Bank AlFalah Personal Loan
No matter what age we live in, anyone needs a loan to start their own business. Provided he has enough money not to borrow from anyone and in this day and age, the easiest way to get a loan is through a bank in this case, And above all it is without any guarantee and even in easy monthly instalments.
Bank Al Falah Limited provides a very good loan facility for those living in Pakistan, the details of which will be given below. further more State Bank of Pakistan (SBP) also offer low cost hosing scheme.
So let’s start with the holy name of Allah.
Basic Detail’s of Loan
- Bank will grant loan minimum Rs. 500,000/- (Rupees: Five Hundred Thousand) to Maximum amount Rs. (Rupees: Two Million Only)
- Tenure of the Bank Al Falah Ltd. Personal Loan will start from 1 Year to 5 Year Maximum.
- Don’t need to provide any Bank Prime and Secondary Security , Collateral or any property mortgage (Its Golden Point )
- And Most interesting thing is you will get Complimentary orbit on registration.
How to Apply for Bank AlFalah Personal Loan ?
Age Limit Requirement
- Minimum age : 21 Year
- Maximum Age at loan maturity : 60 Years for salaried , 65 year for businessmen.
- Bank Application Form duly signed by applicant ( which is available in any Bank Al Falah nearest Branch)
- Copies of valid Pakistan Computerized National Identity Card (CNIC) – (Or at least the expiry date will be at least 3 months later)
- Latest 6 Month Bank Statement from Any Bank in Pakistan ( Doesn’t matter if it’s Bank Al Falah or not).
- Last few Month Salary Slip or Salary certificate (if you are employee duly sign and stamp with bank officer)
- Provide Valid National Tax Number , Tax Return, or any bank certificate or business proof (If you have personal Business or Self employed)
- Only Two Reference (Not a Guarantor) who know you and not from your family members or blood relation for Bank alfalah personal loan request.
Type of Loan
- Loan will be provided on Cash if you want.
- Balance Transfer Facility (If you want to transfer same loan from other bank to Bank Al Falah
- Balance transfer facility with top up (Available)
- Purchase Loan (Bank will purchase any thing on your behalf)
Credit Policy – Loan History Check
- Presently not in 30 Days payment overdue against any facility or product.
- Not more than once in 30 Days Payment overdue in Last Six Month
- Not more than twice in 30 days payment overdue since last 12 months.
- Never in 60 Days payment Overdue since last 12 Months.
- No defaulter from any Bank in any Type of Product for Bank Alfalah Personal Loan.
Bank Alfalah Limited Personal Loan Pricing
- Bank Alfalah Employees or Selected 16 Companies 1 Year Kibor + 13%
- Salary Transfer Segment (STS) or Payroll segment 1 Year Kibor + 19%
- Salaried – Asset Relationship Proffered customer 1 Year Kibor + 19%
- Salaried Segment (Others) 1 Year Kibor + 21%
- Self Employed (Assets / Branch Relationship proffered Customer) 1 Year Kibor + 22%
- Self employed Professionals and Businessmen 1 Year Kibor + 24%
Fees and Charges
- Processing Fee Rs. 3,500/- (Rupees: Three Thousand Five Hundred Only) or 1.2% of the loan amount, whichever is higher.
- Late payment Fee Rs. 700/- (Rupees: Seven Hundred Only) per month installment
- Cheque return charges Rs. 600/- (Rupees: Six Hundred Only) with 13% FED apply.
- Enhancement fee Rs. 2,300/- (Rupees: Two Thousand three Hundred only) if you want exceed your loan amount from your existing loan.
Partial or Early Payment Charges
|Years||Partial Payment||Early Payment|
|1st Year||Not Allowd||10%|
|3 Year Onward||5%||5%|
- Penalty will be charged on remaining principle in case of early settlement and on the paid amount in case of partial payment.
- Maximum of 1 partial payment is allowed in a year where each partial payment cannot be more than a total of 6 instalment.
Bank Alfalah Personal Loan Calculator
Bank alfalah also provide online calculator where you will calculate your monthly instalment on basis of fixed and Variable loan.