Best Bank For Personal Loan in Pakistan

You can use personal loans for a variety of expenses, including weddings, medical bills, home improvements, or unexpected emergencies. Personal loan rates fluctuate from one band to the other. The lowest rates are offered to only those who have higher credit scores.

You can apply for a low-interest personal loan through the online application to the bank. If your application gets approved, you will have funds hit your account within a few business days. The best bank for you is one which offers a loan at both the lowest personal loan rate and terms that fit your financial situation.

How to Compare Low-interest Personal Loans?

Here are some tips when comparing low-interest personal loans:

Autopay Discounts

Not all banks offer interest rate discounts for automatic payments, but most of the top tier banks do. Make sure you take a look at which bank offers an additional rate discount to get the lowest rate possible when looking at different low-interest personal loans.

Prequalify with the Bank

Several banks offer the opportunity to prequalify you for a personal loan. To prequalify, you can submit details including income, housing situation, desired loan use and other information to learn about potential loan limits, rates and repayment options. 

Prequalifying may also require a soft credit check so you can safely find the best rates.

Check for Additional Charges 

Some banks don’t charge origination fees, prepayment penalties and late payment fees. However, there are some that may charge all or some of these chargers. Make sure you look at the fee structure when comparing low-interest personal loans.

Evaluate the Bank’s Customer Support Options

If you’ve found a bank, customer support is an important thing to consider when signing the loan agreement. Customer support might not look like a big deal in the beginning but it can make a huge difference when you come across some issues with payments or face a financial challenge during your repayment period. Review the bank’s customer service resources and read reviews to ensure it suits you well.

Best Banks for Personal Loan in Pakistan

Below is the list of some of the best lenders for personal loan in Pakistan.

Standard Chartered

At Standard Chartered, you can get a personal loan of up to PKR 4 million depending on your income, eligibility and repayment capacity. It has flexible and hassle-free terms and conditions that can suit any budget. Its highly competitive interest rates make their unsecured loans affordable.

You can apply for personal loans at Standard Chartered with any deposit, security or guarantees. With personal loans, you get access to online and mobile banking for your account, bill payments and transfer funds. The loan can be repaid over a period of 12 to 60 months.

If you are applying for personal loan at Standard Chartered, you have to be at least 21 years of age in case of salaried personnel or 25 years old in case of self employed.

Bank Alfalah:

Bank Alfalah offers personal loans with customized financing with any additional requirements. Here you can get loans from PKR 50,000 to PKR 2 million which is payable within 12 to 48 months.

It offers both variable and fixed pricing options. From Bank Alfalah, getting a personal loan is a hassle free procedure with minimum documentation and affordable interest rates. It also has a partial prepayment option by which you can lower your installments.

Bank Alfalah offers multiple repayment options including Direct Debit, Non-Checking Account, Cross Cheque, ATM, Mobile Banking, Internet Banking and Cash payment at branches.

National Bank of Pakistan

NBP offers personal loans to permanent government, semi government and autonomous employees who receive salaries through the National Bank of Pakistan. At NBP you can avail loans up to PKR 3 million depending on your salary. It has the lowest mark-up rate in Pakistan. You can payback the loan in easy installments of upto 60 months at your choice. NBP features fast disbursement and quick processing. It doesn’t require minimum income or include insurance and collateral charges. If you are applying for a loan in this bank, you just have to fill up a simple application form online.

HBL

From HBL, you can get personal loans ranging from PKR 25,000 to PKR 3,000,000. These loans can be repaid over the period of 12 to 48 months. The top-p facility will be available after 12 months. This loan also includes life insurance coverage.

HBL offers loans to those individuals whose salary is being credited to this bank. Also, the applicant must be over 21 years of age at the time he/she applies for loan and less than 60 years at the time of loan maturity.

MCB

At MCB, the minimum loan amount for personal loan is PKR 50,000 and maximum loan amount is PKR 2 million which is payable over the tenure of 1 to 5 years. There is no processing fee if the application is not accepted. There is no collateral required.

Those salaried people working in any government department, private sector or armed forces are eligible for personal loan from MCB. Also, any individual who has taken a credit card, overdraft facility or personal loan from any bank in Pakistan is eligible for loan from MCB.

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