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"The objective of this product is to provide lease facility to bank’s target market for the purchase of vehicles for their personal use and earn better return for stakeholders through secured financing within well defined risk parameters."
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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 13% p.a.
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2 Years
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Avg. 2 Years ask side KIBOR + 400 bps with floor of 13% p.a.
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3 & 5 Years
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Avg. 3 Years ask side KIBOR + 400 bps with floor of 13% p.a.
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Equity + Processing Charges + First Year Insurance + First Monthly Instalment
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Processing Charges
= Rs. 3,750/-
E-CIB Charges
= Rs.300/- per case
Guarantor e-CIB Charges
= Rs.50/- per report.
Documentation Charges
= Actual
Insurance Rate
= 4% from East West Company
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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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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Processing Centres available in the following cities of Pakistan:
Click Here to see Details of Branches / CPCs Offering Consumer Finance Facility
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