Loans

Alfalah Auto Loan

Be in the driver’s seat when buying the perfect car. Alfalah Auto Loan lets you control your payment plan.

  • Residual Value option to lower your instalment
  • Option to defer insurance and Registration charges
  • Zero charges on Car Replacement option
  • Quick loan processing

 

Basic Features and Benefits

  • You can choose a car that is new, used or imported
  • Affordable markup rates to choose from-fixed and variable
  • Minimum documentation and hassle free quick processing
  • Financing available up to 7 years tenure
  • Enjoy special comprehensive insurance rates
  • Zero charges on Car Replacement
  • Balloon payment option

 

Product offerings

 

Residual Value (RV) Product

Under RV product, Bank Alfalah provides convenience to its customers to pay a lump sum balloon payment (up to 50% of Financing Value) at the end of the financing tenure for increased affordability and convenience of repayments.

This product variant provides convenience to customers to own one of the below mentioned vehicles on lowest possible installments.

Toyota (Brands – Corolla, Hilux, and Fortuner)

Honda (Brands – City and Civic)

Suzuki (Brands – Cultus, Swift and WagonR)

Available for the residents of Islamabad, Lahore, Multan, Faisalabad and Karachi only.

 

Deferred Insurance & Registration

Bank Alfalah is pioneer Bank to offer Deferred Insurance and Registration product. Through this offering, Bank facilitates its customers to pay Insurance and Registration Charges in installments during the tenor of the financing/leasing instead of upfront in down payment. Hence lowest possible down payment increase customer’s affordability and also facilitates customers in owning a high value/bigger vehicle.

 

Vehicle Replacement Option

Under this option, Customers can easily purchase new vehicle and adjust their vehicles with a new vehicle without any pre adjustment penalty.

 

Option for Fixed and Variable rate

Bank Alfalah provides its Customer with an option to choose fixed or variable rate of financing/leasing.

 

Option for Balloon Payment

Bank Alfalah offers its customers to lower their installments by adjusting their principal with a balloon payment twice in tenure of the loan. Each balloon payment equals to 6 equal monthly installments.

 


Instalment Calculator

Total Value Rs.
Down Payment Rs.
Financing (Bank’s participation) Rs.
Total Financing Tenure
Mark-Up Rate Options
Click here to see the current mark-up rates %
Equal Monthly Installment (approximately)
without Insurance
Rs.

 

Note: Insurance will be calculated separately.

Documents Required


 Basic Documentation:

      • Complete application form with customers signatures
      • Copy of CNIC/NICOP/POC/Smart ID
      • SBP undertaking on Loans availed and monthly liabilities
      • 2 recent photographs

 

Documentation as per profession:

      • Salaried Individual: Salary Slip/Salary Letter, 06 months Bank Statement
      • SEB/SEP: 06 months Bank Statement or Income verification report
      • Agriculturist: Fard/Mukhtar e Kar/Ownership, Certificate, 06 months Bank Statement or Income verification report
      • Rental Income: Rental Agreement (should be valid for next 3 months), Title Document, 06 Months Bank Statement
      • Foreign Remittance: Income/Job Proof, Remitter Passport (valid visa for at least 03 months), 06 months Remittance Slips or 06 months Bank Statement of Remittee

 

Eligibility

  • You are a Pakistani National Identity Card Holder
  • For Salaried individual you should be between 21 and 60 years of age, for Self Employed/Other categories you should be between 21 To 65 years of age (Loan maturity to fall in the same age bracket)
      • Salaried Individuals including Government / Semi Government employees and Employees of Armed Forces
      • Professionals (Chartered Accountants, Consultants, Doctors, etc.)
      • Self Employed Individuals, Proprietorships, Partners, Family Concern Business
      • Landlords, Housewives & Retired Individuals with consistent Rental Income/Foreign Remittances.
  • You should have income from any of the following sources:
      • Employment (Permanent/Contractual)
      • Business (Partnership/Proprietorship)
      • Rental Income
      • Agricultural Income
      • Remittances from Abroad
      • Co-Borrower’s Income (Co-Borrower Case)

 

Markup Rates

Click Here to download the latest markup rates

Schedule of Charges

 Click here to download

Frequently Asked Questions

Can I avail the car loan facility?

Yes, you can if:

  •  You are a Pakistani National residing in a city here Bank Alfalah operates its branches
  •  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?

  • New Vehicles (Locally Manufactured/Imported)
  • Used Vehicles (Locally Manufactured/Imported)
  • Imported Vehicles but Locally Invoiced (CBU)
  • Semi Commercial Vehicles

 

How much loan facility can i avail?

For brand new Locally Manufactured vehicles and Imported vehicles (New/Used), *minimum Rs. 200,000/- and maximum Rs.  6,000,000/-

For used Locally Manufactured vehicles,  *minimum of Rs. 200,000/- with 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 Locally (Vehicles with engine capacity of 950 CC & above)

How much initial down payment do I have to make?

-For New Vehicles (Locally Manufactured/CBU) Minimum 20%  of Vehicles Value Up to Rs. 4M Financing

Min 35% of Vehicles Value  for Financing above Rs. 4M

 

-For Used Vehicles (Locally Manufactured)

Minimum 25% of Vehicles *FSV uptoRs. 2 M Financing

Min 40% of Vehicle’s FSV for Financing above Rs. 2.0M

 

-For Imported Vehicles (New/Used)

Min 25% of Vehicle’s FSV up to Rs.4M Financing

Min 35% of the Vehicle’s FSV for Financing above Rs.4M

 

*Forced Sale Value of the vehicle provided by approved evaluator.

Maximum limit of equity is  75%

Note: Used CBUs will be treated under Segment Imported Vehicles (New/Used) 

 

What other charges do I have to pay?

You have to pay a processing fee of Rs. 6,000/- (Rs.6,960/- with FED @ 16%), 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:

  • Direct Debit Instructions (Bank Alfalah Account holders only)
  • Deposit the cheque at anyBank Alfalah Branch.
  • Through ADC (Alternate Delivery Channel)
  • Direct deposit of installment in the repayment account

 

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?

Yes, you can avail the facility with the below mentioned family members and vehicle can be registered in either of the borrowers name or as the case may be.

  • Spouse
  • Siblings (real brother/real sister)
  • Son/Daughter
  • Father/Mother

 

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 All cases

  • Complete application form with customers signatures
  • Copy of CNIC/NICOP/POC/Smart ID
  • SBP undertaking
  • 2 recent photographs

Additional documents required as per segment

  • Salaried Individual: Salary Slip/Salary Letter, 06 months Bank Statement
  • SEB/SEP: 06 months Bank Statement or Income verification report
  • Agriculturist: Fard/Mukhtar e Kar/Ownership, Certificate, 06 months Bank Statement or Income verification report
  • Rental Income: Rental Agreement (should be valid for next 3 months), Title Document, 06 Months Bank Statement
  • Foreign Remittance: Income/Job Proof, Remitter Passport (valid visa for at least 03 months), 06 months Remittance Slips or 06 months Bank Statement of Remittee

 

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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24/7 Customer Support

For details about our Products & Services call our Phone Banking Service at 111-225-111