I have hit financial difficulty – can I put my loan payments on hold?

car-loan
personal-loan
home-loans

#1

Unfortunately, the loan agreements with banks in Pakistan don’t allow you to take repayment breaks. however subject to the bank, they may be able to change the payment date to a few days e.g. 20 days after the loan was due as per agreement. Bear in mind, you may incur additional interest from the bank on such change.

A loan is a rather large financial commitment and one that you will agree to for several years. At the time of taking the loan, you might find yourself in a comfortable position where you can afford to meet the payments every month but you never know what is waiting around the corner.

There are many reasons why you might be unable to meet the payments but knowing whether you can put the loan payments on hold can be a big relief. Also known as “holiday” payments, currently banks do not allow this in Pakistan to put payments on hold for an agreed amount of time. However, in some of the other markets, banks do provide this flexibility. The missed payments will then be added to the end of the loan, effectively extending the time over which you have the loan. There may also be changes to the charges following this change but being aware of the changes and how they affect you can make it easier to plan ahead.