If you are looking for a loan because you need it for personal use, for Business, or for your home then this article will help you to get the very basic knowledge about taking a loan from the National Bank Of Pakistan.
Choosing the National Bank Of Pakistan Loan and using its Loan Scheme is a good option in Pakistan, as it takes a very low-interest rate as compared to other banks in Pakistan. Go through the whole article for understanding the different loan schemes of NBP, and the best one for you.
The following are the most popular National Bank Of Pakistan loans.
National Bank Of Pakistan
The National Bank Of Pakistan is the central bank of the country and it stands to provide notable banking and financial services not only in the country but also abroad. The National Bank Of Pakistan was established in 1949 right after the partition of British India into India and Pakistan.
At present, the National Bank Of Pakistan has more than 1400 branches across the country and it also has branches set up in foreign countries such as United Arab Emirates, Bahrain, and Azerbaijan.
The National Bank Of Pakistan is one of the largest banks in the country and it is also one of the most efficient too. The bank offers a wide range of services such as money transfers, remittances, investing, deposits, financing, etc.
National Bank Of Pakistan has always been striving to provide nothing but the best for its customers and this is what sets it apart from other banks in the country.
What Is Loan In Banking Terms
A loan is the amount of money that someone gives to someone else with the intention that it will be repaid. Loans are typically given with interest, which is the charge for borrowing money. The terms of a loan will specify when and how the money must be repaid. Loans can be utilized for different purposes including:
- Buying a home
- Starting a business
- Consolidating debt
- Paying liabilities or running business operations, etc.
There are various kinds of loans and every loan has its own terms and conditions. It is necessary to carefully think about all the options before taking out a loan.
Why Loan Is Important
A loan is needed for many reasons.
- The loan provides the funds necessary to make large purchases. For example, without a loan, few people could not afford to buy a house or a car for their business or for personal use.
- The loan helps to even out financial peaks and valleys. For example, when business is slow, loans can help to cover operating expenses and keep the business afloat.
- A loan can be used as a tool to consolidate debt and improve one’s financial situation. By consolidating high-interest debt into a single low-interest loan, borrowers can save money on interest payments and become debt-free more quickly.
- Finally, a loan can provide peace of mind in times of financial hardship. Knowing that you have access to funds in case of an emergency can help reduce stress and anxiety.
For all these reasons, a loan is an important part of many people’s lives.
National Bank Of Pakistan Loan Scheme In Pakistan
NBP provides different types of loans that help Pakistani people to overcome their problems. some of the important loan schemes of NBP are home loans, personal loans, and business loans. Let’s take a brief look at all these National Bank Of Pakistan loans.
NBP Home Loan
NBP is provided a home loan to a salaried person or a self-employed as well. The following are the requirement for taking this NBP loan scheme.
For Salaried Person
- Must be a resident of Pakistan
- Have a national Id card
- Age should be above 21 years old and up to 60 plus
- Clear credit history
- The minimum income should be 35000 PKR for having this facility
- Length of service must be above 1 year
- Markup is 2%
For Self Employment
- Must be a resident of Pakistan
- Have a national Id card
- Must be over 21 years old up to 60 plus
- Clear credit history
- The minimum income for taking this facility is 150000 PKR
- Length of service or business must be above 3 years
- Markup is 3%
Note: Loan duration will vary from 3 to 20 years.
NBP Personal Loan
NBP is provided a personal loan to their current employees or those organization staff who are eligible for availing of this NBP loan scheme. An employee can take a personal loan for up to 20 advance salary, For example, if a person is earning 20k net salary then he can take a loan of up to 400000.
This product is provided across the country. The following are the requirement for taking this NBP loan scheme:
- The person must be a permanent employee of a federal, provincial, or semi-government organization
- He or she can take a loan of up to 3,000,000 PKR
- Age should be under 59
- No minimum income is required for applying this loan scheme
- A person must be an employee account in NBP, so they can directly debit your employee account when you have funds in your account or when you get a salary.
- Markup is 22% fixed per annum
Use our guide to learn how to use personal loan effectively.
NBP Business Loan
NBP provides business loans to small and rural enterprises, they provide:
- Working Capital Finance
- Medium Term Finance
- Long Term Finance
A person who takes a loan will need for following documents:
- Loan Application Form
- Financial Statements
- Property Documents
- Borrower’s Profile
Note: 60% coverage is for
- Business Startup
- Woman Borrower’s
- Small Enterprises
- Rural Enterprises
Using a business loan in an effective manner is a very important part of the business strategy. Use our free guide to learn how to use business loans effectively.
How To Apply For A National Bank Of Pakistan Loan
You can apply for a loan from the National Bank of Pakistan (NBP) in various ways such as:
- You can either visit an NBP branch and fill out an application form
- Or you can apply online via the NBP website
If you are applying online, you will need to provide your personal information, income details, and the amount you wish to borrow.
Once you have submitted your application, an NBP representative will contact you to discuss your loan options and complete the process. You can also apply for a loan by calling NBP’s customer service helpline.
It does not matter which method you choose but make sure you have all the necessary information and documents on hand before applying for your application to avoid any delays.
General FAQS
Which is the low-markup loan in Pakistan?
NBP offers the low-markup loan in Pakistan
Is choosing the National Bank Of Pakistan Loan scheme good?
Choosing the National Bank Pakistan Loan scheme is good for those who are employees of a federal organization or a semi-government organization, as they can take a benefit that others can not.
Which bank is good for taking a student loan?
National Bank student loan should be considered first when taking a student loan.
For more information visit the official NBP site.