1 st of every month if loan booked before 15 th of the month

PKR 5000/- or 2% of the loan amount whichever is higher

60 years

Bank applies a standardized assessment methodology to evaluate if a customer is eligible
to apply for this product. Assessment includes your DBR ratio, 6 month of average balance in your account, Customer may have never overdue / default in any consumer loan and a relationship with the bank for at least a year

No physical application and documentation is required. This loan is disbursed real-time and can be applied for 24/7

TAT is 5-10 minutes. The loan will be disbursed real time and is subject to the system / Alfa
APP server / Internet response / speed

1 year Kibor + 18%

1 time

In the initial phase, you can apply for Instant Loan through ALFA app. In the later stages it will be available through internet banking

You can access these details by tapping in OVERVIEW tab within ALFA application

It is not allowed to make partial payments. Either monthly installment(s) or full payment, in
case of early termination, can be made. Charges for the early termination will be charged as per SOC

Yes! Charges will be applied as per SOC

Yes! The process will involve conventional follow-up through sales representative, and by
providing required income documents. If customer(s) income has changed then the current income will be taken into account

You may either opt for auto-debit option during processing of your loan application or you
can directly deposit the amount in the bank

This feature is not available for Personal Loan so far

No! It is not allowed by the regulator

You will be charged with outstanding amount + monthly accrued markup + late payment fee

No hidden charges

There is no limitation. Use your loan as you may like.

System will deduct due installment from customer’s personal account which customer selected at the time of solicitation

Yes. Amount will be deducted on a daily basis

Absolute installment will be deducted

Absolute installment will be deducted on due date

Due date is 1 st of every month since it is auto debit and online solicitation. It does not take into account the non-working days

Currently, installment will only be auto debited from customers personal account where the loan amount is disbursed.

Yes, provided that IBG has online payment transfer arrangement for conventional banking group

It is by default that auto debit option is mandatory however; if a customer wants to deposit payment, he has the liberty to do so

a) Balance Transfer – BTF

• No. Only fresh loan can be availed

b) Balance Transfer – BTF with Top Up

• No. Only fresh loan can be availed

c) Top Up Loans

• No. Only fresh loan can be availed

d) Purchase Loans

• Only fresh loan can be availed

Journey will be aborted; loan will not be approved / disbursed since it is a regulator requirement

Customer will be eligible for loan and journey will be continued till disbursement

It will cause an undue follow- up by the bank representative

No redemption is allowed. Full loan will remain a liability

It follows a normal process just like how it is followed for a conventional personal loan