Indeed, Personal loan helps. As Pakistan is the land of people who wants to grow both economically and socially through utilizing any opportunity at hand. It is a well known fact that mostly the population in Pakistan belongs from 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 loans in Pakistan has enabled people to dream big.
Just a couple of years back, there were not enough number of people who trusted bank loans in Pakistan. They dreaded the interest deduction or any unpleasant incident, which can inflict them negatively. But surely 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 Loan in Pakistan
Here, I want to clear one thing about getting easy loan in Pakistan. Not only banks, there are some micro-financial institutions which are also offering easy personal loan. For instance, Kashaf foundation is a micro-finance non-governmental organization which is offering their services in the form of providing small business loans and financial access to women to improve their economic status.
The bank loan in Pakistan have got you covered to buy your favorite car, renovate your long forgotten home, wed your daughter or spend on her education. To avail these loans in Pakistan, there are certain eligibility criteria which you have to meet.
- Minimum age limit is 21 years and maximum is 45
- Applicant should have a CNIC
- There is certain earning limit set for applicant
- Duration of business or employment is also required
To get easy bank loan, you must check with their official websites as every bank has set the eligibility requirement. Generally, the tenure to return 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 it makes bank loans in Pakistan a reliable way to get money.
Telenor Micro-finance bank for Personal loan
Like I stated earlier, that apart from banks, there are some micro-finance institutions which 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 in 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. 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
- Number of amount available for personal loan is up to 50,000
- Age limit is from 22 to 60 years old to avail easy personal loan
- Timeline to return loan is 5 years with monthly installments
- No lengthy documentation and complex process
- 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 services have set their credibility among customers and people of Pakistan in general.
Naya Pakistan Housing Scheme Loan
People in Pakistan are usually rented or living in joint family system for not having enough resources to construct or buy their own homes. With PM Imran Khan’s Naya Pakistan Housing Program, every one is eligible to apply for own home at easy installments.
Loan for Schooling
Education is an undeniable right of every children but with 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 loan in Pakistan without interest to fulfill educational needs in Pakistan.
The return policy of this 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 studies. The returning amount is amendable and depends on the earning 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 which is empowering people to improve small & medium scale business and reduce Unemployment in Pakistan