1. What is the Tech Gadgets Financing Facility?
It is an installment-based loan under MMBL's Karobar Loan framework. It lets customers buy technology gadgets such as laptops, mobile handsets and tablets for business, work or study.
2. Who can apply?
Employees of approved corporate partners, individuals, retailers and merchants who meet the Bank's eligibility, due diligence and onboarding criteria.
3. Do I receive cash?
No. The gadget is financed and delivered through the vendor (Jazz POC/Vendor). The Bank pays the vendor by debiting your account, after you sign a debit authority.
Financing terms
4. How much can I borrow?
From Rs. 25,000 to Rs. 500,000.
5. What is the repayment period?
3, 6, 9 or 12 months, repaid in Equal Monthly Instalments (EMI).
6. What is the pricing?
28% APR, with the processing fee as per the Schedule of Charges (SOC).
7. What are the age limits?
You must be 18 to 64 years old at application, and no older than 70 at loan maturity.
8. Is a guarantee required?
A Corporate Guarantee or Personal Guarantee applies where relevant, in line with the Bank's requirements.
9. Is there a cap on my total borrowing?
Yes. Your total exposure across all financial institutions, including MMBL, cannot exceed Rs. 500,000 (SBP Regulation R-6 of the MFB Prudential Regulations).
Eligibility
10. What credit history is required?
- You need a satisfactory CIR, not older than 30 days at sanction.
- Up to two 30-DPD instances in the last two years are acceptable, but no 60-DPD instance.
11. What are the residence and employment requirements?
- Owned residence (including parent- or guardian-owned): at least 1 year at the current address.
- Rented residence: at least 2 years, with a valid rental agreement.
- Employees: you must be a permanent employee with at least 6 months of continuous service with the same institution.
12. What account do I need?
A Sahulat Current Account (male customers), a Bint-e-Hawa Current Account (female customers), or a Salary Plus account. KYC and AML requirements apply in full.
Documents
13. What do I submit at application?
- Loan Application Form (LAF) with cashflow and the required affidavits and undertakings
- Business or employment proof
- Partnership deed or NOC, where applicable
- Rental agreement for business premises, where applicable
- Current photographs of the business premises
- CNIC/SNIC copy and one recent passport-size photograph
- Biometric verification (NADRA Verisys if biometric is unavailable)
- CIR report
- CNIC/SNIC copies of witnesses (male only)
- Any other document required by the COM or CAU manual
14. What documents are signed after approval and disbursement?
- After approval: post-dated cheques (PDC), a demand promissory note, the facility offer letter and the financing agreement.
- After disbursement: a signed repayment schedule, a signed PKFS, post-dated security cheques per the schedule, and a signed debit authority.
15. When and how do I receive the gadget?
After the Branch receives it from the vendor and informs you. It is handed over sealed, and you check it before signing the Delivery Acceptance Form (DAF) in front of the BM/BSM.
16. What does the DAF confirm?
That you received the gadget sealed, in good working condition, with all accessories.
