Frequently
Asked Question
(FAQs)
Frequently Asked Questions (FAQs)?
Q: What is BOP e-Business Qarza?
A: BOP e-Business Qarza, is a Digital Running Finance
facility offered to BOP existing SME customers, for
meeting their day to day business needs.
Q: Is there any Age Limit for the applicant?
A: Yes, the applicant should be aged up to 60 years.
Q: Do we need to visit the Bank of Punjab branch to avail
BOP e-Business Qarza facility?
A: No, you do not need to visit any branch; you will use our
internet platform guided through our prompting SMS.
Q: What Documents are required to avail loan under this
facility?
A: No physical documents are required to avail this facility.
Q: What Information is required to register?
A: In order to register for this facility, you are required to
enter your valid CNIC and Mobile Number registered
with BOP.
Q: What is a Registered Mobile Number?
A: A registered Mobile number is the one provided to
the bank at the time of account opening or at the
time of registration for online banking/ mobile app.
Q: What if my Mobile Number is not Registered?
A: Please visit your branch or call at our contact center to
update your mobile number and get it registered.
Q: What is the Minimum and Maximum Amount for
which an applicant can apply?
A: The Minimum and Maximum limits for BOP e-Business
Qarza are:
• Minimum PKR 100,000/-
• Maximum PKR 3,500,000/-
subject to 40% Debt Burden Requirement and clean
credit repayment history. However, Bank reserves the
right to refund if any credit at its sole discretion.
Q: For what purpose the BOP e-Business Qarza can be
availed?
A: The BOP e-Business Qarza amount can only be availed
to fulfill Working Capital needs of business.
Q: What is the processing time to avail BOP e-Business
Qarza?
A: It is a technology based loan approval system and
once approved, limit shall be digitally assigned and
funds would be instantly made available in your BOP
loan account (created digitally).
Q: What is the Mark-up Rate?
A: Pricing on this product is 1 year KIBOR + 9.99% bank’s
spread which shall be charged on the availed limit.
Q: What is the KIBOR ?
A: KIBOR is Karachi Inter Bank Offered Rate at which the
banks lend or borrow. The updated rate is available on
daily basis at State Bank of Pakistan’s website.
Q: What is the Frequency of Mark-up repayment?
A: Monthly (accrued mark-up on availed limit)
Q: What is the due date of the Monthly Payment?
A: The due date of Monthly Markup Payment is 1st of
every month.
Q: Are there any Late Payment Charges in case of delay
in depositing the monthly installment?
A: In case of Late Payment, fixed charges of Rs. 2000 shall
apply.
Q: What are bank’s Security / Collateral requirement?
A: BOP e-Business Qarza is a clean loan facility hence
there is no security requirement. Only Personal
Guarantee of the applicant shall be obtained digitally.
Q: What is the Minimum Length of Experience required
in the same line of business?
A: One year of deposit/ asset relationship with BOP is
required.
Q: What are the Renewal Requirements?
A: The limit is renewed annually subject to timely
repayment of monthly Mark-up and 2 times of the
limit amount.
Q: Are Financial statements of my business required to
avail BOP e-Business Qarza facility?
A: No, the entire processing is Digital and decision shall be
based on the score obtained by the customer.
Q: I have no Credit History with any bank. Does it make
me ineligible for BOP e-Business Qarza facility?
A: No, if you have an account in the BOP having required
turnover you may become eligible for the said facility.
Q: Is Partial/ Balloon payment allowed?
A: It’s a running finance facility there is no requirement of
partial/ balloon payment.
Q: Is there any Early Settlement Charges?
A: It’s a running finance facility, hence, there is no early
settlement. You shall only be charged Mark-up on the
utilized limit amount on daily basis.
Q: What Other Charges will I have to pay in order to avail
BOP e-Business Qarza?
A: One-time processing fee of Rs. 8,000/- (including
FED), shall be automatically deducted from your BOP
account to avail BOP e-Business Qarza.
Q: Can application for the loan be Declined/ Refused by
BOP?
A: Yes, the application can be turned down if CNIC or any
required document is expired, or any overdue/
write-offs is reflected in ECIB or if DBR ratio is
breached due to excess leverage.
Q: In case of Any Queries who should the customer
contact?
A: For general Queries/Complaints contact BOP Call
Center 111-267-200.
