At Bank Alfalah, we're making that dream a reality, instantly! We're thrilled to introduce our Industry First Instant Auto Loan, a revolutionary new product designed exclusively for our existing valued customers, available right within your Alfa App. Get ready to hit the road faster with ultimate convenience and a streamlined process.
What you get
Markup Rates
| 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% |
Is This For You? Unlocking Your Instant Auto Loan!
We've made getting an auto loan simpler than ever. The Instant Auto Loan is specifically for our pre-evaluated existing Bank Alfalah customers (ETB). If you're eligible, we've already done most of the work for you! Just open your Alfa App to see if this exciting opportunity is waiting for you.
Get your car faster with a simple and efficient auto loan process.
Complete the entire journey online with no paperwork required.
Check your eligibility and get approved in real time.
Receive your loan amount immediately without delays.
Enjoy a seamless and stress-free process from start to finish.
Login Alfa > Tap More > Apply for a new loan > Instant Auto Loan
You can call 111-225-111 to talk to our Phone Banking officer or stopover at your nearest Bank Alfalah branch.
You can also send us an email with your contact details on autoloan@bankalfalah.com and our representative will get in touch with you.
Yes, you can if:
You are a Pakistani National
You meet the following age criteria:
Salaried Individuals:
Minimum 21 years to 65 years at the of loan maturity for Private Sector Employees and 60 Years for Government Sector Employees
Self- Employed/Other
Minimum 21 year to 70 years at the time of loan maturity
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
Locally Assembled/Manufactured
New Vehicles
Used Vehicles
Semi Commercial Vehicles (New)
*As per regulations from State Bank of Pakistan overall auto loan/financing limits availed by one person from all banks/DFIs, in aggregate, shall not exceed PKR 3,000,000/- at any point in time
Flexible financing tenure
Minimum 2 years & Maximum 5 Years (Vehicles up to 1000 CC)
Minimum 2 years & Maximum 3 Years (Vehicles above 1000 CC)
Above 1000CC Locally Assembled/Manufactured
New – Minimum 30% of Vehicle’s Value
Used – Minimum 30% of Vehicle’s Market Value
Upto 1000CC Locally Assembled/Manufactured
New – Minimum 30% of Vehicle’s value
Used – Minimum 30% of Vehicle’s Market value
You have to pay processing fee of PKR 9,000/- (+ Federal Excise Duty @ 16%), registration charges and first year’s insurance premium.
Bank Alfalah has made arrangements with top insurance companies which are offering special low insurance rates for Bank Alfalah clients.
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 instalment in the repayment account
Yes, you have the option to repay the loan as per the prevailing SOC’s after six months of availing the finance facility.
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.
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
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