Finance

Jul 14 2017

Alfalah Car Finance – Bank AlfalahBank Alfalah #debt #consolidation #loan


#bank loan calculator
#

Instalment Calculator

Note: Insurance will be calculated separately.

Documents Required

    Two passport size photographs
  • Copy of Computerized National ID Card
  • Bank statement for the last six months
  • Salary certificate (in English) specifying the name, date of joining, designation and salary details
  • Signatures verified from your Banker
  • Same above documents of Co-Borrower (In Case of Co-Borrower Case)

Schedule of Charges

Frequently Asked Questions

Can I avail the car loan facility?

Yes, you can if:

  •  You are a Pakistani National Identity Card Holder
  •  You should be aged between 21 years of age and maximum 60 years (in case of Salaried) and 65 Years (In case of Self Employed/Business) at time of maturity of Loan.
  •   You should have income from any of the following sources:
    • Employment (Permanent/Contractual)
    • Business (Partnership/Proprietorship)
    • Co-Borrower’s Income (Clubbing of Income)
    • Rental Income
    • Agricultural Income
    • Remittances from Abroad

Which car types are offered for financing?

  • Brand New Locally Manufactured Vehicles
  • Semi-commercial vehicles for personal use
  • Used Vehicles (Registered)
  • Imported Vehicles

How much loan facility can i avail?

For brand new vehicles, minimum Rs. 200,000/- and maximum Rs. 6,000,000/-

For used vehicles, minimum Rs. 100,000/- and maximum Rs. 4,000,000/-

What is the period of the loan?

Minimum 1 year maximum 5 years for all vehicles.

Minimum 1 year maximum 7 years for brand new vehicles with engine capacity of 1000 CC above.

How much initial down payment do I have to make?

For brand new locally manufactured vehicles – 20 % of the value of the vehicle

For imported/used vehicles – 25% of the value of the vehicle (As assessed by the approved evaluator of the Bank)

What other charges do I have to pay?

You have to pay a processing fee of Rs. 5,000/- (exclusive of FED), registration charges and first year’s insurance premium.

Who will insure the car?

Bank Alfalah has made arrangements with top insurance companies which are offering special low insurance rates for Bank Alfalah clients.

How do I repay the loan?

Following modes are available for repayment:

  • Deposit the cheque at any Bank Alfalah Branch.
  • Through Debit Authority and providing security cheques
  • Direct deposit of installment in the repayment account and providing security cheques

Can I repay the loan before the maturity?

Yes, you have the option  to repay the loan as per the prevailing SOC’s after six months of availing the finance facility

What is the security of the loan?

The car is the security, which will be hypothecated in favor of the bank and lien will be marked with the respective Excise Taxation Department.

What if I want the car in the name of my family members?

You can avail the facility with joint registration title with

  • Spouse
  • Siblings (real brother/real sister)
  • Son/Daughter
  • Father/Mother
  • Father In-law / Mother In-Law

What documents are required to get a car loan sanctioned?

Our representative will discuss in detail the documents you are required to submit. An indicative list is given below:

For Salaried Individuals

  • Two passport size photographs
  • Copy of Computerized National ID Card
  • Bank statement for the last six months
  • Salary Slip/ Salary Certificate (In English) specifying the name, date of joining, designation and salary details
  • Same documents of Co-Borrower (In Case of Co-Borrowing)

For Self-Employed Individuals

  • Two passport size photographs
  • Copy of Computerized National ID Card
  • Bank statement for the last six months
  • Same documents of Co-Borrower (In Case of Co-Borrowing)

How is it different from other financing schemes available in Pakistan?

  • Quickest processing turnaround time in the market
  • Minimum documentation required
  • Variable fixed rates to cater differed budgets
  • No termination charges on car replacement
  • Discounted Insurance rate with free tracking device

What is the first step I need to take?

You can call 111-225-111 to talk to our Phone Banking Officer or stopover at your nearest branch from our network of over 640+ nationwide branches in Pakistan.


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