Are you looking for a car loan? If so, you’ve probably noticed that there are tons of financial institutions offering auto financing in Pakistan, but which one should you choose?
If you’ve ever looked at the price tags of new cars, you know how expensive it can be to purchase your dream ride. There are quite a few things to consider before you pick the bank that will finance your new wheels.
Fortunately, there are plenty of ways to get around this roadblock and take home your new vehicle without emptying your bank account—like taking out a car loan.
Car Loan Rates can vary between banks, so it’s important to do your research and compare prices before signing any contracts or handing over any money.
You just need to pick the right bank and the right loan for your situation, which are the topics we’ll explore in this guide on the top 5 banks in Pakistan to get a car loan.
Car Loan In Pakistan | Car Loan Without Down Payment In Pakistan
Table of Contents
- Car Loan In Pakistan | Car Loan Without Down Payment In Pakistan
- State Bank Of Pakistan Car Loan
- The National Bank Of Pakistan Car Loan
- The Muslim Commercial Bank Car Loan | MCB Car Loan
- The Habib Bank Limited Car Loan | HBL Car Loan
- The Bank Alfalah Car Loan
- Pros And Cons Of Getting A Car Loan From Banks
- Car Loan FAQs
State Bank Of Pakistan Car Loan
If you’re looking to get a car loan, the State Bank of Pakistan is one of the best options. The first thing to do is find out how much money you want to borrow and then fill out an application with your personal details.
Once you’ve been approved, they will issue an agreement and lend the agreed amount. You’ll need to pay back the loan according to the terms of this agreement which typically includes interest payments.
Some banks might require collateral if you are unable to get a car on time, while others might offer flexible payment plans.
Requirements to get a car loan from the State Bank of Pakistan: minimum salary and tenure for getting a car loan from the State Bank of Pakistan are Rs. 40,000 per month and 1 year Job duration at any company.
Getting a car loan can be quite tough in Pakistan, with limited choices. The State Bank of Pakistan is one of the top Pakistani banks that offer car financing or car loan.
It has some pretty good options as far as repayment periods go, as well as monthly installments. It also has different rates for different credit scores.
If you have a low credit score you can get a lower interest rate on your installment payments each month (called subsidized).
If you want to find out more about how much interest rate you would get visit their website where they have car loan calculators that let you know what your monthly payments would be before committing to anything.
You could also call up the bank and ask them yourself, so it’s worth it to do your research beforehand.
That way you’ll know exactly what you’re getting into with these types of financial arrangements and will feel confident going forward that everything is legitimate.
The National Bank Of Pakistan Car Loan
The National Bank of Pakistan offers car loans to anyone who holds a Pakistani National ID card. The loan amounts vary, but this bank provides the most competitive rates for car loans.
National Bank of Pakistan has a very stringent credit policy and is one of the few banks that will not provide financing for a car loan if your credit score does not meet their requirements.
In order to get a car loan from the National Bank of Pakistan you must have at least 3 years of experience as an employee or self-employed individual.
If you are unemployed, you need to prove that you have enough money to support yourself for at least 6 months before considering getting a car loan from this bank.
If you qualify for the loan, it usually takes about 3 weeks to process your application.
To get a car loan from the National Bank of Pakistan, you need to have an active account with the bank, be 18 years or older, and earn more than Rs. 40,000 per month.
You also need to have had your own account for at least three months and must not be under any debt management program with NBP.
The process will take anywhere from 2-4 weeks. Once approved, you will get a notification letter via email containing all the details.
You can either sign up online using their portal or go through their branches located throughout Pakistan.
For people who are looking for easy cash without any hassles, this is by far the best option available to them today.
No longer do they have to go door-to-door asking friends and family for help, no longer do they need to pawn anything that’s precious just so they can get the money they require.
They don’t even need to rely on loans from banks anymore! They don’t even need a perfect credit score! All they need is a Rs. 40,000 minimum salary and a tenure of 3 months.
The Muslim Commercial Bank Car Loan | MCB Car Loan
There are a lot of Pakistani banks that offer car loans but the Muslim Commercial Bank is one of the best. The bank has a history of offering high-quality customer service and offers a variety of loan options for customers.
This makes it an excellent choice for people looking to get a car loan because they won’t have to settle for anything less than what they want.
When you first walk into the bank, you’ll be greeted by friendly staff members who will help you with whatever you need throughout the process.
To get a car loan from this bank, all you have to do is fill out an application which should only take five minutes, and then meet with one of their experienced loan officers who will help guide you through the rest.
Requirements To Get a Car Loan From Muslim Commercial Bank of Pakistan
Minimum salary: The minimum salary requirement is Rs. 45,000 per month.
Tenure: The tenure should be at least 2 years and the car should be less than 3 years old.
Income proofs: Income Proofs Required
Documents Required: Copy of CNIC or National Identity Card Copies of latest Salary Slips or Payslips with Name Month & Year Printed on it.
For Private Companies’ Income Documents (Income Tax Return Form 16) (If not filled).
Latest bank statements for all accounts held by the applicant with Bank/Correspondent banks.
If any Account Details are Not Available then a Certificate from the Head Office about the personal balance maintained in that branch.
Credit card bills (if any) for the last 6 months with the last three transactions clearly shown along with the dates
The Habib Bank Limited Car Loan | HBL Car Loan
Getting a car loan from Habib Bank Limited is an easy process. The bank provides car financing for a variety of types of cars, including four-wheelers and two-wheelers (bikes).
To apply for a car loan from Habib Bank Limited, fill out the application form on their website and submit it before you leave your home.
Applicants must have at least one good credit history, a stable job, and no criminal record. As soon as the bank approves your loan request, they will email you a detailed proposal.
After receiving the proposal, you can review all terms and conditions carefully before accepting or declining them.
You will also receive paperwork explaining all of the financial obligations that come with borrowing money from this bank.
In order to qualify for a car loan from Habib Bank Limited, you will need the following:
A letter of employment, a personal bank account with Habib Bank Limited, and a valid Pakistani driver’s license or international driving permit.
Habib Bank Limited is one of the top Pakistani banks when it comes to providing car loans. They provide loans for new and used cars from various manufacturers.
They offer both secured and unsecured loans, which can be used for both new and old cars.
They do not charge any additional fees for processing their loan application. Their interest rates are also low making them an excellent choice for consumers looking for affordable financing options.
You must have an active current account in good standing with Habib Bank Limited as well as a valid ID card to apply for car loans.
The Bank Alfalah Car Loan
Pakistan’s top-ranked bank and one of the largest private banks, The Bank Alfalah offers car loans to help you buy a new or used car.
Plus, they have extended their services to include the latest models of cars that are available in the market today.
There are many steps to take when applying for a car loan. First, you need to have a clean credit score and complete all the necessary paperwork.
Second, you should get your car inspected. This is because it will help to give you an idea of the cost of repairs that may come up later on.
Third, make sure your insurance is already taken care of or if there are any gaps that need to be addressed before taking out a loan.
Lastly, make sure you have enough cash on hand to cover the down payment and other expenses related to this process.
The Bank Alfalah offers car loans with affordable rates and flexible terms that suit your personal needs – visit our website for more information today!
The minimum salary should be greater than Rs. 50,000 (or equivalent) per month and have 3 years of tenure.
Age criteria – At least 25 years old and minimum age of 18 at the time of taking a car loan.
Have an account with The Bank Alfalah for at least 1 year prior to getting the car loan with them.
Should have at least one family member who is also having an account with The Bank Alfalah for more than a year with this same criterion, if you don’t have an account with Bank Alfalah.
Can get a maximum of five new or used cars in one calendar year (premium customers only).
Must take care of all bank charges while getting the car loan from The Bank Alfalah or any other bank you apply with.
If these criteria aren’t met by the applicant, they can get a car loan through their family member’s account who already has an account with The Bank Alfalah that meets these requirements.
They must apply as a co-applicant on behalf of their relative/spouse.
Pros And Cons Of Getting A Car Loan From Banks
Banks are well-known for their easy lending policies and low-interest rates, which is why people apply for loans from banks all over the world.
With that being said, it’s important that you know what you’re getting into before taking out a loan. The following are some of the pros and cons of getting your next car loan with an option from Pakistani banks:
Pros Of Getting A Car Loan From Banks:
– Low-Interest Rates.
– Allowing You To Purchase A More Expensive Vehicle For Less Money.
– It’s very Easy To Qualify And Get Approved For A Loan If Your Credit Is Good Enough.
– No Financial Incentive If You Borrow More Than 50% Off Your Vehicle Value.
Cons Of Getting A Car Loan From Banks:
- Higher Monthly Payments And Having To Pay Back Larger Amounts Over Time.
– High-Interest Rate (Compounded Daily) Even If Your Loan Term Is Short Term (1 Year).
– Worse Rate Reduction Program Than Any Other Kind Of Loan (Car Loans Are Not Included).
– Having Difficulty Qualifying For A Car Loan Due To Bad Credit.
Car Loan FAQs
Which Pakistani bank gives a Riba-free Car Loan?
Meezan Bank gives Riba-free car loans in Pakistan, based upon Islamic financing called Ijara.
Best Pakistani banks to get a car Loan?
National Bank, Meezan Bank, MCB, and Bank Al Falah are one of the best banks in Pakistan to get a car loan.
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