What is Bank Alfalah Instant Loan?


Bank Alfalah Instant Loan is a convenient loan facility offered by Bank Alfalah to its existing (selected) account holders.



What is Bank Alfalah Instant Loan?
What is Bank Alfalah Instant Loan?

 

 

It allows you to avail of a loan of up to PKR 1 million instantly through the ALFA app, without any paperwork or branch visits. 

 

 

Key Features of Bank Alfalah Instant Loan:

Loan amount: PKR 50,000 to PKR 1 million

Loan tenure: 1 to 4 years

Markup rate: 1 year Kibor + 18%

 

 

Eligibility:

Only available to selected Bank Alfalah account holders

Minimum 6 months average balance requirement

 

 

Good Credit History

Must meet debt burden requirement

 

 

Benefits:

  1. No physical documentation required
  2. 24/7 real-time loan disbursement
  3. Real-time installment calculator
  4. Flexible repayment terms 

 

 

If you're a Bank Alfalah account holder and meet the eligibility criteria, you can apply for an Instant Loan through the ALFA app. Here's how:

 

 

Log in to the ALFA app.

Go to the "Loans" section.

Select "Instant Loan."

Enter the desired loan amount and tenure.

Review the estimated monthly installment.

Submit your application.

 

 

The bank will process your application and disburse the loan amount instantly if you're approved. 

 

 

Bank Alfalah Instant Loan Calculator:

There are two ways to access an Instant Loan calculator for Bank Alfalah:

 

Online Calculator:

Visit the Bank Alfalah website: https://www.bankalfalah.com/personal-banking/loans/alfalah-personal-loan-calculator

 

 

Under "Personal Loans," choose "Alfalah Instant Loan."

Scroll down to find the "Alfalah Instant Loan Calculator."

Select the loan plan (Fixed or Variable) and your profession.

Choose the desired loan tenure (1 to 4 years).

 

 

The calculator will automatically show you the estimated monthly installment based on your selected options.

 

 

ALFA App:

Download and log in to the ALFA app on your mobile device.

Go to the "Loans" section.

Select "Instant Loan."

Enter the desired loan amount and tenure.

The app will display the estimated monthly installment immediately.

 

 

Bank Alfalah Instant Loan Process:

Eligibility:

Only available to selected Bank Alfalah account holders

Minimum 6 months average balance requirement

Good credit history

Must meet debt burden requirement

Application process:

 

 

Log in to the ALFA app.

Go to the "Loans" section.

Select "Instant Loan."

Enter the desired loan amount and tenure.

 

Review the estimated monthly installment.

Submit your application.

 

 

 

Approval and Disbursement:

The bank will process your application and disburse the loan amount instantly if you're approved. You will receive a notification through the app and an SMS confirmation.


Repayment: 

  1. You can repay your loan through monthly installments via:
  2. Direct Debit from your Bank Alfalah account
  3. Online banking transfer
  4. ALFA app payment
  5. Cash deposit at any Bank Alfalah branch 

 

 

Bank Alfalah Instant Loan Interest Rate:

The interest rate for Bank Alfalah Instant Loans is determined by a formula using the 1-year Kibor (Karachi Interbank Offered Rate) as a reference point: 

 

Interest Rate = 1-year Kibor + 18% 

 

As of today, the 1-year Kibor is around 14.50%. This means the current interest rate for Bank Alfalah Instant Loans would be: 

 

14.50% + 18% = 32.50% 

 

 

Frequently Asked Questions:

What factors affect the Bank Alfalah Instant Loan interest rate?

The Bank Alfalah Instant Loan interest rate is primarily determined by two factors:


 

1-year Kibor: This is a benchmark rate reflecting the cost of borrowing between banks in Karachi. As the Kibor increases, so does the Instant Loan interest rate.

18% markup: This is a fixed percentage added to the Kibor to determine the final interest rate.

 

 

Does the Bank Alfalah Instant Loan interest rate stay the same throughout the loan term?

No, the Bank Alfalah Instant Loan is a variable-rate loan, meaning the interest rate can fluctuate based on changes in the 1-year Kibor. When the Kibor rises, your monthly installments will increase, and vice versa when it falls.

 

 

What are the alternatives to the Bank Alfalah Instant Loan if I prefer a fixed interest rate?

If you prefer the predictability of a fixed interest rate, Bank Alfalah offers other personal loan options. 

 

 

These typically require more extensive documentation and credit checks but may offer lower interest rates than the Instant Loan.

 

 

You can compare their loan options on the Bank Alfalah website or consult with a bank representative to find the loan that best suits your needs and budget.

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