Allied Bank Loan for Government Employees
Government and private employees in Pakistan often face unexpected financial needs for events like weddings, medical care, education, or urgent payments. To address these, Allied Bank offers a loan product called Allied Personal Finance.
This article will guide you on how Allied Bank loans work, eligibility requirements, loan calculator usage, and much more, helping you make informed financial decisions.
What is Allied Personal Finance?
Allied Personal Finance provides a flexible loan option with easy repayment terms, catering especially to salaried and self-employed individuals across Pakistan. It offers loan amounts from Rs. 30,000 to Rs. 3,000,000 with a repayment period of 1 to 4 years. Whether you’re looking to improve your home, cover wedding expenses, or pursue an educational goal, Allied Personal Finance can help you achieve these dreams.
This product is particularly beneficial for government employees due to its convenient repayment structure and flexible loan amounts. With competitive markup rates, no hidden charges, and prepayment options, Allied Personal Finance offers peace of mind and financial security to its customers.
Also Read : How to Get a Salary Loan from Apna Bank
Key Features and Benefits
- Flexible Repayment Period: Choose a repayment term from 1 to 4 years, depending on what suits you best.
- Loan Amount Range: From Rs. 30,000 to Rs. 3,000,000, allowing you to select a loan amount that fits your needs.
- Low Markup Rates: Allied Bank offers a reasonable markup rate, keeping loan costs manageable.
- Simple Documentation: No complex paperwork—just straightforward documentation requirements.
- No Hidden Fees: All charges are transparent, so there are no surprises.
- Prepayment Facility: Options for partial or full prepayment if you wish to settle your loan early.
- Additional Financing Option: If needed, you can request a finance enhancement to top up your loan.
Allied Bank Personal Finance is currently available in several major cities, including Lahore, Karachi, Islamabad/Rawalpindi, Faisalabad, Multan, Sialkot, Gujranwala, and Hyderabad.
Also Read : LOLC Bank Salary Loan for Employees
Eligibility Criteria for Loan
To apply for an Allied Bank loan, you need to meet specific eligibility requirements. Here’s what Allied Bank expects from its loan applicants:
For Salaried Individuals:
- Age: Minimum of 21 years and maximum of 59 years.
- Income: Minimum monthly salary of Rs. 25,000 if you hold an Allied Bank salary account, or Rs. 35,000 if you bank with another institution.
- Employment Tenure: At least 6 months of banking relationship with Allied Bank or any other bank, with a minimum of 2 years of employment.
For Self-Employed Professionals:
- Age: Minimum 21 years and maximum 64 years.
- Income: Minimum monthly income of Rs. 45,000 if you bank with Allied Bank, or Rs. 55,000 if you use another bank.
- Business Experience: Minimum 2 years of business for Allied Bank account holders, or 3 years if banking elsewhere.
By meeting these eligibility criteria, you can access Allied Bank’s Personal Finance services with ease and confidence.
Salary Loan Calculator
The Allied Bank loan calculator is a helpful tool that lets you estimate your monthly repayments based on the loan amount and tenure you choose. This calculator helps you understand the financial impact of your loan and plan your budget accordingly. To use the calculator, visit the Allied Personal Finance calculator and input your desired loan amount, tenure, and interest rate.
This tool gives you a clear view of your monthly repayment and total interest payable, helping you make an informed decision.
Also Read : First Women Bank Salary Loan for Government Employees
How to Apply
Applying for an Allied Bank loan is a straightforward process. Here’s how you can get started:
Visit the Nearest Allied Bank Branch: Gather your required documents and visit any Allied Bank branch near you.
Submit Documentation: Complete the application form and submit your required documents, including CNIC, income proof, and address verification.
Approval Process: Once submitted, Allied Bank reviews your application, and if everything is in order, your loan will be approved promptly.
For more detailed information, feel free to contact Allied Bank’s customer service.
FAQs
What is the minimum loan amount I can apply for with Allied Personal Finance?
The minimum loan amount is Rs. 30,000, which is ideal for smaller financial needs.
Can government employees apply for this loan?
Yes, government employees are eligible for Allied Bank’s personal loan, provided they meet the necessary criteria.
How do I calculate my monthly repayment?
You can use the Allied Bank loan calculator to calculate your monthly installments by entering the loan amount, term, and interest rate.
What are the markup rates for Allied Bank loans?
The markup rate starts at 1YK+10% and goes up to 1YK+18% based on your loan amount and tenure.
Is there a prepayment option?
Yes, Allied Bank offers a prepayment facility for both partial and full settlement of the loan.
Are there any hidden charges associated with the loan?
Allied Bank has no hidden charges, ensuring a transparent and fair loan process.
How long does it take to process my loan application?
The processing time depends on your documentation completeness and eligibility but is typically swift for complete applications.
What happens if I miss a monthly installment?
Missing an installment may result in late fees or penalties, so it’s important to budget for timely repayments.
Is Allied Personal Finance available outside major cities?
Currently, Allied Personal Finance is available in major cities like Lahore, Karachi, Islamabad, Rawalpindi, Faisalabad, Multan, Sialkot, Gujranwala, and Hyderabad.
How can I contact Allied Bank for more information?
You can reach Allied Bank’s customer service through their helpline or by visiting any of their branches.
Conclusion
Allied Bank’s loan for government employees is a valuable option for salaried individuals looking to manage financial emergencies. With features like low markup rates, flexible repayment terms, and simple documentation, this loan product makes it easy for employees to meet various needs, from medical expenses to weddings or education.
For more information, feel free to visit your nearest Allied Bank branch or contact their customer service.
