NBP approves enhancement of advance salary scheme

The National Bank of Pakistan (NBP) has approved Enhancement of Advance Salary loan limit of government employees from Rs 490,000 to Rs 1,000,000, said a senior official of the Bank. "Employees of Government officials are eligible to apply for enhanced under Advance salary Financing Product of the bank," Syed Ibne Hassan told Agency.

He said senior government officials with higher salary brackets (ie Grade 17 and above) would be eligible for this enhanced scheme. Highlighting the background of the product, he said the NBP Advance Salary was the single largest consumer product in Pakistan. He said the product was launched in 2002 with an objective of the Advance Salary Scheme was to uplift the previously ignored and under-banked community of the government employees and armed forces personnel by providing them opportunity of greater self-reliance and generate easily accessible funds for personal use through NBP Advance Salary Scheme.

"Since the beginning, the product has performed really well and it is one of the major contributors to the bank's profit and so far more than Rs 190 billion have been disbursed to more than 1.4 million borrowers", he remarked.

Syed Ibne Hassan said the product was already very well known and accepted. "At the moment, most of Advance Salary customers are with salary bracket of 15,000 and lower. NBP has approved enhancement of Advance Salary limit from Rs 490,000 to Rs 1,000,000. Employees of government are eligible to apply for Advance Salary Financing," he remarked.-PR

Copyright Business Recorder, 2012