rates
Required Documents for Gold Loan Application:
- Copy of CNIC / SNIC of Applicant, Nominee, and Introducer
- 03 Recent Passport size Photographs of Applicant / Nominee(s)
- Nomination Form as per attached format
- CF-1 Undertaking (as per attached SBP format)
- Any Current Utility Bill
- Salary Slip in Case of a Salaried Person
- Bank statement for Business person (if applicable)
Contact Details:
- Website: https://www.nbp.com.pk/
- Phone Numbers: +92-21-99220100, +92-21-99062000
- Address: National Bank of Pakistan Head Office NBP Building, I.I. Chundrigar Road Karachi, Pakistan.
Gold Loan From The Bank Of Punjab (BOP)
The Bank of Punjab (BOP) has launched an innovative financing solution, “Sonay pe Sohaga,” offering individuals and small to medium enterprises a convenient way to access cash by pledging their gold bullion or ornaments.
This facility meets the diverse financial needs of its customers and provides a range of loan limits from Rs. 0.05 million to Rs. 50 million.
Eligibility Criteria:
- Clean e-CIB (Credit Information Bureau) record
- Income proof/Bank Statement/Income estimation
- Age should be between 21 years and 60 years
- Satisfactory market check
Loan Details:
- Minimum Loan Limit: Rs. 0.05 million
- Maximum Loan Limit: Rs. 50 million
- Loan Entitlement (lowest of factors): Rs. 3,000/- per gram of 24K gold OR 65% of the bank’s approved appraiser’s value whichever is lower
- Tenure: May vary from on-demand to 5 years
- Frequency of Repayment: Preferably monthly but can be allowed quarterly with an increase in markup by 50 (fifty) basis points.
- Security: Pledge over Gold Bullion owned by the customer/client/borrower/sponsors with specified margin and top-up clause as per bank policy under the scheme
- Insurance: The pledged Gold Bullion/Gold Ornaments will be insured by the bank at the Customer/Client/Borrower’s cost
- Renewal: Auto roll-over allowed at expiry under intimation to the customer/client/borrower upon markup servicing at the discretion of the bank
- Pricing/Mark-up: As per prevailing market rates
- Processing Fee: As per SOC
- Gold Valuation Charges: Rs. 200 per 10 gram of 24 Karat Gold
Contact Details:
- Website: https://www.bop.com.pk/
- Telephone: (042) 35783700-10
- Address: BOP Tower, 10-B, Block E-II, Main Boulevard Gulberg III Lahore
Gold Loan From JS Bank
JS GoldFinance offers a smarter option for meeting financial needs by using gold as collateral for short or medium-term financing, instead of selling the gold.
Eligibility Criteria:
- Pakistani national
- Valid CNIC/SNIC or NICOP/SNICOP
- Age: Minimum 18 years, Maximum 65 years
- JS Bank Account
- Satisfactory credit history of existing bank borrowings
- Financial ability to afford and repay finance
Key Features:
- Financing Amount:
- Individual:
- Min: PKR 50,000
- Max: PKR 2.5 Million
- SME:
- Min: PKR 2.5 Million
- Max: PKR 25 Million
- Individual:
- Processing Fee & Charges: As per the Bank’s updated SOC
- Security: Pledge of gold/gold ornaments
- Financing Tenure: 1 year/12 months to 4 years/48 months
Flexible Financing Solutions
JS GoldFinance offers both Running Finance and Term Finance options for customer convenience. Running Finance incurs interest only on the availed amount for 3 years, renewable upon customer request.
Term Finance includes Facility 1, where repayments are made in equal monthly installments, and Facility 2, with quarterly markup payments and principal payment at maturity.
Term Loan Plus is available to existing JS GoldFinance clients to enhance their current financing, subject to certain criteria including a minimum 6-month satisfactory relationship in Facility 1.
Repayment Options:
- Term Loan – A: Monthly installment plan
- Term Loan – B: Quarterly mark-up payments with principal paid at loan maturity
- Running Finance: Quarterly mark-up payments with principal fully settled once every year
Contact Details:
- Website: https://www.jsbl.com/
- Phone Numbers: +92 (21) 111-654-321,+92 (51) 111-654-321
- Email: info@jsbl.com
- Address: Shaheen Commercial Complex Dr. Ziauddin Ahmed Road P.O. Box 4847, Karachi-74200 Sindh, Pakistan.
Recommended Reading: Gold Loan In Pakistan Via NBP [Sharia-Compliant]
Comparative Analysis Of Top Banks For Gold Loan In Pakistan
The following is a comparative analysis table for gold loans offered by the top banks in Pakistan, including JS Bank, Bank of Punjab (BOP), National Bank of Pakistan (NBP), Meezan Bank, and Habib Bank Limited (HBL):
| Aspect | JS Bank Gold Loan | Bank of Punjab Gold Loan (BOP) | National Bank of Pakistan Gold Loan (NBP) | Meezan Bank Gold Loan | HBL Gold Loan |
|---|---|---|---|---|---|
| Interest Rate | Competitive rates based on market trends. | Competitive rates. | Competitive rates. | Competitive rates. | Competitive rates. |
| Loan Limit | Up to PKR 1 Crore. | Up to PKR 50 Lakhs. | Up to PKR 1 Crore. | Up to PKR 1 Crore. | Up to PKR 50 Lakhs. |
| Loan Approval Process | Fast and streamlined process. | Simple and straightforward. | Simple and straightforward. | Simple and straightforward. | Streamlined process. |
| Documentation Required | Minimal documentation. | Standard documentation. | Standard documentation. | Minimal documentation. | Standard documentation. |
| Repayment Options | Flexible repayment options. | Flexible repayment options. | Flexible repayment options. | Flexible repayment options. | Flexible repayment options. |
| Additional Benefits | Customized loan solutions. | Gold valuation services. | Online account access. | Shariah-compliant solutions. | Dedicated customer service. |
Safety Of Gold Loans, Are They Safe?
Here’s a brief overview of the safety of gold loans in table form:
| Safety Aspect | Description |
|---|---|
| Collateral Security | Gold loans are backed by physical gold provided as collateral, ensuring a secure asset base for lenders. |
| Risk Mitigation Measures | Banks implement measures such as insurance coverage and regular audits to mitigate risks associated with gold loan transactions. |
| Regulatory Framework | Gold loans are subject to regulatory oversight, ensuring transparency, fairness, and compliance with established lending standards. |
| Customer Protections | Borrowers are afforded rights and protections under banking regulations, including clear documentation, fee disclosure, and dispute resolution mechanisms. |
FAQs | Gold Loan In Pakistan
What is the nature of the gold loan offered in Pakistan?
The gold loan is a running finance facility against pledged gold bullion/gold ornaments for consumers to meet cash requirements.
Who is the target market for gold loans in Pakistan?
The target market includes individuals and Small & Medium Enterprises (SMEs).
What are the eligibility criteria for obtaining a gold loan in Pakistan?
1. The applicant must be a Pakistani national.
2. Valid CNIC/SNIC or NICOP/SNICOP is required.
3. The age should be between 18 years and 65 years.
4. A bank account may be necessary.
5. A satisfactory credit history of existing bank borrowings is required.
6. Financial ability to afford and repay finance is necessary.
What is the minimum and maximum financing amount for individual customers in Pakistan?
The minimum financing amount for individuals is PKR 50,000, and the maximum is PKR 2.5 Million.
What is the minimum and maximum financing amount for SMEs in Pakistan?
The minimum financing amount for SMEs is PKR 2.5 Million, and the maximum is PKR 25 Million.
What is the mark-up rate for gold loans in Pakistan?
1 Year KIBOR + 3.5%
Special discount for female borrowers: 1 Year KIBOR + 3.0%
What is the valuation rate for gold loans in Pakistan?
For One Year Financing: Rs. 105,000
For Three Years Financing: Rs. 97,000
What is the tenure for gold loans in Pakistan?
The tenure may vary from on-demand to 5 years.
What are the processing fees for gold loans in Pakistan?
The processing fees are as per the bank’s updated Schedule of Charges (SOC).
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