Want to finance the car you have been eyeing for years? Short of money? Avail Soneri bank car loan for purchasing the car you have been dreaming of. Soneri Bank offers vehicle loans at affordable rates and convenient terms & conditions. We ensure that the processing time of your request is the shortest so that you can enjoy your dream vehicle as soon as possible. Read below for our features in detail.
Car Loan Eligibility:
When you approach a car loan the first thing, we check is your eligibility. The eligibility for a car loan depends on several factors such as your age, status (salaried/businessman/self-employed), salary/income, debt burden, credit report, etc. Though banks may consider many other factors before making a credit decision, however the above are the primary benchmarks that banks scrutinize during their loan approval process. Contact us today for availing Soneri Bank Car loan.
Age of the applicant:
Your age should be at least 21 and at the most 60 if you belong to the Salaried Class. For business class, there is a relaxation in the maximum age by 5 years. You must have a valid CNIC or NICOP for age verification.
Job Experience/Business Years:
For availing of the Soneri Bank Car loan, your job experience should be at least one year in case of permanent employment. In case you are a contractual employee you should have job experience of two years at least. For business class, the life of your business should be at least one year.
Business Income/Salary:
A minimum salary of Rs. 30,000 is required if your job is permanent. The minimum salary requirement is Rs. 40,000 if you are working on a contract. A minimum business income of Rs. 50,000 is required for eligibility if you are a businessman.
Debt Burden Ratio:
It’s not just your salary/income that is a deciding factor when it comes to consumer loans. We will calculate your debt burden ratio as well. Your debt burden ratio is the sum of all your monthly installments which you pay for the loans you have availed divided by your business income or gross salary. SBP has recently increased this requirement, the maximum allowable debt burden ratio for consumers is 40 %. For new loans, your new loan monthly installment will be added to your debt before dividing it by your income/salary.
Clean ECIB:
You must have a clean ECIB for availing of any loans. Banks will acquire your credit report and check if you have defaulted on any loans in the last year. They will also check if you have been meeting your obligations on time. A clean credit report is mandatory for loan eligibility.
Customer Share:
The minimum customer participation is defined by the regulations of the State Bank of Pakistan which is 20 % for 1000 CC vehicles and less. For cars that have engine capacities greater than 1000 CC, the minimum required customer share is 30 %. For vehicles that are used or imported, banks may ask for more than the minimum required payment. Soneri Bank Car loan is offered for locally assembled brand new, used, and imported vehicles. Use the Soneri bank car loan calculator to select your desired down payment.
Loan Tenure:
As per SBP’s regulations, the maximum permissible tenor for 1000 CC cars or less is seven years, while for vehicles larger than 1000 CC it is five years. The tenor for used and imported vehicles will be set according to the model year of the car to be financed.
How to use the Soneri bank car loan calculator?
- From the built-in menu of the Soneri Bank Car Loan Calculator, select the make and model of the car you intend to procure.
- You can also select a used vehicle/imported vehicle from the calculator menu.
- Use the drop-down menu to select the down payment you want to make.
- The next drop-down menu lets you select the tenure of your car loan.
- Press “Submit”
- The calculator will start processing the information and provide you with an RPS (Repayment Schedule) which will include information about the total finance amount, your participation, the tenure of the loan, applicable mark-up rate, applicable insurance rate, and the monthly installment you will have to make.
