BOP CarGar Scheme
Frequently Asked Questions (FAQs)
Q: What is BOPCarGar?
A: BOP CarGar is an Auto lease facility for the following types of individual customers:
- Salaried Individuals (SI)
- Self Employed Businessmen (SEB)
- Self Employed Professionals (SEP)
Q: Which types of vehicles can I get leased under BOP CarGar?
A: You can apply for all unregistered local or foreign manufactured / assembled vehicles.
Q: What is the Lease Tenure for BOP CarGar?
A: BOP CarGar Auto Leasing ranges from 1 year to 5 years depending upon your requirement.
Q: Can I apply for BOP CarGar?
A: To apply for the lease facility, you should fulfill the following eligibility criteria:
| Eligible Items |
Salaried Individuals (SI) |
Self Employed Professionals/
Businessmen (SEP/SEB) |
| Age: |
21 – 60 Years |
21 – 65 Years |
| Job
Experience:
|
Permanent Employee:
Minimum 1 year
Contractual Employee:
2 Years
|
Minimum 1 year in current Business |
| Salary Account with/ without BOP |
Maintain salary account
with BOP or any other bank |
|
| Salary / Income: |
Permanent Employee:30 K
Contractual Employee: 40 K
|
Rs. 50 K (Income) duly supported by
financial statement/bank statement |
Q: How much
Lease Key Money (i.e. security deposit) do I have to deposit?
A: The minimum LKM to be deposited is as follows:
- For Local Vehicles 20%
- For Imported/ Used Vehicles 30%
Q: What
documents are required for availing the facility (Required Documents)?
A:
| SI |
SEP/SEB |
Agri |
- Copy of valid CNIC/SNIC/NICOP
- Latest Salary Slip
- Employer Certificate
- Bank Statement for last 6 months
- One recent Photograph
- Valid Copies of CNIC of 2 references
|
- Copy of CNIC//SNIC/NICOP
- Bank statement of last 6 months business/ personal
- One recent Photograph
- Valid CNIC Copies of 2 references
- Copy of professional degree required
- Business Proof
|
- Copy of CNIC//SNIC/NICOP
- Valid Agri Passbook in borrower’s name
- Latest Fard Malkiat in name of owner.
- Evidence of self-cultivation
i.e. Khasra Gardawari
in favor of applicant. Financial Statements / Income Estimation/
Project Feasibility / Projected Cash Flows, as applicable.
|
Q: What
other charges will I have to pay in order to avail the lease facility?
A: The customer will have to pay one time processing fee (non-refundable)
Processing Fee: Rs. 6,000/- per case. Rs. 1,500/- for Motorcycles
.
Q: When is the
Monthly Installment to be deposited?
A: The monthly installment should be deposited in your BOP Account on or before 5th of every month.
Q: What will be included in the monthly installment?
A: Total monthly rental will include principal, mark-up and insurance amount.
Q: What will be included in the
Down Payment?
A: Down Payment will include processing/ documentation charges, first year insurance premium, minimum lease key money (LKM), registration charges and any other taxes/ duties applicable by government.
Q: Is there any
Late Payment Penalty on delay of depositing the monthly installment?
A: Yes, in case of late payment Rs. 1/- per thousand per day of installment amount from due date till actual payment shall be charged.
Q: Will I have to pay any
additional charges on Pre-Payment/Balloon Payment of my installments?
A: Yes, you will be charged an amount of 5% on your Principal Amount.
Q: Can the application for the
loan/ lease be canceled?
A: Yes, the bank is authorized to cancel any request if you cannot fulfill the necessary requirements of the bank.
Q: What are my
rights and obligations regarding the facility?
A: Your rights and duties are mentioned below:
| Duties/Obligations |
Rights: |
| 1. To timely provide all the required information relating to the facility. |
1. To receive notification of any change in terms & conditions within 30 days of announcement. |
| 2. Payment by the customer should be made as per the agreed terms in Lease Agreement. |
2. To receive the repayment schedule free of cost. |
| 3. To maintain sufficient funds in bank A/C for monthly deductions |
3. To contact the bank officials during the business hours. |
Q:In case of
any queries, whom should the customer contact?
A: You can approach the bank officials by using the following contacts:
For General Queries: 042-35817595/99268092.
To lodge any complaints: rfdcomplaints@bop.com.pk