Top 5 banks for personal loans in Pakistan

Be it home renovation, a wedding, or your dream vacation, nothing should stop you from doing what you want in the best way possible, not even money. And that’s why personal loans are important. These loans are generally unsecured, but a secured personal loan may come with a lower interest rate. While these loans can be used for just about anything, ensure that you borrow from a trustworthy bank. To help you, here are the top five banks in Pakistan you can approach for personal loans.

  • Standard Chartered bank
    Standard Chartered is one of the top banks in Pakistan, but getting a personal loan from the institution is not difficult. Potential borrowers can get a loan of any amount between PKR 30,000 and PKR 4 million, depending on their income, eligibility, and repayment ability. These can be repaid over 12-60 months, and attractive interest rates and online banking services make it easy to manage the loan. The eligibility criteria include a minimum age of 21 for salaried applicants and 25 for self-employed applicants, a valid Pakistani phone number, and an active email ID. Additionally, one must submit their Computerized National Identity Card (CNIC) and income proof while applying.
  • Bank Alfalah
    Getting a personal loan from Bank Alfalah is hassle-free, and there is no security requirement. The financial institution offers a partial prepayment option, discounts for existing customers and account holders, and minimal documentation. Bank Alfalah offers its customers multiple repayment options, including ATM, internet and mobile banking, direct debit, and cash payment at a branch. Borrowers can also club multiple sources of income to increase their loan limit. Pakistani and foreign nationals over the age of 21 are eligible for personal loans at Bank Alfalah. Applicants must submit a copy of their CNIC and proof of income.
  • Habib Bank Limited
    HBL is Pakistan’s largest bank, and it offers personal loans of PKR 25,000 to PKR 3 million, with a repayment tenure of 12-60 months. Additionally, the bank offers quick and hassle-free loans through its mobile app. Applicants can opt for this paperless process and get a loan without the need to fill forms, submit documents, or sit through the verification process. An application on the mobile app is evaluated, and the status is shared on the applicant’s registered mobile number. That said, only HBL salary account holders over the age of 21 and those who will be below 60 at the time of loan maturity can apply.
  • Faysal Bank
    This bank offers personal loans—Faysal Personal Installment Loan—from PKR 50,000 up to PKR 0.5 million (a maximum of 2 million), depending on the borrower’s income and their repayment ability. Repayment is made easy with flexible tenures of 12-60 months and easy installments of as low as PKR 1,500/month. On the flip side, borrowers are charged a processing fee of up to PKR 15,000, depending on the loan amount.
  • Muslim Commercial Bank
    The Muslim Commercial Bank offers personal loans of PKR 50,000 to PKR 2 million with 1-5 years of tenure. There is no collateral requirement, and borrowers don’t need to pay any processing fees if their application is rejected. Salaried individuals in the Government of Pakistan, the private sector, and armed forces who are earning over PKR 30,000/month are eligible for a loan from this bank. Applicants are required to submit valid documents as proof of income and a copy of their CNIC.