Welcome to the world of financial flexibility with the National Bank of Pakistan’s Cash n Gold Loan, a distinctive lending solution designed to cater to domestic needs. With loan amounts ranging from Rs. 50,000 to Rs. 7,000,000.
This program offers a versatile and accessible option for individuals needing financial assistance, including education, marriage, medical expenses, and more.
What makes the Cash n Gold Loan stand out is its inclusive approach.
Applicants must be at least 18 years old, and there is no stipulated minimum income threshold. The loan provides financing options tailored for one-year and three-year terms, accommodating diverse financial objectives.
Borrowers can opt for markup servicing arranged on either a quarterly or annual basis, granting them flexibility in aligning repayments with their financial circumstances. The incorporation of complimentary insurance coverage for net gold ornaments and transparent documentation fees adds value to this groundbreaking loan offering.
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Gold Loan In Pakistan (Get PKR 50K-70Lakh Gold Loan-NBP) [Sharia-Compliant]
Table of Contents
What is a Cash n Gold Loan?
The Cash n Gold Loan by the National Bank of Pakistan (NBP) is a Sharia-compliant financing option secured against the pledge of gold ornaments, empowering individuals for various domestic necessities.
This initiative is designed to cater to diverse needs such as education, marriage, medical expenses, or any other lawful purpose, offering financial assistance by leveraging gold ornaments as collateral.
- Purpose: The loan is specifically tailored to meet various domestic needs, offering support for education, marriage, medical expenses, or any other lawful purpose.
- Loan Range: Borrowers can access the Cash n Gold Loan starting from a minimum amount of Rs. 50,000, providing a versatile option for a range of financial requirements.
- Maximum Limit: The loan extends up to Rs. 7,000,000, offering substantial financial support for individuals seeking higher amounts for their specific needs.
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Eligibility Requirements for Gold Loan
- Salaried Class:
- Age Range: Applicants must be between 18 and 60 years old at the time of loan maturity.
- Self-Employed and Businessperson:
- Age Range: Individuals in the self-employed and business categories should be between 18 and 65 years old at the time of loan maturity.
- Loan Duration Options: The loan offers both one-year and three-year term options.
- Financing Amounts:
- For One-Year Financing: The sanctioned amount is Rs. 105,000.
- For Three-Year Financing: The approved amount is Rs. 97,000.
- Markup Rates:
- Male Borrowers: The Markup rate is 1 Year KIBOR + 3.5%.
- Female Borrowers: Female borrowers enjoy a special discount, with the Markup rate set at 1 Year KIBOR + 3.0%.
- Processing Fee: The processing fee for the loan is Rs. 1,500 (excluding FED), ensuring transparency in the overall cost structure.
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Security/Collateral Requirements
Type of Collateral
The security for the Cash n Gold Loan consists of gold ornaments, with the valuation based on 24-karat gold and determined by the net gold content in the ornaments provided.
Collateral Duration:
The collateral is accepted for up to three years, with the option for renewal. Borrowers can extend the arrangement by maintaining up-to-date markup payments and submitting a request letter. A clean Credit Information Bureau (CIB) report is also required for the collateral. This approach ensures a transparent and mutually beneficial collateral management process.
Advantages of Cash n Gold Loans
- No Minimum Income Requirement: Cash n Gold Loan doesn’t enforce a minimum income threshold, determining financing eligibility based on the borrower’s repayment capacity for a more inclusive approach.
- Flexible Markup Servicing: Borrowers can opt for markup servicing structured quarterly or annually, providing flexibility aligned with their financial preferences.
- Free Insurance Coverage: Borrowers benefit from complimentary insurance coverage for the net gold ornaments pledged as collateral, offering financial security throughout the loan tenure.
- Transparent Charges: Documentation charges associated with Cash n Gold Loan are transparently assessed at actual rates, ensuring borrowers are fully informed of incurred charges, including any shroff charges, promoting clear communication and understanding of financial obligations.
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Documents Needed for Cash n Gold Loan
- Identification Documents: Copies of CNIC/SNIC (Computerized National Identity Card/Smart National Identity Card) for the Applicant, Nominee, and Introducer are required, with original CNICs to be presented before a Bank Officer for verification.
- Photographs: Three recent passport-size photographs of the Applicant and Nominee(s) are necessary for documentation.
- Nomination Form: A completed Nomination Form in the prescribed format must be submitted.
- CF-1 Undertaking: Applicants must submit a CF-1 Undertaking in the format provided by the State Bank of Pakistan (SBP) to ensure regulatory compliance.
- Proof of Address: Submission of a current utility bill serves as proof of address for the applicant.
- Salaried Individuals: Salaried individuals need to provide a copy of their salary slip.
- Business Persons: Business persons must submit their bank statements to facilitate a comprehensive assessment of their financial standing.
Contact Information
Authorized Branch Visits: Applicants can visit any authorized National Bank of Pakistan (NBP) branch to inquire about and apply for the Cash n Gold Loan.
Meet with the Branch Manager or Operations Manager: Upon arrival at the branch, individuals are advised to approach the Branch Manager for assistance. In the absence of the Branch Manager, the Operations Manager is available to address inquiries and assist applicants with the loan application process.
- Official Website: https://www.nbp.com.pk/
- Phone: (+92-021)111-627-627
- Address: Visit the NBP Building, I.I. Chundrigar Road, Karachi, Pakistan.
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FAQs | Gold Loan
What is the age requirement for applicants of the Cash n Gold Loan?
Applicants must be a minimum of 18 years old and up to 60 years old for the salaried class and up to 65 years old for self-employed and business persons at the time of loan maturity.
What are the financing options available for the Cash n Gold Loan?
The loan offers specific financing amounts for one-year and three-year terms, catering to various financial goals.
How is the markup servicing structured for the Cash n Gold Loan?
The markup servicing is structured on a quarterly or annual basis, providing borrowers with flexibility in aligning repayments with their financial preferences.
What is the maximum loan amount available under the Cash n Gold Loan?
The loan extends up to Rs. 7,000,000, providing substantial financial backing for individuals seeking higher amounts for their specific needs.
What are the markup rates for the Cash n Gold Loan?
The Markup rate is calculated as 1 Year KIBOR + 3.5% for male borrowers, and female borrowers enjoy a special discount with the Markup rate set at 1 Year KIBOR + 3.0%.
What is the processing fee for the Cash n Gold Loan?
The processing fee for the loan is Rs. 1,500 (excluding FED), ensuring transparency in the overall cost structure.
What type of collateral is required for the Cash n Gold Loan?
The security for the loan is in the form of gold ornaments, with the valuation based on 24-karat gold and determined by the net gold content in the provided ornaments.
What documents are needed for applying for the Cash n Gold Loan?
Applicants need to provide a copy of CNIC/SNIC for the Applicant, Nominee, and Introducer, three recent passport-size photographs of the Applicant and Nominee(s), a completed Nomination Form, a CF-1 Undertaking, proof of address, salary slip (for salaried individuals), and bank statements (for business persons).
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