Pakistan has one of the most progressive and innovative banking sectors in the world. Banks in Pakistan have expanded their businesses in the last two decades by stepping into other banking activities which were historically missing from their portfolio. These primarily include consumer financing activities such as housing finance, auto lease & finance, credit cards, and personal loans. One of the banks, which is considered to be a pioneer of consumer financing is Bank Alfalah Car Loan Calculator. When it first stepped into the Pakistani market with its lucrative consumer facilities, it was highly aggressive and was offering consumer facilities to almost every Pakistani. Over the years, however, the bank has transformed into a mature financial institution with sensible credit facilities for its consumer base. These include Bank Alfalah Islamic car finance, conventional car finance, housing loans, and credit card such as its star performer the Alfalah Platinum Credit Card. When it comes to auto financing, the bank is considered to be highly competitive, offering car financing in both the conventional mode as well as the Islamic mode. How do you know which mode suits you best? how you know which car installment plan matches your budget? to answer these questions you can use the Alfalah car loan calculator which is available on their official website.
Bank Alfalah Car Loan Calculator
If you want to do a comparative analysis between car loans with different features or you want to know if you can conveniently meet the monthly rental, you should check out the Bank Alfalah car loan calculator.
The calculator provides an estimate of what your monthly obligation will be relative to your down payment, invoice value, and tenure. It is a user-friendly calculator which you can use easily just by selecting options from the drag-down menu. The bank has a separate calculator for Bank Alfalah Islamic Car Finance which you can access under the Islamic banking option. The Islamic calculator differs from the conventional calculator.
Step 1: Select the product
Within conventional auto financing, bank alfalah offers two types of loans. The normal conventional loan and a residual value product (RV). The latter has smaller installments and at the end of the loan tenure, the customer makes a balloon payment to settle the loan. Only specific vehicles are allowed under this model and the maximum tenor allowed is only 5 years. Use the Alfalah Car Loan Calculator to select the product you are more comfortable with. We recommend selecting the normal product. If you are using the Islamic calculator, only one mode of finance is available.
Step 2: Select the type of Mark-up
Currently, only variable rate mark-up is being offered under Alfalah Bank car loan under the conventional mode of financing. Select the variable-rate mark-up and move to the next step. In the Islamic auto finance calculator, you can select a variable or a fixed rate using the drop-down menu.
Step 3: Select the assembly type
Alfalah Car finance covers brand new locally assembled vehicles and locally assembled semi-commercial vehicles. From the drag-down menu, select the vehicle type you want to procure. Under the Islamic mode of financing, used and imported vehicles are also allowed.
Step 4: Select Manufacturer
The next drag-down menu in the Alfalah car loan calculator is the name of the manufacturer. All vehicle companies operating in Pakistan are present on the menu. You can select the one which you want easily. If you want to avail Bank Alfalah Islamic Car Finance, then the Islamic calculator will also give you the same options.
Step 5: Select the model
Depending on the manufacturer you have selected, you can select the model from the drag-down menu in the Bank alfalah car loan calculator. For instance, if you have chosen Honda to be financed by Alfalah Bank Car Loan, you can choose from all the variants of Honda from the menu. Select the vehicle you want and move to the next step.
Step 6: Select the loan tenure
If you have selected a 1000 CC or smaller car, you can avail of a maximum loan tenure of seven years. If you have opted for a car larger than 1000 CC, you can avail of a maximum loan tenure of 5 years. These regulations have been laid out by the State Bank of Pakistan.
Step 7: Select the equity
For 1000 CC or smaller cars, the minimum down payment that is allowed by SBP is 20 %. For vehicles that are larger than 1000 CC, the minimum down payment that is permissible by SBP is 30 %. For imported and used vehicles, the minimum equity requirement may differ depending on the vehicle details such as the year of manufacturing, the value of the car, etc. Select the down payment you can easily contribute and move to the next step.
Press “Submit”
When you press the submit button, the bank Alfalah Car Loan Calculator will provide you with the result in an instant. The Alfalah Bank Car Loan result will include the car price (of the car you selected), down payment, bank’s share, and your alfalah bank installment plan. You can further retrieve the repayment schedule by pressing the calculate RPS button or you can press the “redo” button if you want to change your options. The repayment schedule will provide you with a break-up of your monthly installments. You can also read all terms & conditions on the page. Please note that the installment is inclusive of insurance/takaful. Registration charges and withholding tax are however not included and are to be borne by the customer.
