Alfalah Personal Loan
Whether
it’s your child’s wedding or higher education, unforeseen costs may hold you
back from giving them the best. Put an end to compromise with Alfalah Personal
Loan.
Basic Product Features:
- Minimum Loan Amount: PKR 50,000/-
- Maximum Loan Amount: PKR 2,000,000/-
- Minimum Tenure: 1 Year
- Maximum Tenure: 5 Years
- No Security required
Why Alfalah Personal Loan?
- Hassel-free processing with minimum documentation
- Affordable markup rates
- Fixed and variable pricing options
- You can opt for a fixed or variable rate of financing based on what suits you best.
- Partial prepayment option
- You can lower your installments by making a partial prepayment of the outstanding principal.
- A maximum of 1 partial payment is allowed in a year (a year is equal to 12 installments from the date of disbursement). Each partial payment cannot be more than a total of 6 installments.
- Loan top-ups/ enhancements for more financing
- You can top up the loan amount based on revised income and repayment history
- Multiple repayment options
- Non-Checking Account
- Direct Debit
- Cross Cheque
- Drop Box
- ATM
- Internet Banking
- Mobile Banking
- Cash Payment at branches
- Multiple income sources allowed for higher loan limits
- You can club more than one source of income to avail a higher loan limit. A maximum of 2 eligible secondary sources/ businesses are allowed.
- Balance transfer facility for outstanding personal loan(s) and credit card(s)
- You can better manage your outstanding personal loan(s) and credit card(s) of other banks by consolidating and transferring them under one installment loan
- Special Discounts and Minimal Documentation for existing Bank Alfalah account holders and customers
- Existing Bank Alfalah customers and account holders can enjoy discounted rates based on their relationship tenure, average balance and history with the Bank with minimal documentation.
Product Offerings:
Cash Loans – Fulfill your
dreams without worrying about upfront cash. May it be a holiday retreat with
your family or loved ones, quality education for securing your child’s future,
celebrating a family wedding or catapulting your lifestyle altogether.
Balance Transfer Facility (BTF) –
Finding it difficult to make multiple payments against credit cards and other
loans? Consolidate and transfer outstanding credit card bills, revolving loans
and personal loans under one installment loan.
Balance Transfer Facility with Top-up (BTF with
Top-up) – Obtain financing over and above the amount of debt
you wish to transfer to meet other financing needs without having to apply for
another loan for the same.
Basic
Documentation Required:
Complete
Application form with signatures
Copy of
CNIC
Documentation
as per Profession
For
Salaried Individuals – Salary Slip/ Salary Certificate, 6 months bank statement
For
Self-employed businessmen and Self-employed professionals – 6 months bank
statement
Basic Eligibility:
All
Pakistani nationals / Foreign nationals with company letter of comfort
(Approved companies)
Salaried
Individuals, Self Employed Businessmen/ Professionals, others (Landlords/
Housewives & Retired Individuals) with consistent rental income/ foreign
remittances
Age - Minimum:
21 years & Maximum: 60 years for Salaried.
Minimum:
21 years & Maximum 65 years for SEB/SEP/others
Income:
Min. gross monthly salary of PKR 25,000/- for Salaried individuals & Min.
estimated income of PKR 50,000/- for SEB/SEP/Others
Minimum
12 month bureau history for BTF / BTF with top up
Fee Charges:
|
Processing
Fee
|
PKR
3,000 or 1% of the loan amount whichever is higher
|
||
|
Early
Settlement Fee
|
1st year
|
2nd year
|
3rd year
onwards
|
|
10%
of the remaining principal
|
8% of
the remainingprincipal
|
5% of
the remainingprincipal
|
|
|
Partial
Prepayment Fee
|
1st year
|
2nd year
|
3rd year
onwards
|
|
Not
allowed
|
8% of
the paid amount
|
5% of
the paid amount
|
|
|
Late
Payment Fee
|
PKR
600 per month per installment
|
||
|
Cheque
Return Charges
|
PKR
600
|
||
|
Enhancement
Fee
|
PKR
2,000
|
||
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