Salary Loan

LOLC Salary Loan

Products Description
Purpose Salary Loan shall be extended to individual for Self-Consumption/ Emergency use/ Asset acquisition/ any other personal use.
Product Nature Individual Loan
Working Experience: Minimum 2 Years with a reputed organization
Eligibility Criteria Annual Income is up to Rs. 1,200,000 (net of all deductions).
Loan Range Upto Rs. 350,000
Loan Term 06 to 24 Months
Repayment Equal Monthly Instalments (EMI)
Security Maximum two Guarantors/Personal Guarantees OR Pledge of Asset OR Original Deed OR Vehicle Registration book. For Loan Amount of Rs. 100,000 one guarantor and for loan amount exceeding Rs. 100,000 at least two guarantors are required 02 Post-dated cheques in favour of “Pak Oman Microfinance Bank Limited” equal to loan amount
Documents Required CNIC copy of Customer & Next of Kin CNIC Copy of Guarantor(s) Salary Slip Utility Bill preferably electricity of business place/residence OR any other document proving the ownership
Who Can Avail Anyone who is a permanent employee of a reputed organization for the last 2 years (minimum) within the age bracket of 22 – 57* years *(Maturity of loan should coincide with the 57th birthday of the customer).