Bank Alfalah Auto Loan provides flexible auto-financing options with suitable payment plan
Faysal Bank Limited was incorporated in Pakistan on October 3rd, 1994 as a public Limited company under the Companies Ordinance, 1984 and engaged in Commercial, Retail, Corporate and Islamic banking activities. The Pakistan Credit Rating Agency Limited (PACRA) and JCR-VIS Credit Rating Company Limited have determined the Bank’s long term rating as ‘AA’ and short term rating as ‘A1+’.
Faysal Bank’s footprint now spreads over 100 cities with over 350 branches. With total assets in excess of Rs444.5 billion, placing it amongst the significant players in Pakistan’s banking industry. Faysal Bank’s ambition is to provide par excellence service to its customers while meeting their financial needs.
Sources in the bank told PAGE that ‘Faysal Car Finance’ offers uniquely tailored financing of auto vehicles’ with the lowest mark-up rate. Not only this, you can finance your car up to 5 years with easy monthly installments.
Regarding features & benefits, the sources said that Faysal Car Finance is fast and hassle-free processing of application. There is flexibility in selection of cars (locally manufactured as well as imported vehicles), facility against brand new as well as used vehicle; loan amount extended up to 90 percent of the value of vehicle, loan tenure is from 1 to 5 years, co-borrower facility available with comprehensive insurance coverage from reputed insurance companies and early settlement option.
Faysal Bank Limited (FBL) has joined hands with Audi Pakistan and IGI Insurance to offer incredible discounts and value added services to their customers.
As a part of Strategic Alliance between Faysal Bank and Audi Pakistan, customers will avail unprecedented offers in terms of car financing markup rates, fast track processing, waivers in processing charges, priority vehicle delivery along with exclusive coverage provided by IGI Insurance at the most competitive premium rates. In addition to the above customers will receive preferential treatment in Faysal Bank branches and Audi Showrooms across Pakistan.
Commenting on the alliance Mr. Fouad Farrukh, Head of Retail Banking, Faysal Bank said “Faysal Bank Car Finance is one of our flagship consumer products and an obvious choice for Audi financing. I have a firm belief that entering into a strategic alliance with Audi and IGI will prove to be instrumental in providing our customers with best of the best services”. He further added “I am hopeful this alliance will take the market by storm while remaining beneficial for customers as well as commercially viable for alliance partners.”
Mr. Muhammad Yasin Khan, Chief Financial Officer, Premier Systems (Pvt) Ltd, said “driving away in an Audi has never been more convenient. Faysal Bank knows our customers require options, not alternatives, which is why they offer flexible financial plans that will help lower monthly payments. This partnership is a win-win situation for our customers”.
Expressing his views about this alliance Mr. Tahir Masaud, Chief Executive Officer, IGI Insurance Ltd., said “IGI is proud to be associated with the leading brands of Audi and FBL. This new partnership is uniquely positioned to provide our mutual customers with swift and low cost financing and insurance solution. With IGI’s fast-track claim settlement services, we are confident to take the consumer experience to the next level.”
BANK ALFALAH POPULARITY
On the other hand, Alfalah Auto Loan is a popular product of Bank Alfalah. Alfalah Auto Loan provides flexible auto-financing options for those want to own a car. It also gives the customer ease of choosing a suitable payment plan; customers can calculate Monthly Loan Payment through Alfalah Car Loan Calculator. Moreover, the whole process is hassle-free and quick.
Bank Alfalah also has Alfalah Car Ijarah, which is designed according to the principles of Shariah. Alfalah Car Ijarah is considered completely interest-free.
Bank Alfalah Limited is a private bank in Pakistan owned by the Abu Dhabi Group. Bank Alfalah was incorporated on June 21, 1997 as a public limited company under the Companies Ordinance 1984. Its banking operations commenced from November 1, 1997.
KEY FEATURES AND BENEFITS
Bank Alfalah Car financing calculator gives residual value option, which can lower monthly installment. For selected cars, Bank Alfalah’s customer can pay a lump sum balloon payment (up to 50% of financing value) at the end of the financing tenure for increased affordability and ease of repayments.
Alfalah Auto Loan gives the option of choosing a new, used, or imported vehicle. The Loan tenure ranges from 1-7 years. Alfalah Auto Loan offers fixed and variable pricing plans. For imported (new/used) and brand new locally manufactured vehicles, one can get financing up to Rs6,000,000. For used locally manufactured vehicles, the financing limit is Rs4,000,000. Another salient feature of Bank Alfalah Car financing is that there are no charges on car replacement. Special comprehensive insurance rates offered by Bank Alfalah makes Alfalah Car finance more attractive. Moreover, Alfalah Auto Loan also gives the option of paying insurance and registration charges in installments instead of paying upfront. Not only it reduces the down payment, but it also increases customer’s affordability.
CAR FINANCING CALCULATOR
Bank Alfalah has an installment car loan calculator available on its website for calculating monthly installment on Bank Alfalah Car Loan. The installment calculator can be used to find out markup rate options. One has to input total value of the car, down payment, financing (bank’s participation), and total financing years. The Bank Alfalah Car Loan calculator will output current markup rates and approximate equal monthly installment (EMI). This online calculator with same functions can also be accessed on PakWheels.com
ELIGIBILITY FOR BANK ALFALAH CAR FINANCING
A Pakistani national having a stable and verifiable income source can apply for Bank Alfalah car financing. The age range for a self-employed/other it is 21-65 and for a salaried person (Government/Semi-Government, and Armed Forces employees) is 21-60 years. The other category includes professionals (Charted Accountants, Doctors, and Consultants), self-employed individuals, landlords, housewives, and retired individuals who can apply for Bank Alfalah Car Finance.
For Alfalah Auto Loan, required documents are passport size photographs, a copy of CNIC, last six months bank statement, and salary certificate. Moreover, SBP undertaking on loans availed and monthly liabilities is also required. Required documents may vary depending on the profession or source of income of the customer.