If you are struggling to afford gold for your daughter’s wedding. Many banks in Pakistan offer gold loans with low interest rates and easy repayment plans. Get the gold you need and pay it back in easy installments.
This is the list of banks that give Gold loans in Pakistan:
- National Bank Of Punjab (NBP)
- The Bank Of Punjab (BOP)
- JS Bank
This article explores the features, eligibility criteria, and benefits of these Gold Loan schemes, highlighting how they can serve as a viable financial solution for those in need of immediate funds without liquidating their precious gold assets.
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Top 3 Banks To Get Gold Loan In Pakistan (Get 50K-1Crore Gold Loan)
Recommended Reading: Gold Loan In Pakistan (Get PKR 50K-70Lakh Gold Loan-NBP) [Sharia-Compliant]
Table of Contents
- Top 3 Banks To Get Gold Loan In Pakistan (Get 50K-1Crore Gold Loan)
The 3 Banks To Get Gold Loan In Pakistan
Get a Gold Loan in Pakistan from these Banks:
- National Bank Of Punjab (NBP)
- The Bank Of Punjab (BOP)
- JS Bank
Recommended Reading: Gold Loan In Pakistan (Get PKR 50K-70Lakh Gold Loan-NBP) [Sharia-Compliant]
Get a Gold Loan From the National Bank Of Punjab (NBP)
The National Bank of Punjab (NBP) introduces its Gold Loan in Pakistan, a secure and convenient financing option. The scheme allows individuals to use their gold ornaments as collateral for running finance. Gold loans in Pakistan range from Rs. 50,000 to Rs. 7,000,000, providing flexibility based on individual needs.
Eligibility Criteria:
- Age Requirements:
- Salaried Class: Must be at least 18 years old and not more than 60 years old at the time of Gold Loan in Pakistan maturity.
- Self-Employed and Business Persons: Must be at least 18 years old and not more than 65 years old at the time of Gold Loan in Pakistan.
Product Features:
- Duration: The Gold Loan in Pakistan is available for either one year or three years.
- Mark-up Rate: For one year, it’s 1 Year KIBOR + 3.5%. Female borrowers enjoy a special discount at 1 Year KIBOR + 3.0%.
- Valuation Rate: Rs. 105,000 for one-year financing and Rs. 97,000 for three-year financing.
- Processing Fee: Minimum Rs. 2000/- or 0.2% of finance amount, whichever is higher (maximum up to Rs. 5,000/-).
- Collateral / Security: Gold ornaments (measurement based on 24-karat Gold). Only the net content of Gold is considered.
- Tenure: Up to three years with the option of renewal upon payment of up-to-date markup and furnishing of request letter from the borrower and clean CIB.
- Income Requirement: No minimum income requirement; financing is allowed after assessing the borrower’s repayment capacity.
- Repayment: Mark-up servicing on the utilized amount every quarter with a final adjustment upon maturity.
- Insurance: Free insurance coverage of net Gold ornaments.
- Shroff / Gold Smith Charges: At actual (Shroff charges will be paid by the borrower).
- Documentation Charges: At actual rates.
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Required Documents for Gold Loan Application:
- Copy of CNIC / SNIC of Applicant, Nominee, and Introducer
- 03 Recent Passport size Photographs of Applicant / Nominee(s)
- Nomination Form as per attached format
- CF-1 Undertaking (as per attached SBP format)
- Any Current Utility Bill
- Salary Slip in Case of a Salaried Person
- Bank statement for Business person (if applicable)
Contact Details:
- Website: https://www.nbp.com.pk/
- Phone Numbers: +92-21-99220100, +92-21-99062000
- Address: National Bank of Pakistan Head Office NBP Building, I.I. Chundrigar Road Karachi, Pakistan.
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Get a Gold Loan From The Bank Of Punjab (BOP)
The Bank of Punjab (BOP) introduces “Sonay pe Sohaga,” an innovative financing solution for individuals and small to medium enterprises. Customers can access cash by pledging their gold bullion or ornaments. The facility offers a range of Gold Loans in Pakistan limits from Rs. 0.05 million to Rs. 50 million, catering to diverse financial needs.
Eligibility Criteria:
- A clean e-CIB (Credit Information Bureau) record is required.
- Income proof, bank statement, or income estimation is necessary.
- Applicants must be between 21 years and 60 years of age.
- A satisfactory market check is required.
Loan Details:
- Minimum Gold Loan in Pakistan Limit: Rs. 0.05 million.
- Maximum Gold Loan in Pakistan Limit: Rs. 50 million.
- Loan Entitlement: The lowest of factors: Rs. 3,000/- per gram of 24K gold OR 65% of the bank’s approved appraiser’s value, whichever is lower.
- Tenure: May vary from on-demand to 5 years.
- Frequency of Repayment: Preferably monthly but can be allowed quarterly with an increase in markup by 50 basis points.
- Security: Pledge over Gold Bullion owned by the customer/client/borrower/sponsors with specified margin and top-up clause as per bank policy under the scheme.
- Insurance: The pledged Gold Bullion/Gold Ornaments will be insured by the bank at the Customer/Client/Borrower’s cost.
- Renewal: Auto roll-over allowed at expiry under intimation to the customer/client/borrower upon markup servicing at the discretion of the bank.
- Pricing/Mark-up: As per prevailing market rates.
- Processing Fee: As per SOC.
- Gold Valuation Charges: Rs. 200 per 10 grams of 24 Karat Gold.
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Contact Details:
- Website: https://www.bop.com.pk/
- Telephone: (042) 35783700-10
- Address: BOP Tower, 10-B, Block E-II, Main Boulevard Gulberg III Lahore
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Get a Gold Loan From JS Bank
JS GoldFinance provides a smart alternative for meeting financial needs by using gold as collateral for short or medium-term financing, avoiding the need to sell the gold.
Eligibility Criteria:
- Applicants must be Pakistani nationals.
- Valid CNIC/SNIC or NICOP/SNICOP is required for identification.
- Age eligibility ranges from a minimum of 18 years to a maximum of 65 years.
- A JS Bank Account is necessary for processing the finance application.
- A satisfactory credit history of existing bank borrowings is required.
- Applicants should demonstrate financial ability to afford and repay the finance.
Key Features:
- Financing Amount for Individuals:
- Minimum: PKR 50,000
- Maximum: PKR 2.5 Million
- Financing Amount for SMEs:
- Minimum: PKR 2.5 Million
- Maximum: PKR 25 Million
- Processing Fee & Charges: As per the Bank’s updated Schedule of Charges (SOC).
- Security: Pledge of gold/gold ornaments.
- Financing Tenure: 1 year/12 months to 4 years/48 months.
Flexible Financing Solutions
JS GoldFinance provides both Running Finance and Term Finance options for customer convenience. Running Finance incurs interest only on the availed amount for 3 years, renewable upon customer request.
Term Finance includes Facility 1, where repayments are made in equal monthly installments, and Facility 2, with quarterly markup payments and principal payment at maturity.
Term Loan Plus is available to existing JS GoldFinance clients to enhance their current financing, subject to certain criteria including a minimum 6-month satisfactory relationship in Facility 1.
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Repayment Options:
- Term Loan – A: This plan involves monthly installment payments.
- Term Loan – B: This plan requires quarterly mark-up payments with the principal paid at loan maturity.
- Running Finance: This option entails quarterly mark-up payments with the principal fully settled once every year.
Contact Details:
- Website: https://www.jsbl.com/
- Phone Numbers: +92 (21) 111-654-321,+92 (51) 111-654-321
- Email: info@jsbl.com
- Address: Shaheen Commercial Complex Dr. Ziauddin Ahmed Road P.O. Box 4847, Karachi-74200 Sindh, Pakistan.
Recommended Reading: Gold Loan In Pakistan (Get PKR 50K-70Lakh Gold Loan-NBP) [Sharia-Compliant]
FAQs | Gold Loan In Pakistan
What is the range of financing limits offered by the National Bank of Punjab’s Gold Loan in Pakistan?
The scheme offers a range of Gold Loans in Pakistan limits from Rs. 50,000 to Rs. 7,000,000.
What are the age requirements for the Gold Loan in Pakistan for different classes?
For the salaried class, the minimum age is 18 years, and the maximum age at the time of loan maturity is 60 years.
For self-employed and business persons, the minimum age is 18 years, and the maximum age at the time of loan maturity is 65 years.
What are the features of the Gold Loan scheme regarding duration, mark-up rate, and special discounts?
The duration can be 1 year or 3 years.
The mark-up rate is 1 Year KIBOR + 3.5%, with a special discount for female borrowers at 1 Year KIBOR + 3.0%.
What are the valuation rates for one-year and three-year financing?
For one-year financing, the valuation rate is Rs. 105,000.
For three-year financing, the valuation rate is Rs. 97,000.
What are the minimum and maximum loan limits offered by the Gold Loan scheme?
The minimum loan limit is Rs. 50,000, and the maximum loan limit is Rs. 7,000,000.
What are the requirements for applying for the Gold Loan scheme?
Applicants must provide a copy of CNIC/SNIC, three recent passport-size photographs, a nomination form, CF-1 Undertaking, and a current utility bill. Salaried persons should also provide a salary slip, while business persons need to submit a bank statement.
What are the eligibility criteria for the Gold Loan scheme?
Applicants must have a clean e-CIB record, provide income proof/bank statement/income estimation, be between 21 years and 60 years of age, and have a satisfactory market check.
What is the repayment structure for the Gold Loan scheme?
Mark-up servicing is on the utilized amount every quarter, with a final adjustment upon maturity.
Is insurance provided for the Gold Loan scheme?
Yes, there is free insurance coverage for net Gold ornaments.
Are there any additional charges for the Gold Loan scheme?
Yes, there are processing fees, collateral/security requirements, and documentation charges, all as per the bank’s policy.
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