Purchasing an automobile is a necessity in today’s world. But many people cannot buy a car due to monetary issues. The good news is that many banks offer the solution to this problem. They offer to finance both used and new cars. You can acquire an older vehicle on a monthly payment basis if you don’t have enough money to buy a new one.
Getting your car is easy now, but confusion occurs on choosing the bank. So we have done some legwork for you and have listed below the top options for car financing in Pakistan with their key features:
Dubai Islamic Bank Private Limited
Key Benefits of DIB Car Financing:
- Their insurance rate is the lowest as compared to other banks.
- They offer payment plans spanning up to 7 years.
- They make no rental payments before delivering the car.
- They provide both advance and ready-to-deliver services.
- DIB finances a maximum of 85% of the original value.
- They offer a minimum finance of PKR 100,000 and a maximum finance of PKR 5,000,000.
- DIB offers a loan service for both new and used cars as well.
Eligibility Requirements:
- Your monthly income must be a minimum of PKR 25000.
- The age limit for salaried customers is 21 years to 60 years.
- The age limit for self-employed persons is 21 years to 65 years.
- In the case of a salaried person, you must have been working for at least three months.
- A self-employed professional must have been working for at least 6 months.
- A businessman is eligible for a car loan if he has been working for at least the past 12 months.
Faysal Bank Private Limited
Key Benefits of Faisal Bank Car Loan:
- They provide service for both new and used cars.
- They offer payment plans spanning up to 5 years.
- They also give an early settlement option.
- They provide insurance coverage from credible insurance companies.
- Faysal Bank finances a maximum of 70% of the original car value.
- A Co-partner facility is also available at Faysal Bank.
Eligibility Requirements:
- You must be a Pakistani citizen.
- Your monthly salary must be a minimum of PKR 30,000.
- A monthly income of PKR 40,000 is required for self Employed customers.
- The age limit for salaried customers is 21 years to 65 years.
- The age limit for self-employed persons is 21 years to 70 years.
Bank Alfalah
Key Benefits of Bank Alfalah Car Financing:
- You can choose from both new and used cars.
- They have multiple tenure plan options going up to 5 years.
- They offer affordable markup rates.
- They provide comprehensive rates of insurance.
- Bank Alfalah also offers a partial payment method
Eligibility Requirements:
- You must be a Pakistani citizen.
- Minimum monthly salary of PKR 30,000 for salaried customers.
- The age limit for salaried customers is 21 years to 65 years for the private sector and 60 years for Government Sector.
- Minimum income of PKR 50,000 for self Employed customers.
- The minimum age limit is 21 years, and the maximum is 70 years when the loan matures.
Askari Bank Limited
Key Benefits of Askari Bank Limited Car Financing:
- Both new and old cars are offered to finance.
- They finance a new car from 15% to 60% of the original value.
- They finance used cars from 30% to 60% of car value.
- They offer a low markup rate.
- They provide exceptional Insurance rates.
- They offer car finances from PKR 200,000 to PKR 3,000,000.
Eligibility Requirements:
- You Must be a Pakistani Citizen.
- Minimum Gross monthly salary of PKR 25,000 for permanently salaried employees.
- A minimum PKR 40,000 monthly salary is required for contractual employees.
- The age limit for salaried customers is 21 years to 62 years.
- A minimum income of PKR 65,000 is required for self-employed customers.
- The minimum age limit is 21 years, and the maximum is 65 years at the time of loan maturity.
The Bank of Punjab
Key Benefits of The Bank of Punjab Car Financing:
- All unregistered local or imported cars can be leased.
- BOP finances from PKR 100,000 to PKR 7,500,000.
- Their loan tenure ranges from 1 to 5 years.
- BOP offers an insurance rate of 3.5%.
Eligibility Requirements:
- You Must be a Pakistani Citizen.
- Minimum Gross monthly salary of PKR 30,000 for permanently salaried employees.
- A minimum PKR 40,000 monthly salary is required for contractual employees.
- The age limit for salaried customers is 21 years to 60 years.
- A minimum income of PKR 50,000 is required for self-employed customers.
- The minimum age limit is 21 years, and the maximum is 65 years at the time of loan maturity.
It is important to note that many other banks also offer car financing services. Above are the top financial institutions that you can go to if you want to lease a car.
