Loans

Alfalah Car Financing

Getting your dream car was never this easy. Personalized to perfectly suit your needs, Alfalah Car Financing offers affordable, tailor-made financing options along with special features to help you enjoy your most preferred car in no time.

 

Features and Benefits

  • You can choose a car that is new, used or imported
  • Select your monthly installment plan from multiple tenure options up to 5 years
  • Fixed and variable rate options to cater every budget
  • Pay as much as you like with down payment flexibility
  • Enjoy special comprehensive insurance rates for complete peace of mind
  • No termination charges on car replacement
  • Apply with minimum documentation and hassle free quick processing

 


Installment 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


  • 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)

Eligibility

  • You are a Pakistani National Identity Card Holder
  • You should be aged between 21 and 65 years of age (Loan maturity to fall in the same age bracket)
  • You should have income from any of the following sources:

×          Employment (Permanent/Contractual)

×          Business (Partnership/Proprietorship)

×          Co-Borrower’s Income (Clubbing of Income)

Markup Rates

Fixed Rates
Financing Product 1 Year 2 Years 3 Years 4 Years 5 Years
Car Loan for Brand New Vehicles 17.50% 17.50% 18.00% 18.50% 18.50%
Car Loan for Brand New Imported Vehicles 19.00% 19.00% 19.00% 19.00% 19.00%
Brand New Semi Commercial Vehicles (locally manufactured) 20.00% 20.00% 20.00% 20.00% 20.00%
Second Hand Vehicles 21.00% 21.00% 21.00% 21.00% 21.00%

 

Variable Rates
Financing Product 2 Years 3 Years 4 Years - 5 Years
Car Loan for Locally Manufactured Brand New Vehicles Kibor + 3.5% Kibor + 4% Kibor + 4.5%
Car Loan for Imported Vehicles Kibor + 5%
Car Loan for Semi Commercial Vehicles (locally manufactured)
Second Hand Vehicles

 

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 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)

 

Which Car Types are offered for financing?
Following Categories are being offered in BAL Car Financing

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

 

How much loan facility can i avail?
Minimum of Rs. 200,000/- and maximum of Rs. 4,000,000/- for brand new local and imported vehicle. For Used Vehicles minimum of Rs. 100,000/- and maximum financing limit is 2,000,000/-.

 

What is the period 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 Vehicles – 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)

 

What other charges do I have to pay?
You have to pay a processing fee of Rs. 4,500/- (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?
You will repay the loan by following modes

  • Deposit the cheques 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 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 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
  • Required “For Salaried Individuals, Salary certificate specifying the name , date of joining, designation, salary details and 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 & turnaround 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

 

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 400 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