Banks Personal Loans

Banks  Personal loans are mainly required because of the lack of cash available to get the desired need done.

Personal loans are very useful since they can be returned through easy installment plans.

Who can one apply for a Personal Loan through Banks?

It can be applied in Pakistan by any Individual with a minimum age of 21 years and a maximum age of 60 years for (Salaried) and 65 years for (Self-employed businessman).

What are the minimum and maximum tenure for Personal Loan

The minimum tenure for a Personal loan is 1 year and the maximum is 4 years.

How many limits can one person apply Banks  Personal loans

An individual can apply a minimum of Rs 50,000/-  up to a maximum of  2,000,000/-  depending upon other loans he has with a clear credit history.

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Can you repay Personal Loan before its due time

Yes, you can easily pay it off early by paying a per-payment penalty.

How much Interest rate is charged on a Personal loan

Well, different banks in Pakistan are offering Personal loans with different interest rates ranging between 10 to 25 % p.a.

Documents Required to Avail Personal Loan  

The following list of documents are required to avail for a personal loan:

1- Copy of salary slip/Income proof.

2- Copy of a CNIC.

3- Employer ID card/Letter from employer.

4- Business letterhead

5- 6 months Bank Statement/NTN.

How to apply for a Personal loan

A Personal Loan can be applied in different ways but first, a person must whether he fulfills desired bank eligibility criteria in terms of Age, Minimum Salary, Average Bank Balance in Bank statement for Businessperson etc.


Repayment of personal loan is usually in monthly installments which consists of interest amount and partial amount.

In the initial months, a portion of the interest amount in monthly installments is larger than the principal amount then it gradually decreases while the Principal amount increases in monthly installment.

Personal loans are the most expensive bank loans as these loans are offered without any collateral/ security by the banks.

Late Payment Charges

Each month, an installment is generated and 10 to 15 days are given by banks to customers to pay the installment.

If a customer fails to pay the installments in due course of time, penalty charges have to be paid by the customers.

These penalty charges are around Rs.1500 per installment which is not paid on time.

Balloon Payments

You can make bigger repayments other than your monthly installments which are called Balloon payments.

These Balloon payments maybe 3 installments paid together or more.

The purpose of ballon payments is to reduce the burden of the monthly installment amount and to reduce the principal amount.

Which ultimately results in less interest to be paid by the custoomer.



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