Pakistanis Can Now Borrow Up To Rs.7 Million In Personal Loans

0

If you are among those who are considering studying abroad or extending their credit card purchases but cannot do so due to financial pressure on their savings, the central bank has come up with a new measure to help you.

You can now borrow up to 7 million rupees from a bank or development finance institution (DFI), which is 40% more than what was previously allowed.

The move, one of several taken by the central bank over the past three months, is aimed at boosting consumer credit growth amid the COVID-19 pandemic that has slowed economic activity and pushed the GDP of the country in negative territory for the first time since 1952.

In the past three months alone, the central bank has cut its key rate from 6.25% to 7%.

Clean loan

Under this scheme, there are two types of loans that you can avail.

The first is called a clean loan where no collateral or collateral is required against the loan. The limit for this category has been increased by 50%. You can now borrow Rs 3 million for your education or start-up compared to the previous limit of Rs 2 million.

This applies to credit cards and personal loans without providing any of your personal assets as collateral.

Clean and secure loan

The second type is that of clean and secured loans where the SBP has clubbed clean loans with secured loans. Secured loans are those for which you have to put an asset as collateral or collateral with the bank. It just means that in the event of default, the bank can use the asset to repay the funds it gave you as a loan.

Preferred Customers

The central bank also revised the credit limit for senior customers. These are high net worth clients who make their payments on time, have a good loan history and history, and are financially strong. The SBP has increased the limit on own loans (one without any guarantees or guarantees) for major clients by 40% or 2 million rupees.

Prime customers can benefit from a loan of up to Rs7 million (credit card + personal loan) compared to the previous limit of Rs5 million. However, it is subject to one condition: the amount of the personal loan must not exceed Rs4 million. If a primary customer reaches this limit, they can benefit from the remaining amount (Rs 3 million) on a credit card.

The SBP also said that the credit limits in all three cases are on block terms. This means that the limits allocated relate to the total amount of the loan taken by a person from all banks / DFIs combined.


Source link

Share.

About Author

Comments are closed.