KARACHI: National Bank of Pakistan (NBP) has approved enhancement of Advance Salary limit from Rs, 490,000/- to Rs,1,000,000 (PKR One Million).
Employees of Government Offices are eligible to apply for salary advance. NBP Advance Salary is the single largest consumer product in Pakistan.
The product was launched in 2002. The purpose of the Advance Salary Scheme was to uplift the previously ignored and under-banked community of 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. Till October, 2011 more than PK Rs. 190 billion have been disbursed to more than 1.4 million borrowers, says a release.
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