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Loans in Pakistan are offered as unsecured and secured products by Banks. For an unsecured loan, no collateral is required that applies in both car loans and home loan products. However, no collateral is required for unsecured loans and loan is offered based on the individual’s monthly income and ability to payback through installments. Mawazna.com covers three types of loan products: personal loan, car loan, and home loans offered as a conventional or Islamic finance product. Mawazna.com is Pakistan's No. 1 personal finance marketplace where consumers can search, compare and select the best loan products, all under one roof.
A personal loan can help you with easy access to funds to meet your individual needs such as family expenses, debt consolidation, children's education fee, home renovation, buying any home appliance, paying for your wedding expenses. Opting for a personal loan to accomplish any of the goals mentioned above is ideal if you do not have the required savings. Therefore, if you are looking for quick access to funds between Rs. 50,000 to Rs. 20 Lac without any collateral involved, personal loan products would be the best suitable financial product. It will allow you to have up to 5 years to pay back your loan through 60 monthly installments.
You can usually get a personal loan offered by a conventional bank in Pakistan. However, a few Islamic banks also offer personal finance products, such as Faysal Bank. Another Islamic bank called Meezan Bank provides financing to meet one's household items only.
To be eligible for a personal loan product, you must be working either in full-time employment or having your businesses. Your monthly income must be credited to your existing bank account in both cases of employment income or business income. A personal loan applicant is required to produce this evidence, and without this, no personal loan applications are considered by the Banks. Mawazna.com serves as Pakistan's leading personal finance marketplace. For more details on personal loans and compare various personal loan offers, visit the above links.
Due to the rising costs of cars in Pakistan, buying a new car or a used car these days has become quite a nightmare. However, a car loan or car financing facility offered by Pakistan’s leading banks enables you to get a vehicle by paying a small percentage of the price and pay back the rest of the money in few years through installments. Since rising prices of cars have become a norm in Pakistan, the cost to acquire your vehicle today through a car loan can match that cost considering the time value of money. Whether conventional or Islamic, all banks in Pakistan offer car loan and car financing facilities to their customers. You can still get a car loan from a bank if you do not maintain your bank account with them.
A car loan is a secured product that means the bank shall have ownership of your car, and you will not be able to sell your car without paying back the money to the lender and getting the clearance. When booking your car loan, you will need to pay a specific percentage of the deposit starting from 15%, and the rest is produced by the banks enabling you to buy a car of your dreams. Car loans are offered in installments payable for up to 7 years. Banks also require you to have your car insured all the time during the financing period. To review various car loan offers and compare car loans in Pakistan, visit the above links. Mawazna.com serves the consumers as Pakistan’s leading car financing marketplace and offers access to all the car financing options, their eligibility, and the ability to apply under one roof.
Buying your own home has become a dream come true for Pakistani consumers. The rising costs of land, material, and construction services make this goal quite tricky, especially if you children. All Pakistani banks offer home loans and mortgage products to address this concern through a long-term financing deal that may last up to 25-30 years based on the product you select. Home loans and mortgages are available to those with permanent employment or business income. However, since this is a secured product, it would involve collateral, and the bank and yourself shall own the property jointly until you pay back your mortgage. All conventional banks and Islamic banks (sharia-compliant) offer home loan products in Pakistan. You can get a mortgage to buy a home, build your home, or renovate your existing property. As the best strategy, if you find it challenging to own a home, you should get a home financing product in the early ages of your career to pay back the whole by the time you get old. Visit Mawazna.com home loan comparison service to get more details of all market-wide home financing options under one roof.