Bank Alfalah Installment Plan is making easy monthly installments more accessible!
Bank Alfalah has been providing its own installment products under the name of “Step-by-Step Installments”. These are available through the bank’s website on a series of partner brands.
Now the bank has partnered with Daraz to offer these plans when shopping on Daraz. Follow the simple procedure as outlined below to purchase products at easy monthly installments.
Bank Alfalah Installment Plan Procedure
To activate a monthly installment plan, simply follow these steps:
- Select a product with a value of over PKR 10,000
- Add to cart after confirming that product is from a genuine seller
- Select Easy Monthly Installment Plan at checkout
- Pay Now using your Bank Alfalah Credit Card
Plan Terms & Conditions
Bank Alfalah is offering four-installment tenures to provide customers with more options. The first installment plan has 0% markup. As the period increases, the markup percentage continues to ramp up.
In contrast, Bank Alfalah has kept a flat 0% processing fee for all tenures.
| Tenure | Markup | Fees |
|---|---|---|
| 3 Months | 0% | 0% |
| 6 Months | 11.11% | 0% |
| 12 Months | 22.21% | 0% |
| 18 Months | 33.33% | 0% |
If we want to purchase an iPhone 11 Pro Max from Daraz, the iPhone will cost PKR 224,999. Converting this to a three-month installment tenure will result in a per month cost of PKR 74,999. Therefore, the end of tenure price has no extra cost, working out to exactly PKR 224,999.
The six-month tenure will cost PKR 41,666 per month and PKR 249,996 overall. On the other hand, the twelve-month tenure will cost PKR 22,914 per month and PKR 274,971 at the end of the term. Lastly, the 18-month tenure will cost PKR 16,666 per month and 299,992 at the end of tenure.
Although the three-month plan has no extra costs, longer plans have massive interest rates higher than all other banks that have partnered with Daraz. Having said this, Bank Alfalah is the only bank to offer an 18-month plan while all others top out at 12 months.
To compare prices, read our in-depth comparison of all banks available for easy monthly installments on Daraz.
