In our country, most working Pakistanis belong to the middle class. The economy of the country is not very strong and good jobs are scarce. In this situation, making big expenditures all at once becomes rather difficult or even impossible due to the earning being enough only for monthly expenses and thus savings are meager at best.
Every once in a while, such expenses arise that put the breadwinners into jeopardy. Most families in Pakistan have one breadwinner per family which makes things only worse. To somehow manage things, people in Pakistan are accustomed to putting in “Beesi/Committee” to somewhat alleviate the situation in which people pool in equal amounts of money for a specific amount of time and each person is given the whole amount on a per month basis till everyone in the group has had the full amount once. The problem with such a desi solution is that it’s not regulated by any authority nor any legal paperwork is done as the participants are based upon being from a single neighborhood or being acquaintances or friends etc. There are a number of issues and insecurities with this such as someone defaulting out on payments can spoil it for everyone in the group. There’s always an issue of who gets the money at the end of the decided term and even if its decided in advance people might have an argument. Lastly, finding a trustworthy person to keep the entire amount handed over by those participating in the pool is a difficult task indeed as nowadays it’s hard to trust anyone with your money. Thus such conventional solutions often end up with more problems rather than benefits.
This is where personal loans come into play. It’s a hassle free way of borrowing money for your short-term unforeseen expenditures. These have their certain benefits as well as some things that you should know and understand before you try to get a loan. There are also certain situations in which these loans could prove to be really handy and ease off financial burden from your shoulders. Let’s talk about the apparent benefits first.
For starters, personal loans are secure as they are offered on an individual basis to you only by the bank after the proper paperwork is done thus it’s the most reliable way of borrowing money. You can also apply to get loan for any certain amount according to your needs. You can pay in equal installments which are determined upon the total amount of the loan being offered to you by the bank. You can apply from PKR 30,000 to PKR 2 Million. The eligibility criterion depends upon your monthly income and your duration of employment along with your current age. These loans are however given at a certain percentage of markup. Also in case you default on the payments, it might become next to impossible to get another loan even from a different back ever again as some banks check your credit history being clean or not before accepting your application for a personal loan.
Now let’s talk about some needful scenarios where you can avail these loans and make the most out of it while returning it in easy installments that remove the financial burden of having to spend a large sum of money at once. Occasions such as spending on the marriage of your children, home renovation, paying for your child’s education or buying a home appliance such as an AC in the summers for your family’s comfort or paying for an expensive medical procedure, can all be made an easy affair with peace of mind. These installments can be paid within 1 to 5 years depending upon the total sum issued to you as a loan. This gives the borrower enough time to plan out a payment schedule from their salary.
Coming to the conclusion, we believe that personal loans are suited for the Pakistani people in contrast to the conventional methods being currently in use that are unsecure and put your funds at risk. One can easily take a loan whenever a need arises and then pay off in easy installments. Have you ever applied for a personal loan? Did you have any issues to get it approved or was it smooth sailing? Let us know!
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