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Overview

A convenient and accessible auto financing solution for individuals who want to own a new or used vehicle without the burden of a full upfront payment. Designed for both salaried and self-employed customers, Bank Alfalah Auto Loan offers competitive rates, flexible repayment options, and a hassle-free process to get you on the road faster.

What you get

  • Financing for new, used, or imported vehicles.
  • Flexible repayment tenures of up to 7 years.
  • Competitive markup rates.
  • Available for both salaried and self-employed individuals.
  • Option for partial or full early settlement.
  • Quick approval process with minimal documentation.

Markup Rates

  • 1 year KIBOR rate on the 1st of the month will be used to determine the rate for the entire month.
  • 1% additional Markup for Deferred Insurance & Registration Financing.
Financing Product on Variable Rates (Only for Locally Assembled/Manufactured Vehicles) 2 Years 3 Years 4 – 5 Years (For vehicles upto 1000 CC only)
Brand New / Used Vehicles *KIBOR + 3.50% KIBOR + 4.00% KIBOR + 4.50%

Why Choose Bank Alfalah Auto Loan?

  • Your Car, Your Choice: Finance new or used locally assembled/manufactured vehicles.
  • Financing Limit: PKR 200,000 to PKR 3,000,000
  • Affordable Payments: Enjoy competitive markup rates tailored to your budget.
  • Lower Installments: Our Residual Value option helps reduce your monthly payments.
  • Hassle-Free Upgrades: Zero charges on our convenient Car Replacement option.

Flexible Tenures:

  • Vehicles up to 1000 CC: 2 to 5 years
  • Vehicles above 1000 CC: 2 to 3 years

Features & Offerings

Loan Eligibility

Available for both salaried and self-employed individuals.

Vehicle Options

Financing for new, used, or imported vehicles.

Flexible Repayment

Tenures of up to 7 years.

Competitive Pricing

Attractive markup rates for affordability.

Early Settlement

Option for partial or full settlement before tenure completion.

Quick & Easy Process

Fast approval with minimal documentation.

Financing Convenience

Low upfront payment requirements.

Tailored Auto Loan Offerings

  • Residual Value (RV) Product: Unlock greater affordability! Our RV product allows you to make a lump sum "balloon" payment at the end of your financing tenure, resulting in significantly lower monthly installments throughout your loan period.

Availability:

Lahore, Kasur, Sheikhupura, Gujranwala, Gujrat, Sialkot, Multan, Faisalabad, Bahawalpur, Rahim Yar Khan, Sahiwal, Okara, Islamabad & Rawalpindi (including Wah, Kamra, Taxila), Peshawar, Jhelum, Sargodha, Abbotabad, Karachi, Hyderabad, Sukkar & Quetta.

Eligible Local Vehicles:

  • Suzuki: Alto, Every, Cultus, Wagon R, Swift
  • Toyota: Yaris, Corolla, Corolla Cross, Fortuner, Hilux
  • Honda: City, Civic, BR-V, HR-V
  • KIA: Picanto, Stonic, Sportage
  • Hyundai: Elantra, Tucson
  • MG: HS
  • Haval: Jolion, H6
  • Peugeot: 2008

Note: Imported (Reconditioned) Vehicles are not eligible. Maximum financing tenure is 5 years, with a maximum Residual Value of up to 50%.

  • Partial Payment Product: Already booked your vehicle? Let Bank Alfalah ease the burden of a large final payment! Our Partial Payment product allows you to convert your outstanding balance into manageable monthly installments, making your new car truly easy on your pocket.
  • Vehicle Replacement Option: Thinking of an upgrade? Our Vehicle Replacement Option allows you to purchase a new vehicle and adjust your current financed vehicle without incurring any pre-adjustment penalties. Enjoy a smooth transition to your next car.
  • Option for Balloon Payment: Gain more control over your loan! With this option, you can lower your regular installments by making a balloon payment (equal to 6 monthly installments) twice during your loan tenure. This provides financial flexibility when you need it.
  • Deferred Insurance & Registration: A Bank Alfalah innovation! Our Deferred Insurance & Registration product empowers you to spread the costs of insurance and registration over your financing tenure. This significantly reduces your upfront down payment, making it easier to afford a higher-value or larger vehicle.

Eligibility

  • Salaried Individuals: Including employees from Government, Semi-Government sectors, and the Armed Forces.
  • Professionals: Such as Chartered Accountants, Consultants, Doctors, and other qualified professionals.
  • Self-Employed Individuals: Including proprietors, partners in businesses, and those managing family businesses.
  • Individuals with Consistent Income: This includes landlords, housewives, and retired individuals who receive regular rental income or foreign remittances.

Eligible Income Sources:

  • Employment (Permanent or Contractual)
  • Business (Partnership or Proprietorship)
  • Rental Income
  • Agricultural Income
  • Remittances from Abroad
  • Co-Borrower’s Income (if you're applying jointly)

Nationality Requirement:

  • You must be a Pakistani National Identity Card holder.

For Salaried Individuals:

  • Minimum Gross Salary: PKR 30,000 per month
  • Age:
    • Private Sector Employees: Minimum 21 years, maximum 65 years (at loan maturity)
    • Government Sector Employees: Minimum 21 years, maximum 60 years (at loan maturity)
  • Employment Status:
    • Permanent: Currently employed with at least 6 months of total work experience
    • Contractual: Currently employed with at least 1 year of total work experience

For Self-Employed Businessmen / Professionals / Others:

  • Minimum Gross Income: PKR 50,000 per month (assessed from bank statements or supporting documents)
  • Age: Minimum 21 years, maximum 70 years (at loan maturity)
  • Business Standing: At least 1 year in your current business

Documents Required

For All Applicants

  • Complete Application Form: Fully filled out and signed.
  • Identification: A clear copy of your CNIC (Computerized National Identity Card).
  • Financial Declaration: Your SBP undertaking detailing any existing loans and current monthly financial commitments.
  • Recent Photos: Two passport-sized photographs.

Based on Your Income Source

  • Salaried Individuals: Your latest Salary Slip or Employment Letter, plus 6 months of your bank statements.
  • Self-Employed (Businessmen / Professionals): 6 months of your bank statements. Income will be assessed through these statements.
  • Agriculturists: Fard / Mukhtar-e-Kar / Ownership Certificate, along with 6 months of your bank statements. Income evaluation facility available.
  • Rental Income Earners: A rental agreement (valid for at least the next 3 months), the property title document, and 6 months of your bank statements.
  • Foreign Remittance Recipients: Proof of your income/job abroad, the remitter’s passport (with at least 3 months of visa validity), and either 6 months of remittance slips or 6 months of the remittee’s bank statements.

Important Documents

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