How to Get a Personal Loan from Askari Bank in Pakistan
How to Get a Personal Loan from Askari Bank If you’re searching for financial support to meet your personal goals, a personal loan from Askari Bank (AKBL) might be the right solution for you. Whether you want to fund your child’s education, manage wedding expenses, renovate your home, or consolidate debt, Askari Bank offers convenient personal loans with flexible terms. This article explains in simple terms how to apply for an Askari Bank personal loan online, what the eligibility criteria are, and the required documentation.
Personal loans are particularly helpful for those who want quick access to cash without the hassle of offering collateral. And the best part is that Askari Bank offers a Shariah-compliant loan option for those looking for interest-free financing, meeting Islamic banking requirements. You can learn more about this option on their official website or contact their customer service.
In this guide, we’ll go over everything you need to know to apply for a personal loan from Askari Bank, so you have all the information at your fingertips!
Overview of Askari Bank Personal Loan
Askari Bank is one of the most reliable banks in Pakistan, How to Get a Personal Loan from Askari Bankknown for offering a variety of financial products, including personal loans designed to meet the borrowing needs of salaried individuals, self-employed professionals, business owners, pensioners, and even specially-abled persons.
The key benefits of obtaining a personal loan from Askari Bank include:
- No Collateral Required: You can get the loan without pledging any security.
- Flexible Loan Tenure: Loan repayment terms range from 1 to 4 years.
- Top-Up Facility: You can enhance or top up your loan after three months.
- Convenient Monthly Installments: With fixed monthly installments, there is no need to worry about fluctuating payment amounts.
The loan can be used for multiple purposes, including education, weddings, travel, and even for buying personal gadgets.
Eligibility Criteria
Before applying for a personal loan from Askari Bank, it’s essential to understand the eligibility requirements. Here’s a breakdown:
Age:
- Salaried Individuals: Minimum age of 21 years.
- Self-Employed Businessmen/Professionals (SEB/SEP): Minimum age of 23 years.
Maximum Age:
- 60 years for salaried individuals (permanent employees).
- 65 years for contractual employees, pensioners, and SEB/SEP.
Income Requirements:
- For permanent employees of government or semi-government organizations, the minimum monthly income must be PKR 35,000.
- For employees of approved private companies, the salary requirement increases to PKR 40,000 for Category A companies and PKR 50,000 for Category B and C companies.
- Self-employed professionals need a monthly income of PKR 100,000 if they are branch customers and PKR 150,000 for non-branch customers.
- Loan Amount:
The loan amount ranges from PKR 50,000 to PKR 4,000,000, subject to the Debt Burden Ratio (DBR) guidelines. - Loan Tenure:
The loan can be taken for a period of 1 to 4 years.
How to Apply for Askari Bank Personal Loan Online
Applying for a personal loan from Askari Bank is easy and can be done online. Follow these steps:
- Visit the Official Website:
Start by visiting Askari Bank’s official website or their branch office to get information on how to apply online. - Complete the Application Form:
You will need to fill out the personal loan application form online with accurate information such as your name, CNIC number, contact details, and income information. - Submit Required Documents:
Along with the application form, you will need to provide a few essential documents:- A copy of your valid CNIC.
- Latest salary slip or salary certificate.
- A 6-month bank statement (for salaried individuals) or a 12-month statement for business owners.
- Contract letter (if you’re a contractual employee).
- Wait for Approval:
Once your application is submitted, Askari Bank typically takes around 10 working days to process your loan, provided all the necessary documents are submitted correctly. - Loan Disbursement:
If your loan is approved, the amount will be credited directly to your bank account.
For those who prefer not to visit the bank, Askari Bank also offers the option to apply over the phone by calling their 24-hour helpline at 111-000-787. You can even request a callback by submitting your details online.
Documents Required for Askari Bank Personal Loan
Here’s a quick checklist of the documents you’ll need to apply for the loan:
- CNIC Copy
- Salary Slip or salary certificate (for salaried individuals)
- 6-Month Bank Statement (for salaried individuals) or 12-Month Bank Statement (for business owners)
- Contract Letter (if applicable)
Benefits of Askari Bank Personal Loan
Some of the key benefits that make Askari Bank personal loans stand out are:
- Fixed Mark-up Rates: For branch customers, salaried individuals get a fixed mark-up rate of 31%, while self-employed individuals have a rate of 33%.
- Quick Processing: The loan is processed within 10 working days.
- No Collateral Required: This is an unsecured loan, which means you don’t need to provide any collateral.
- Top-Up Facility: You can enhance or top-up your loan every three months.
- Easy Repayment Options: Installments are automatically debited from your Askari Bank account.
FAQs
1.Who can apply for Askari Bank Personal Finance?
Salaried individuals, self-employed professionals, government pensioners, and even specially-abled individuals can apply.
2. Can overseas Pakistanis obtain Askari Bank Personal Loan?
Yes, those maintaining a Foreign Currency (FC) account, Roshan Digital Account, or holding Naya Pakistan Certificates can apply.
3.What is the minimum and maximum loan amount?
The minimum loan amount is PKR 50,000, and the maximum is determined by your debt burden ratio.
4.What is the loan tenure?
Loan tenure ranges from 1 to 4 years.
5.What is the minimum income requirement?
The minimum income requirement for salaried individuals is PKR 35,000.
6.What is the processing time for the loan?
The processing time is typically 10 working days.
7.What are the processing charges?
Processing charges are as per Askari Bank’s schedule of charges.
8.Can I make early payments or terminate the loan early?
Yes, early payments and premature termination are allowed with applicable charges.
9.What happens if I fail to repay the loan?
In case of default, the recovery department will contact you, and your details will be reported to the Credit Bureau.
10. How do I stay updated on my loan application status?
You can call the Askari Bank helpline or send an email to their customer service center.
If you have any more questions, feel free to contact (CustomerServices@askaribank.com.pk) or visit their official website for detailed information.