Ask4Car

Financing for new, used and imported vehicles.

Features Details
Product Type: Financing for new, used and imported vehicles
Charges: As per prevailing “Schedule of Bank Charges
Insurance: Built in Insurance & Tracker
Equity Requirement:
  • New vehicles: minimum 20%
  • Imported vehicles: minimum 30% of the FSV of the vehicle
  • Used vehicles: minimum 30% of the FSV
Co-borrower: Parents, spouse and son can be considered as co-borrower. Brother/ sister can be considered if other options are not available and provided they are employed/self-employed
Electronics Credit Information Bureau (ECIB) & Debt Burden Ratio (DBR):
  • Mandatory for all applicants including co-borrowers
  • Debt burden inclusive of all existing and proposed liabilities shall not exceed 50% of net disposable income

 

Mark Up:

Segment Annual Mark-up
Armed Forces: Commissioned Officers:
12 months Kibor + 1.5% (upto 3 years)
12 months Kibor + 2% (more than 3 years)
Non-Commissioned Staff:
12 months KIBOR + 3%
Branch Customers (salaried): 12 Months Kibor + 4%
Branch Customers (SEB/SEP): 12 Months Kibor + 4.5%
Non Branch Customers (salaried): 12 Months Kibor + 5%
Non Branch Customers (SEB/SEP): 12 Months Kibor + 5%
Used/Imported Vehicles: 12 Months Kibor + 5%

 

Financing Tenor:

Type Tenor
New: 1 to 7 years
Used: Used vehicles should not be older than 7 years and the age of the vehicle should not exceed 10 years at the time of maturity of loan
Imported: In case of imported vehicles, the bank shall not finance the vehicles older than 7 years

 

Minimum Income:

Category Minimum Income Requirement Relation/Service Length
All Salaried Rs. 25,000 Permanent employees
Rs. Rs.40,000 Contractual
Armed Forces Rs. 25,000 Commissioned officers/Non Commissioned Staff
AKBL Branch Customers (salaried) Rs. 25,000 3 months salary relationship with AKBL
AKBL Branch Customers (SEB/SEP) Rs. 50,000 6 months account relationship with AKBL
Non Branch Customers (salaried) Rs. 25,000 2 year continuous service length, Permanent
Rs. 40,000 2 year continuous service length, Contractual
Non Branch Customers (SEB/SEP) Rs. 75,000 1 year in current business
Government Sector Rs. 25,000 BPS 14 or above permanent employees
Rs. 35,000 BPS-17 & above Contractual
Pensioners/Individuals with Rental Income/Agricultural Income/Foreign Remittances or Liquid Security/Any other individuals with verifiable source of income Rs. 75,000 Nil

 

Features Details
Salaried Individuals:
  • Completely filled signed application booklet
  • Attested copy of CNIC (Borrower & Co-Borrower)
  • One recent passport size photographs
  • Last two months original salary slips or attested photo copies
  • Last 06 months bank statement
Sole Partnership Concerns:
  • Proprietorship certificate from bank indicating title and account opening date
  • Copy of title documents or rent deed of business premises
  • Last 12 months bank statement (business/personal)
  • Copy of the title documents/other supporting document of the property to be placed with the copies as security
  • Copy of the latest income tax return or NTN Certificate or other levy able payment receipts
Partnership Concerns:
  • Partnership Deed and Bank Certificate indicating title and account opening date
  • Concerns of the latest income tax return or NTN Certificate or other levy able payment receipts
  • Copy of the title documents or rent deed of the business premises
Director of Limited Companies:
  • Copy of the title documents/other supporting documents of the property to be placed with the bank as security
  • Copy of the latest income tax return or NTN Certificate or other levy able payment receipts
  • Memorandum and Articles of association Form 29 and Form A

You can apply by visiting our Branches or by calling at our 24 hrs call center at 111-000-787. Our dedicated staff will help you complete your loan application form and other formalities.

You can also submit your details here, our staff will contact you.