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A lease facility for the purchase of vehicles for personal use.
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- Salaried Individuals (SI)
- Self Employed Professionals (SEP)
- Self Employed Businessmen (SEB)
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Minimum: Rs. 200,000/- Maximum: 5,000,000/-
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Minimum: 01 Year Maximum: 05 Years
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1 year
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Avg. 1 Year ask side KIBOR + 400 bps with floor of 17% p.a.
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2 Years
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Avg. 2 Years ask side KIBOR + 400 bps with floor of 17% p.a.
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3 & 5 Years
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Avg. 3 Years ask side KIBOR + 400 bps with floor of 17% p.a.
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Equity + Processing Charges + First Year Insurance + First Monthly Instalment
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Processing Charges
= Rs. 5,000/-
E-CIB Charges
= Rs.300/- per case
Guarantor e-CIB Charges
= Rs.50/- per report.
Documentation Charges
= Actual
Insurance Rate
= 4% from Insurance company on bank’ panel
Registration Charges
= Actual. Payable directly by the customer
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Pre-payment penalty @5% on principal outstanding .However, If the customer repays in order to obtain finance for new vehicle no penalty may be charged.
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The monthly payments of all loans/lease/limits from all FIs/banks should not exceed 50% of Take Home Salary / Net Income.
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5% on the amount of instalment Maximum Rs. 1000/- + Cheque Dishonouring Charges (as per schedule of charges of the bank)
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ELIGIBILITY CRITERIA FOR GOVT. EMPLOYEES & BOP EMPLOYEES
- Age between 25 and 59 Years or retirement date; whichever is earlier (59 Years at maturity of facility)
- Minimum Take Home Salary is Rs. 10,000/-
- Permanent Govt. Employee with Minimum 03 Years of job Experience. (01 Year for BOP Employees).
- Contractual Employees are also eligible but loan should be adjusted before 06-months of the expiry of contract. Moreover, departmental undertaking / one Personal Guarantee of Govt. Employee of grade 17 & above shall be obtained for contractual employees (Financial commitment of Guarantor should be established through E-CIB report & Salary Slip/Employer Certificate/Bank Statement of salary account showing monthly credits of salary amount).
- Maintaining Salary Account in any bank.
- Have valid Driving License & CNIC
- Residing or working in launching cities.
ELIGIBILITY CRITERIA FOR PRIVATE EMPLOYEES
- Age between 25 and 59 Years or retirement date; whichever is earlier (59 Years at maturity of facility)
- Minimum Take Home Salary is Rs. 15,000/-
- Permanent Pvt. Employee with Minimum 03 Years of job Experience including 01 year with current employer.
- Maintaining Salary Account with any bank.
- Have valid Driving License & CNIC
- Residing or working in launching cities.
ELIGIBILITY CRITERIA FOR SEP/SEB
- Age between 25 and 57 Years or retirement date; whichever is earlier (57 Years at maturity of facility)
- Minimum 03 Years in current business.
- Minimum Monthly Net Income is Rs. 20,000/- (Established through Tax Return or Income Estimation Report of outsourced agencies or Bank Statement).
- Have valid Driving License & CNIC
- Residing or working in launching cities.
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FOR SALARIED PERSON
- Copy of valid CNIC
- Latest Salary Slip / Employer Certificate on organization’s letter head (as per BOP specimen)
- Two Recent Photographs
- Bank Statement for last 6 months
- Latest Copy of utility bills (Electricity & phone)
- Income Tax Return/Wealth Statement OR Non-Tax Payees Form, if applicant is a non-tax payer
FOR SELF EMPLOYED PROFESSIONAL /BUSINESSMEN
- Copy of CNIC
- Two Recent Photographs
- Bank Statement for last 01 Year of Business Accounts
- Latest Copy of utility bills (Electricity & phone) of Residence
- Income Tax Return/Wealth Statement OR Non-Tax Payees Form, if applicant is a non-tax payer
BUSINESS RELATED DOCUMENTS.
- Latest copy of utility bills (Electricity & phone) of current business address.
- Documentary evidence in business or in the profession for the last 2 years.
- Proprietorship Certificate/Partnership deed
- Copy of Professional Degree (For Professionals)
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- Car will be registered in the name of Bank as per lease agreement.
- Comprehensive Insurance Policy (Insurance Certificate/policy will be sent directly to the branch by the Insurance Company).
- Post Dated Cheques as per the repayment schedule.
- Three (03) undated cheques of marked up amount (Principal + Mark-up)
Any additional guarantee, if required as per the contents of the approval letter
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