- OVERVIEW
- FEATURES
- ELIGIBILITY CRITERIA
- LOAN CALCULATOR
- FAQs
Salary Loan is a term finance loan based on the amortization concept with fixed monthly installments/repayments. The salary Loan facility would enable customers to bridge their financial shortcomings for the purpose of going on vacations, arranging children’s weddings, paying for children’s education, and other general expenses.
LOAN TENURE
Minimum: 1 year to Maximum 4 years
REPAYMENT
Equal monthly installments
LOAN AMOUNT
- Up to 1 Million or 15 take home salaries whichever is less*(Employees of multinational companies & local Private sector)
- Up to 2 Million or 20 take-home salaries whichever is less *(Govt. Employees/Employees of Armed Forces/local government bodies)
MARK-UP
Female Borrowers & Persons with Disabilities (PWDs) : *1-Yr KIBOR + 6% p.a.
Male Borrowers: 1-Yr KIBOR + 7% p.a
Visit any nearby branch and apply.
*Terms and conditions applied
- Salaried Individuals (Maintaining Salary Accounts with FWBL)
- Minimum 21 years to Maximum 60 years (at maturity of facility)
-
Permanent employees of government organizations, the army, multinational companies, public limited companies, and private limited
companies maintaining a salary account with FWBL
- The applicant must have a valid CNIC
- Clean Credit History
installments will be just
What are the minimum and maximum loan amounts?
Minimum Rs. 50,000/-& maximum Rs 2,000,000/-according to the eligibility, income and debt burden of customer.
What is the tenure of the loan?
The loan can be repaid over a period of 1 to 4 years.
Do I have to be a certain age to be eligible for a Loan?
The eligible age for a salary loan is between 21 to 60 Years.
What type of loan is this?
It is term finance. You have to repay in equal monthly installments.
What is the fee for a salary loan processing?
The processing fee will be charged as Rs. 2,000 or 1.25 %of the loan amount (whichever is higher) plus, Federal Excise Duty (FED).
Can I prepay my FWBL loan installment?
Yes. You can re-pay the outstanding loan amount plus accrued mark up with 1% pre-payment charges of the outstanding loan amount at any time before maturity of the loan.
What if I pay my monthly instalment late?
Late payment charges up to Rs. 500 flat per instalment will be applicable.
Is there any hidden cost involved?
No, there are no hidden costs involved. All charges are clearly mentioned in the Schedule of Bank Charges available at all FWBL branches.
What is the debt burden requirement for a salary loan?
40% of net disposable income.
Do I have to provide security, collateral?
No security is required to take out a salary loan.
What is EMI?
EMI stands for "Equal Monthly Installments”. It includes both the principal and the mark-up.