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 provided you are,

1. Pakistani National Identity Card Holder
2. Over 21 years of age (Maximum 65 years till maturity of loan)
3. Having income from following sources,
• Employment (Permanent/Contractual)
• Business (Partnership/Proprietorship)
• Co-Borrower’s Income (Clubbing of Income) 

Which cars I apply this loan for?

Following Categories are being offered in BAL Car Financing

• Brand New Pakistani Manufactured Vehicles
• Semi-Commercial Vehicles for personal use
• 2nd Hand Vehicles (Registered Vehicles)
• Imported Vehicles

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How much loan facility can i avail?

Minimum of Rs. 200,000/- and maximum of Rs. 4,000,000/- (For Used Vehicles minimum of Rs. 100,000/- and maximum financing limit is 2,000,000/-)

What is the priod of the loan?

The loan can be availed from 1 year to 5 years with early adjustment facility at any time before the maturity (varies with the type of vehicle and the age of the customer)

How much initial down payment do I have to make?

For Brand New locally manufactured - 20 % of the value of the Car
For Imported/ used Vehicles – 25% of the value of the Car (As assessed by Approved Evaluator of Bank)

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What other charges do I have to pay?

You have to pay processing fee of Rs. 4,000/- (exclusive 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?

You will repay the loan by following modes

• Making easy equal monthly installment to Bank Alfalah in the form of post dated cheques.
• Through Debit Authority and providing security Cheques

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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 with premature termination penalty as per SOC.

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 avail the facility with joint registration title with

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

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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 Computerized national ID Card
• Bank statement for the last six months
• Salary certificate 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)

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

• Quickest processing & Turn Around time in the Market
• Minimum Documentation Requirements
• Variable & Fixed rates to cater to every Budget
• No Termination Charges on car Replacement
• Discounted Insurance Rate with Free Tracking Device
• Balloon payment Options
• Deferred Insurance & Registration Charges
• 150 Cities Existence

What is the first step I need to take?

Call 111-225-111 or visit yourself or ask your family member to visit any one of our branches in Pakistan.