NBP Advance Salary Loan facility is a personal loan facility extended by National Bank of Pakistan (NBP) to the salaried individuals for payment of personal needs & expenses. Further, NBP Advance Salary loan is NBP’s flagship Consumer Personal Loan Product and very popular as it contributes nearly 50% share in the personal loans category in the industry. Further, according to the annual report issued by NBP, public have availed upto an amount of Rs 95 billion under this facility.
This facility can be availed by NBP account holders who are permanent employees of Federal / Provincial government, semi government and autonomous bodies. However, the borrower must be receiving his / her salary through NBP. Further, no minimum income and collateral is required to avail NBP Advance Salary Loan facility.
for the purpose of understanding of our readers, we have jot down the major features and requirements to avail NBP Advance salary loan facility.
Eligibility Criteria
The borrower should be NBP Account Holders in addition to being a permanent employees of Federal / Provincial / Semi Government & Autonomous Bodies receiving salaries through NBP.
Age Criteria
The maximum age of the borrower should not exceed 59.5 years at the time of loan maturity.
References Requirement
Two references of work colleagues required to avail this facility albeit, the references should be of same cadre or higher cadre and may have their salary account in any bank.
Financing Limit
The Financing limit is up to 20 home take salary however, maximum limit is Rs 2 Million or 20 lacs. Additionally, the debt burden ratio of borrower should not exceed 50% of the net disposable income.
Monthly Income requirement
There is no minimum income requirement to avail this loan facility
Collateral / Security
There is no Collateral requirement for this loan.
Mark-up Rate
A fixed mark-up rate of 20%.
Loan Tenor
The tenor is flexible ranging upto 5 years at the discretion of borrower.
Installment Recovery
Monthly installments is recovered directly by debiting Salary Account maintained with NBP. In order to calculate your monthly installment amount, please visit here.
Processing fee
There are three type of charges for processing the application for loan.
- Processing Fee: For Fresh Customers the charges are Rs.2000/- or 2% of loan amount whichever is higher. However, maximum ceiling is Rs.20,000/-. For Rollover Customers the charges are Rs.2000/- or 2% of enhanced amount whichever is higher. However, ceiling is Rs.20,000/-
- Verification Charges: actual charges incurred on verification.
- Documentation Charges: actual charges incurred.
Rollover Option
The Rollover/Enhancement facility is available under this facility.
To avail this loan you can visit nearest NBP branch. The Application form for NBP Advance Salary Loan is available at NBP website.
NBP Gold n Cash Loan is another personal financing facility. To know more about NBP Gold n Cash loan, please click here.
