National Bank of Pakistan (NBP) has increased the loan limit offered to government employees under the Advance Salary loan product. This solution is only available for government employees and armed forces personnel and can be availed by officers ranking 17-Grade and above. Initially, Advance Salary loan was offered with a limit of Rs. 490,000 for each individual. NBP has now increased this cap to Rs. 1,000,000 for all eligible employees.
The Advance Salary Loan Scheme was introduced by NBP in 2002 to cater to consumer financing needs for government officials. The aim of this product was to create self-reliance amongst the civil servants and provide additional monetary relief to government-employed individuals. Advance Salary loan has been immensely popular and serves as a major revenue generator for NBP. The increase in financing limits offered under Advance Salary loan is welcomed by the government officials and armed forces personnel in Pakistan.