Eligibility Requirements:
- Private Schools/Technical educational institutions registered with any approved governmental authority.
- Franchise schools with proof of franchise agreement.
- Owner-operated applicants aged between 25-60 years (Max. 64 Years & 8 Months at loan maturity).
- Minimum 3 years of operation in running schools or technical institutes.
- Must have valid CNIC/SNIC and not be a defaulter of any financial institutions & public utilities.
- Residing or working in launching cities for at least 1 year (owned residence) or Min. 02 years (rented)
- Staff Strength of up to 25 and Student Strength of at least 100.
Mobilibank School Loan Application Steps:
- Complete the basic documentation: Valid CNIC/SNIC, clean eCIB, NADRA Verisys, recent passport-size photo.
- Submit a copy of the last paid utility bill and school registration certificate.
- Provide a valid rental agreement and franchise agreement, if applicable.
- Prepare property documents offered as collateral and legal opinion on these documents (arranged by the bank).
- Present an Offered Property Valuation Report from PBA approved Valuator (arranged by the bank).
- Bank Statement for the last six months, detailing expected capital expenses for construction/renovation.
Frequently Asked Questions:
How long does it take to get approved for a Mobilibank loan?
Approval times for Mobilibank loans typically range from a few days to a couple of weeks, depending on the completeness and accuracy of submitted documentation.
Is it required to explain why credit is being used?
Yes, detailed expected capital expenses need to be provided, especially for construction and renovation purposes.
Do I need to have a good credit score to be approved for a Mobilibank loan?
A clean eCIB and NADRA Verisys report are needed, indicating that a good credit score is advantageous.
Can I apply for a loan if I am self-employed?
Yes, self-employed individuals who meet other eligibility requirements can apply for the Mobilibank School Loan.