Car Loan In Pakistan

Write a review

In the time of today’s busy life and long away destinations, car is an essential asset for every human being. The middle class community mostly seeks for the car loans and car leasing for their convenience. Banks also need these small reliable investments to keep their business flow on track. Due to the lack of awareness about the car loaning strategy in our country, people mostly are left uninformed and often leave their dreams behind. Getting car loan from a bank is not that much complicated as you think. It is a simple procedure with requirement of some important paperwork. And that’s it; you would be driving the car of your dreams through a simple and easy effort. There is a little difference in eligibility criteria of one bank from another.

The common terms are given below.
Terms

The applicant must be holding Pakistani nationality

The applicant should be an account holder of that bank, in which he is applying.

The applicant should be in one of the category; salaried person, business men or self-employed.

The applicant should be between 20 to 60 years of age in case of a salaried person and between 20 to 64 years of age in case of a business person at the time of the loaning process.

The common features of the application form are also worth discussing here. Mark up rate is the most important query that needs to discuss first of all. It fluctuates depending on the duration of years in agreement and stays on the ratio of 20% more often. The loans are given for the period of 1 year to 7 years. As the duration of years increase, the mark up rate will increase as well. Loans can be taken for both, new or used cars. No restrictions are applied for your convenience in the field of choosing the manufacturer. Suzuki, Honda, Toyota and Hyundai car manufacturers support car leasing. Banks has put a limit on the car loan facility and don’t provide you more than 2.5 million rupees. Banks also don’t provide loans for the cars, older than 5 years. The monthly payment of loan returning schedule should also match your affordability level. You will be requested to provide following documentations for the car loan procedure.
Documentations

Copy of CNIC card

Passport size photographs

Latest original salary slips and bank statement of last 3 months in case of salaried persons

Proof of business and bank statement of last 6 months in case of business person

Conclusion
In the conclusion of the topic, one thing more we have to discuss that what is the criteria of banks about providing the car loans to the low profile people according to their bank statements. If you are under managed in your bank statement then bank gives you some time to improve it by increasing the cash flow of your account or the bank will consider the over required statement and ignore its own rule. The bank just needs to clarify your strength of wealth.

Rising Prices of Cars in Pakistan

Automatic Version of Suzuki Swift 2012 Has Been Launched

The New Toyota Corolla XLi 2013 Spreading its Colors

Economic Meltdown and its Impact on Automotive Industry

Most Comfortable Cars of 2013

The All New Look Of Toyota Corolla 2014
The year 2013 has only seen the end of its second quarter, but the world is already talking about the new look of Toyota Corolla 2014. The upcoming vehicle is the most revolutionary model of Toyota Corolla which the world has ever seen. From the external shape to the interior, everything has been redesigned.
Quality Spare Parts?
It is important to have the knowledge of spare parts once you start driving/riding an automobile. Being unaware with the details of spare parts means you can be easily puzzled by spare part retailer or a mechanic. Being aware with the essentials of spare parts would be highly advantageous for you as you will get ...
Top Ten Family Cars for 2013
If you are looking to buy a perfect family car for your family, we have the best from the rest for you. When it comes to buy family car, things must be taken critically so that while you are with family on highway you can drive the car with peace of mind. So what makes ...
Most Anticipated SUVs for 2013
Here goes our most anticipated SUV’s list for 2013. The SUV market is a growing sector and every firm is battling to take edge over the others, hence SUV’s competition is getting tighter. The scenario was different in the previous ages where we had car models more than SUV’s and only few automakers were making ...
Suzuki Mehran: The Most Economical And Cheapest Car in Pakistan
Being the most economical car in Pakistan, Suzuki Mehran comes at the top of list. With its low maintenance cost and affordable price, the 800cc car has witnessed massive demand in Pakistan especially since the last decade. As a result, it has become the most commonly driven car in the country for those who prefer ...