There are countless banks in Pakistan offering car loans with different features. Nearly all of them have provided a car loan calculator online to assist customers in estimating how much monthly installment they will have to pay if they avail of the car loan facility. UBL is also offering car loan facilities for consumers at competitive rates. You can use the UBL Car financing calculator to estimate what your monthly installment will be. This can come in handy if you have a limited budget and you do not want to burden yourself with debt. You can access the calculator online through UBL’s official website.
Below we provide easy steps for using the car loan calculator UBL:
Select the product variant from the drop-down menu of the car loan calculator UBL. The product variant refers to the type of loan you want to avail of. UBL is offering four different car loan variants: Normal, Zero Penalty Auto Loan, Good Citizen Account- pledge based, and Good Citizen Account- non-pledge. All have different benefits but we would recommend the Normal variant.
UBL Drive is offering auto financing as well as auto leasing to customers. The primary difference is in the modality of these loans. In auto financing, the vehicle is jointly owned by the customer and the bank. At the end of the loan period, the vehicle automatically transfers to the ownership of the customer. The lease facility is a rental agreement, the bank is the owner of the vehicle while the customer pays a rental for using the vehicle. At the end of the tenor, the vehicle has to be offered to the customer for purchasing at a residual value. Use the drop-down menu of the UBL car finance calculator to select the mode you prefer.
Use the drop-down menu in the UBL car financing calculator to select the type of mark-up you want to pay. Whether fixed or floating. Floating mark-up variates with KIBOR( Karachi Interbank Offer Rate) and may decrease/increase. While the fixed rate will remain unchanged.
Use the drop-down menu of the UBL car loan calculator to select your tax filing status. If you are a filer select filer from the drop-down menu. If you are a non-filer, select non-filer from the drop-down menu.
Select your segment from the drop-down menu. Segment means if you are an existing customer/account holder of UBL or not.
From the drop-down menu of the car loan calculator UBL select your preference for the insurance company. There are several options available.
Use the UBL Car finance calculator to select the Make & Model you want to finance. For instance, if you want to finance Toyota Yaris, you have the option of selecting from all Yaris variants. The same goes for all other vehicle companies and their variants.
You can also use the UBL car financing calculator to select the type of vehicle. Whether brand new locally assembled, used, or imported. Just use the drop-down menu to select your preference.
In the menu of the UBL car loan calculator, enter the total cost of the vehicle you want to finance. You can check the latest price of vehicles from the respective car company and input the price.
The Down payment rate is the contribution you are willing or able to make. This depends greatly on what you can afford to contribute and also the minimum down payment requirement as per the State Bank of Pakistan. The current requirement is 15 % of the invoice value for cars with an engine power of 1000 CC or less. The minimum downpayment requirement for vehicles above 1000 CC is 30 %. Select the down payment in the car loan calculator UBL you are willing to make.
Use the drag menu in the UBL Car finance calculator to select the tenure. The maximum allowable tenure for vehicles with an engine capacity of 1000 CC or less is 7 years while that for larger engine capacities is 5 years.
Once you have made all the inputs in the UBL car financing calculator, just press the “calculate” button and the calculator will provide you with an estimate of your monthly installment. This monthly installment is the sum of your monthly principal repayment, monthly insurance payment, and the mark-up on the outstanding principal amount. The UBL car finance calculator in Pakistan will give you an exact picture of how much your monthly installment will be.
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