| About MCB Personal Loan |
| MCB Personal Loan FAQs |
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| What kind of a loan is it? |
Personal Loan is a clean cash facility that can be used for absolutely any legal need. It requires no guarantor, collateral and/or hypothecation. |
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| What all can I do with my Personal Loan? |
Your Personal Loan can be used for any thing and everything.. You can go on vacation, pay your bills, furnish your home and even pay for your child’s education. A personal loan cannot be used under any circumstances for an IPO (Initial Public Offering)
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| How much amount can I get through Personal Loan? |
You can get anywhere between PKR
50K to PKR 1 Million based on your income (Loans in excess of 0.5 Million
will be given to prime customers only). |
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| How much time do I get to repay? |
You can easily repay your loan amount in EMI (Equal Monthly Installments) in between 1 year to 5 years time.
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| Who can apply for Personal Loan ? |
| Salaried, Self Employed and even those who have already have availed any of MCB’s Asset Product. In addition government and Armed forces personnel can apply for Personal Loan. |
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| Are there any extra hidden charges? |
Late installment charges of PKR 1K or PKR 500, whichever is higher are applicable and in addition to that cheque returned charges of PKR 500 & Collection charges of PKR 400 per visit are also applicable. |
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| Is there any Insurance Policy? |
| There is an optional insurance facility available to all MCB Personal Loan customers. The insurance premium will be deducted upfront from the disbursed loan amount and no hidden charges in monthly installments. |
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| Can I pre-pay the loan? |
You can fully pre-pay or partially adjust your loan only once a year subject to a penalty as given in chart below. Also, partial adjustment must be at least equal to 6 monthly installments. |
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Pre-payment Penalty |
Tenor |
1st year |
2nd year |
3rd year |
4th year |
5th year |
1 |
10% |
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2 |
10% |
5% |
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3 |
10% |
5% |
5% |
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4 |
10% |
5% |
5% |
4% |
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5 |
10% |
5% |
5% |
4% |
4% |
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| How will the loan be disbursed? |
| Your loan will be delivered to you through D.D. and / or P.O. or crossed cheque. |
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| How do I apply? |
To apply please contact any of your nearest MCB Branch or visit our website and or Call at 111-000-622 |
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| How do I re-pay the loan amount? |
| You can easily pay through Post dated Cheques or by opening an Account with MCB for the said purpose with ISI. |
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| Can I club income to avail higher loan limits? |
No you cannot club income to avail higher loan limits. |
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| Are there any processing charges? |
Yes, PKR 2500 or 1% of loan amount, whichever is higher. |
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| Can I pay off my debt through Personal Loan? |
Yes, you can utilize this loan to pay off your other debt at a special rate or to pay off your credit card bill. |
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| What if I need an extra cushion on loan amount? |
You are eligible for enhancement after 9 months. |
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