Allied Bank’s personal loan lends between Rs. 30,000 and Rs. 3 million over 12, 24, 36 or 48 months, and it does not require you to be an existing customer. It is priced as a spread over the 1-year KIBOR, from + 10% to + 18%, depending on segment and profile.
Why we recommend Allied Personal Finance
Salaried applicants qualify with a net salary from Rs. 25,000 if paid at ABL or Rs. 35,000 at another bank, and self-employed professionals and business owners are explicitly included, which sets it apart from several rivals in this section.
The loan is unsecured and meant for unexpected expenses, personal goals and short-term cash flow gaps. In practice that covers medical bills, education, weddings, home repairs or working capital for a professional, and the finance can be enhanced later.
Repayment flexibility is above average. After six months you can make partial prepayments, and full settlement is allowed at any time under the Schedule of Charges, a real advantage over loans that forbid early payments in the first year. Balloon payments must cover at least three instalments and can be made up to twice during the loan.
Author’s opinion
We would point to this loan for a self-employed professional or for a salaried person whose own bank does not lend. Be clear about the rate, though: it depends on where KIBOR stands when you sign, so ask whether your offer is fixed or repriced during the tenure.
The application is branch-based and the bank quotes about fifteen working days once documents are complete. It is offered in eight cities, including Karachi, Lahore, Islamabad and Rawalpindi, Faisalabad, Multan, Sialkot, Gujranwala and Hyderabad.
Bring six months of bank statements, since the banking relationship and debt burden decide the amount, and request the amortisation schedule with the real rate and fee. Use the balloon payments to shorten the loan whenever a bonus or a good month allows.
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