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.
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 must be 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)
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