The Product

Alfalah Car Finance is specially designed for you. Addressed below are answers to some frequently asked questions:
 

Can I avail the car loan facility?

Yes ,you can get loan from bank alfalah to purchase a Brand New Car/Used Car if you are:

• Pakistani National Identity card holder.
   
• Over 20 years of age (Maximum 60years in case of saleried and 65 in case of a bussness at the time if maturity of the loan .)
   
• Salaried , businessman or self employed

Which cars I apply this loan for?

All brand new pakistani assmbled / manufactured cars (unregisterd )

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How much loan facility can i avail?

Minimum amount is Rs .200,000/-and maximum amount is Rs.2,000,000/-

What is the priod of the loan?

The loan can be availed from 1 year to 5 years with early adjutment facility at any time before the maturity.

How much initial down payment do I have to make?

10% of the value of the car.

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What other charges do I have to pay?

You have to pay a one time fee of Rs. 4,000/- being amount of processing and documentation charges and first year’s insurance  premium .

Who will insure the car?

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

How do I repay the loan?

You will repay the loan by making easy equal monthly installment to Bank Alfalah in the form of post dated chaques.

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Can I repay the loan before the maturity?

Yes, you have the option to repay the loan at any time during the tenure of the loan.

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 registrar.

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

You can include your spouse , children (18 years and above )or parents as co-applicants for the car loan and the car can be registerd in their names.

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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:

• Two passport size photographs
   
• Copy of national ID Card
   
• Bank statement for the last six month
   
• Salary certificate (in English) specifying the name , date of joining , designation and salary details (for a business person).
   
• Copy of the National ID card of the co-borrower (if the car is to be in the name of the co-borrower)

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

• Easily affordable & flexible installments.
   
• Flexibility of adjustment at any time during the tenure
   
• Quick processing minimum down payment
   
• Minimum insurance

What is the first step I need to take?

Call or visit yourself or ask your family member to visit any one of our branches in pakistan .