Employees Corner, Education and Govt Jobs
It is a simple Calculator for the calculation of Advance Salary Loan. It calculates the interest amount as well as the detail of installments. I have applied it for the National Bank of Pakistan Advance Salary Loan that showed 100 % accurate results. The interest amount on loan for other banks is not valid for this calculator as their calculation of interest is not according to the NBP Advance Salary Loan Interest calculation.
As you know the Prime Minster’s Youth Business Loans programme has been started and the Pakistani and AJK nationalities men and women whose age is between 21 years to 45 years can apply for this loan. You will have the deposit the loan amount in 8 years. 1st installment will be started after one year. Thus the period of the loan installments is 7 years. Now I ll discuss about the guarantees. Only one guarantee is required for this loan. The detail of the same is as under:
Application form for Prime Minster’s Youth Business Loans is free of cost and you will have to pay nothing for this form. If any one asks for bribery or any illegal demand for this loan process you can contact at the toll free number 0800-77000. You will have to deposit only Rs. 100/- as processing fee at the time of depositing the form and this fee is nonrefundable.
I am today giving you the information about the Interest Rate for the Advance Salary Loan for the Employees. The Interest rate for NBP as on 11-09-2013 is 19% which is the lowest as compared to all the other banks. These interest rates are variable from time to time. National Bank of Pakistan grants Advance Salary Loan from a period of 01 year to 05 years. You can calculate yourself the amount of interest and all other details of loan with the help of Advance Salary Loan Calculator whose detail I have already given you in my previous posts. I will show you here some calculations on the base of 19% interest rate. Note these are all rough calculations; there may be variation according to the bank policies.
National Bank of Pakistan has enhanced the Advance Salary Loan for Government, Semi Government Employees. This enhanced facility is for the employees of BPS-17 and above, however the lower scale employees are already availing the facility of Advance Salary up to 490,000/-. Earlier this facility of Rs. 490,000/- was for all the employees, now this facility has been enhanced up to 1,000,000/- for the employees of BPS-17 and above.