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Want to drive your own car? Be that as it may, not having sufficient means to purchase a car can make things difficult. However, there is a convenient way of getting a car in Pakistan by means of a car loan which is paid off in regularly scheduled installments.

A lot of us cannot bear to pay the entire price of a car on the spot. Banks and car finance institutions offer a car loan for these kinds of purchases, the sum of which is paid off in installments. Each bank brings its own set of standards to the table for loans to the buyer. You can get a car on lease in Pakistan from a bank or leasing company. In Pakistan, most of the banks offer cars in installment which can be calculated in advance by utilizing a car loan calculator. Try not to trust any other unregistered institution since some extortion organizations keep on the lookout to defraud people.

What is Car Finance?

Car finance is an assistance program that allows you to acquire a car on installment from bank. You decide on the type of vehicle you want to purchase and apply for a car loan at a bank. On approval of your application, the bank pays for the car that you get to take home for your benefit, ultimately paying the car monthly installments over a predetermined period of time.

This is the manner by which the car in installment works: the bank takes a specific level of the car’s cost as an initial investment, allowing you to cover the rest in regularly scheduled payments. You pay the initial investment right away and a decent measure of portion consistently until the car loan is settled.

With car financing, you don’t need to wait for an adequate number of reserve funds to purchase a car. You can acquire the car immediately with a bit of money (down payment) and pay the rest through a regularly scheduled installment plan.

Eligibility Criteria for Car Finance in Pakistan

  1. You need to prove your citizenship by providing a valid Pakistani Computerized National Identity Card.
  2. People falling in the age bracket of 22 to 65 can apply for a car loan. However, age requirements might vary from bank to bank.
  3. Individuals with a consistent amount of revenue are thought of as qualified for auto financing.
  4. Have a steady income of at least PKR 25,000.

Documents Required to Apply for a Car Loan

  1. Your passport-sized photo.
  2. A photocopy of your (CNIC).
  3. Bank articulations dated for a particular time frame, (generally a half year) to ensure that the candidate has a consistent kind of revenue.
  4. Payslips/authentications to show that a candidate is a salaried person.

The Process of Car Finance in Pakistan

Getting a loan for a car in Pakistan is easy. You don’t have to wait for years to get your car lease. You get your car as soon as you pay the down payment. Here is the process you need to know for car finance in Pakistan:

  1. In Pakistan, banks take a specific level of the car’s complete cost as a down payment.
  2. Send an application to the bank and sit tight for the reply.
  3. When you get the approval for your application, the bank will give you a car loan allowing you to purchase your dream car.
  4. Once you have paid the down payment, you need to pay for the rest of the car in installments.
  5. A wide range of vehicles are taken into account for lease – imported, used, and new, all kinds are eligible for a vehicle loan.
  6. In the case of used and imported vehicles there is a period limit. Used and imported vehicles older than 7 years are not permitted.
  7. Most banks offer finance for cars of at least PKR 2 lacs and at most of PKR 50 lacs.
  8. 1-7 years installment plans presented in Pakistan.
  9. For used cars, the base level of the down payment will be 20% of the car’s cost and for a shiny new car, it will be 15% of the absolute car cost.
  10. As indicated by the State Bank of Pakistan, an individual can pay a maximum amount of 50% of their income.

Car Loan Verification Process

Whenever you have presented the necessary records for guaranteeing your qualification, the following process will occur:

  1. The bank advances the loan case for confirmation and approval.
  2. The monetary status of the candidate is affirmed by the bank (The cycle might take from a couple of days to half a month).
  3. When your case is approved, the bank will request that you pay the forthright installments pertaining to your case.
  4. After finishing and checking the necessary forthright installment, the bank will organize and provide the car to the client.

Remember that each bank covers car insurance for new cars in the finance plan. Banks suggest different car insurance companies that you can pick from as per your convenience. The insurance rate relies upon the finance you need from the bank for your car. Under the above explained terms and conditions, anybody can get a car on lease in Pakistan.

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