Best Personal Loans in Pakistan

Indeed, a Personal loan helps. As Pakistan is the land of people who wants to grow both economically and socially by utilizing any opportunity at hand. It is a well-known fact that mostly the population in Pakistan belongs to the middle class. This middle class is striving to meet their ends and explore new ideas when it comes to stabilizing themselves. From establishing a small scale business to buying a car or financing for one’s studies, easy Personal Loans in Pakistan have enabled people to dream big.

Just a couple of years back, there were not enough people who trusted bank loans in Pakistan. They dreaded the interest deduction or any unpleasant incident, which can inflict them negatively. But surely the time has had to change so it did. People started understanding that low markup and interest-free loans can ease their financial burden in any specific situation without much hassle.

Certain Requirements for Personal Loan in Pakistan

Here, I want to clear one thing about getting an easy loan. Not only banks, there are some micro-financial institutions that are also offering an easy personal loan in Pakistan. For instance, Kashaf Foundation is a micro-finance non-governmental organization that is offering its services in the form of providing small business loans and financial access to women to improve their economic status.

The bank loan in Pakistan has got you covered to buy your favorite car, renovate your long forgotten home, wed your daughter, or spend on her education.  To avail of these loans in Pakistan, there are certain eligibility criteria that you have to meet.

1. Minimum age limit is 21 years and the maximum is 45
2. Applicant should have a CNIC
3. There is a certain earning limit set for the applicant
4. Duration of business or employment is also required

To get an easy bank loan, you must check with their official websites as every bank has set the eligibility requirement. Generally, the tenure to return a loan is set between 1 to 5 years in installments. These installments depend on the amount of loan which you have taken from the bank. This time period to return the loan is a relief for people and this is what makes bank loans in Pakistan a reliable way to get money.

Telenor Micro-Finance Bank Personal Loan

As I stated earlier, apart from banks, there are some micro-finance institutions that are actively working to empower the nation economically. Telenor has initiated a mass transaction net for unbanked people with Easypaisa back in 2009.

Eventually, a micro-financial setup was set off for the unprivileged segment of society with the purpose of providing easy loans all over Pakistan.

Apart from providing micro-financial services for the sake of small businesses to fishers, merchants, manufacturers, or people from other fraternities, a project “Apni Chhat” is providing people with personal loans in Pakistan.  With this project in working, the main agenda is to give access to people with low earnings to get ownership of their homes on easily monthly installments.

Salient Features of Apni Chhat Loan

1. Number of amounts available for a personal loan is up to 50,000
2. Age limit is from 22 to 60 years old to avail an easy personal loan
3. Timeline to return loan is 5 years with monthly instalments
4. No lengthy documentation and complex process
5. Documents to be required include original property papers, CNIC, application form and finance agreement for loan.

These micro-finance institutions have made it easy for people to fulfill their dreams in a reliable way. These easy loans bank services have set their credibility among customers and people of Pakistan in general.

Naya Pakistan Housing Scheme Loan

People in Pakistan are usually renting or living in a joint family system for not having enough resources to construct or buy their own homes. With PM Imran Khan’s Naya Pakistan Housing Program, everyone is eligible to apply for their own home in easy installments.

Loan for Schooling

Education is an undeniable right of every child but with the employment rate as high as in Pakistan, it has become a far-flung dream of many parents for their children. Ihsan Trust is an organization, which is providing qarz-e-hasna to students for higher education. One of the best features of this loan is that it is a loan in Pakistan without interest to fulfill educational needs in Pakistan.

The return policy of personal loan is simple and the eligibility of the applicant depends on its need. The students have to pay back the amount after the completion of their studies. The returning amount is amendable and depends on the earnings of the student.

Based on the socio-economic condition in Pakistan, it is appropriate to say that access to easy loans in Pakistan is a new wave that is empowering people to improve small & medium scale businesses and reduce Unemployment in Pakistan