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Benefits

Loan Features

added value high interest rates

We offer you the most competitive rates in the market. So you earn substantial returns on your investments and avail Swift Finance Facility to balance out your cash needs.

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With this facility, you get a chance to avail financing up to 90% of the collateral value, depending on the type of collateral.

card payment

Markup charged daily on amount utilized which is payable on quarterly basis.

time flexible tenure

These facilities are renewed annually so you may extend your liquidity requirements for the entire year.

money other cash

With your Swift Finance Account, you do not have to restrict yourself to make or withdraw cash from SCBPL Branches only. Now you can withdraw funds from any of our 150+ ATM machines across Pakistan. You can also use your VISA Debit Card to make purchases directly from your Swift Finance Account. Now you don’t need to carry large cash as your VISA Card is accepted by more than 27 million outlets in 160 countries worldwide wherever VISA is accepted.

Collaterals

To avail the facility, we simply mark lien on your preferred collateral so you may avail Swift Finance facility. The collaterals against which you can avail the financing are mentioned below:

  • Local/Foreign Currency Term Deposit
  • Local/ Foreign Currency Savings Account
  • Government Securities (SSC/DSC)

The approval of facility is subject to terms and conditions & discretion of the Bank’s management.

Illustration

Below is the demonstration of how much you can save through SWIFT Finance. Through SWIFT Finance, you can save more than 50% on your annual markup

*Mark-up rates are for demonstration purposes only and may vary based on prevailing KIBOR and spread

Compared to Credit Cards
Compared to Unsecured Credit
A Mark up Rate* 39% 23%
B Markup based on PKR 100,000 loan 39,000 23,000
C Mark up based on PKR 100,000 SWIFT Finance* 9,580 9,580
D Savings through SWIFT Finance (B-C) 29,420 13,420

Swift Finance is a running finance facility. It is an efficient, accessible and convenient way of meeting all your short-term liquidity needs. With Swift Finance, you don’t have to liquidate your long-term savings and investments that you have set aside to meet your future financial goals.

The mark-up rate charged has both a fixed and a variable component. KIBOR serves as the variable benchmark rate, above which a pre-decided fixed spread is also charged. For example: a customer with a spread of 2% will have mark-up rate of [10% (3MKIBOR) + 2% (Spread)] = 12%. Interest shall be charged on the daily outstanding amount and payable every quarter.

Mark-Up is accrued on daily basis and is payable quarterly.

Yes, there are processing charges of PKR 5,000 and stamp duty on legal documents at actual. These are deducted from the account automatically once limits are placed.

The following securities can be pledged at present to avail this facility:

  • Local/Foreign Currency Term Deposit
  • Local/ Foreign Currency Savings Account
  • Government Securities (SSC/DSC

Loan limit shall not exceed 90% of the encashment value of the security offered.

Limits can be cancelled / enhanced / reduced at any time subject to completion of requirements.

Risks may include Interest Rate Risk and Mark to Market Risk.

  • The approval of facility is subject to terms and conditions & discretion of the Bank’s management.
  • Mark-up rates may vary based on prevailing KIBOR and spread
  • Getting your financing amount disbursed into your account in 7 working days is subject to submission of complete documentation and necessary approvals

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Swift Finance An efficient way of meeting all your short-term liquidity needs.

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