How To Get Loan Relief On Credit Cards, Housing & Auto Finance, Personal Loan

Due to the prevailing situation with COVID-19 spreading globally, business activities have slowed down considerably. It is expected that a number of people will lose their jobs and receive salary cuts from employers and will be unable to generate their income in the case of self-employed individuals.

In this case, many are likely to be financially vulnerable to default the loans availed from banks under different heads of consumer financing— housing and auto finance, personal loans and credit cards.

State Bank of Pakistan (SBP) has come up with a relief payment scheme for them to make things easier.

Relief Schemes

There are two types of schemes for customers under this relief.

  • A customer can get a year’s relief for the payment of loans. They will be given relief on the principal amount of loan whereas they will continue to pay its interest payment without any additional charges.
  • If a customer is running into a deep financial crisis, and can’t even pay his/her loans even after a year, they can request rescheduling and restricting loans.

These schemes apply to the loans or financing made on the account of housing and auto finance, personal loans and credit cards.


  • Customers who have regularly paid their loan installments till December 31, 2019, are eligible for availing this relief scheme. If you have missed any of the installments before this date, you will not be given any relief– neither a yearlong deferred payment plan nor rescheduling or restricting of loans.
  • Banks will receive your request and assess your financial vulnerability.

Banks have your personal record including a source of income, place of residence and etc. You will have to prove to the bank that why you need this relief. Be ready to respond to a set of questions from bank officials.

If you are drawing a good salary and working on a good position at a reputed organization, you might not be given the relief by the bank mainly for housing & auto finance and personal loans.

For the loan against credit cards, banks will examine your credit and repayment history. Banks may reject your request if you spend too much on luxury items and services. You can be lucky, if you meet the criterion of being regular till December 31. Some banks will never ask anything from you regarding your financial needs or weakness to pay bank installments.

Bank will respond to your request in the next 15 days whether you are given this relief or not.

In case, you think you qualify for this facility and you are denied by the bank, you can make a complaint to the State Bank of Pakistan (SBP) at [email protected] or 021- 99218148. The central bank will review your request and give its opinion.

Date of Commencement and Deadline

  • Customers could avail the facility from their dealing bank now. It already commenced since it was announced a couple of days ago.
  • Customers could request for this relief through a call to phone banker and through email.
  • Phone bankers will verify your details including CNIC #, Account #, Credit Card #, Date of Birth, etc.
  • There is no need to visit the bank branch, particularly in the prevailing situation.
  • If the phone bankers do not register your request, you may lodge your complaints with the SBP.
  • The deadline for availing this scheme is June 30, 2020.

New Loans Facility

If you haven’t availed any of the banks’ financing facilities or you are looking for getting one in order to meet your personal expenses, the commercial banks have a facility for you on easy terms.

State Bank of Pakistan (SBP) has increased the Debt Burden Ratio temporarily from 50 percent to 60 percent.

It means if your earning or take-home salary is Rs. 100,000, you can pay a monthly installment of Rs. 60,000 on personal loans. This loan is required for the urgent requirements for the purpose of business and personal needs.

Moreover, the bank could sanction up to 15 percent more than the required amount if it is needed. For instance, if you qualify for a loan of Rs. 1 million your loan limit could be exceeded to Rs. 1.15 million on your request by the banks you are dealing with. The amount will be repayable equally in the next twelve-monthly bill payments.

Bank will determine the repayment capacity and creditworthiness of the borrowers.


The most common requirements are CNIC copy, salary slips, bank statements of the last six months, etc.

In the case of self-employment, the bank may ask you to present a guarantee or guarantor.

This facility is available until the end of March 2021. Some of the steps could vary from the above-mentioned details. It depends on your bank.

Banks Need To Ready Relief Facility of Consumers Financing

The management of the banks should finalize the policy and modals of this relief scheme as soon as possible.

Many of the customers reported that they made phone calls to their banks and the representatives flatly responded that they are not aware of such a relief scheme.

It is true that banks are operating with limited staff in the prevailing situation of lockdown but they need to speed up their working on modalities against this policy. Hopefully, the facility will be available in the coming days at every bank.

    • I applied for it….jobless since 2 weeks now they want letter from my previous employer ……banks trying to ignore SBP instructions.

  • I called the UBL helpline regarding my credit card bill, and they flatly denied of any such facility. What’s needed is, that the SBP should send a centralised Email to all banks for facilitation

  • I called the HBL helpline regarding my credit card bill & Auto loan and they flatly denied of any such facility. What’s needed is, that the SBP should send a centralised Email to all banks for facilitation

  • This facility apreciated …. but the local bank should follow the instructions of SBP for favour of the people who need this in the time of need.

  • Banks are not paying any heed to SBP instructions.Some of them have even denied to have received such instructions at all.SBP is requested to advise Banks regarding the matter at the earliest.

  • there are even many confusion. the addition of principle amount in the installments after deferral period will make it double adding to more grievances. they are doing nothing but only will lessen the installments to 60% in name of markups and etc and then they will increase installments to 150% or more after the deferral period

  • There are to many confusions in SBP rule for loan reliefs. Banks are telling they have no notification from SBP. I called hbl helpline and asked the bank operator to delay or stop my cerdit card loan for some time period but they told we have no notification from SBP, u have to pay the loan either wise we will charge late payment charges , daily charges and so on. HBL Bank is a very cereditable bank in Pakistan but still they are not cooperating with the customers in these difficult times they are not giving any relief to consumers.

  • Some banks are not entertaining as they said they hav’t received written notification from SBP
    Banks are discouraging as not to avail this relief…

  • bro yeh pro pakistani sirf apne weeb site ki page session average increase kr raha hy this type of article likh kr bank our loan de de easily bank just unko loan approved karta hy jinke pass already amount hota account jo businessman hote hein

  • I contacted branch, talked to multiple senior-level people, sent the link where sbp has announced about this facility but they are unaware and they are not giving an ear to the instructions of SBP.

    I am talking about bank al habib.

  • A while back I had a contact with one of the bankers. They also said that if you want to take your installments forward, you will have to give interest on a daily basis which is 0.125 becomes. What is the benefit now?

  • Any update on this case? is there any-one recently contacted their banks for the above offer & is it valid or not??

  • I don’t think so bank will give any relaxation on any loan or credit card payment in this situationm

  • Assalam o alaikum …I also contacted my concerned bank BOP for relaxation in loan installment payment for 6 to 12 months according to the SBP said policy,but they ignore it and replied there is no any announcement from SBP and no notification to us.. you can’t avail this facility. Banks are not looking serious for relief to their customers …

    SBP must take action against these Banks that are not following the said relief policy from SBP..Thanx

  • I also contacted hbl helpine about my personal loan relaxation . the person answered me that bank can only three month equaly devide my instalement. No any other policy received by state bank. I request state bank should take action and also releif customer in mark up rate. now the mark up rate is 8%. when i took personal loan the mark up rate was 13%.

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