An easy way to own a car

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Apr 03 - 09, 2000

Standard Chartered Bank formally launched of its auto financing scheme, SCB-123. Dewan Yousuf Farooqui, provincial minister for industry, labour and transport was the chief guest.

In his welcome address, Zahid Rahim, chief executive, Pakistan, said: "We have had a long and historical association with Pakistan and its people and are now renewing this commitment by setting global standards. In order to provide our customers with a diversified product and service portfolio, it is only natural for us to make further investments in new banking solutions that meet our customers' high expectations."

Through the launch of SCB-123 Standard Chartered has firmly established its position as a provider of customer-oriented, innovative products and services in the consumer banking, continues in its goal to increase its customer base whilst contributing in the development of Pakistan and its economy. Not only has the Bank been here for over 137 years, its investment and expansion plans in the country continue to grow.

The Auto Loans Scheme, provides customers with an easy, simple and more flexible way to own a car. By providing down payment and mark-up, a flexible payment duration of 1 to 7 years and preferential insurance. The offer seems to be an attractive one. Speaking at the launch ceremony, the head of consumer banking Maruf Ahmed stated, "Standard Chartered Bank aims to make a complex financial world easier for its customers. In pursuit of this goal, we endeavour to provide our customers with attractive, tailor-made, one-stop solutions for more than all their banking needs. The products and services we provide contribute to increased convenience and an enhanced banking experience."

Standard Chartered is a UK registered emerging market bank. It has a large presence in Asia, South East Asia, Middle East and Africa and branch network in the USA. While the head office is in the UK, it does not have branch network in Europe, as its main focus is on emerging markets not the OECD countries. In fact, over 60 per cent of its earnings originate from the South East Asian countries, of which Hong Kong accounts for over 30 per cent share. The rest of the earnings come from other areas, i.e. Africa, Middle East and the Americas.

Its commitment to provide services of the highest quality grows with time. Being an emerging market bank, wide presence in some of the very difficult and diverse markets, it is well positioned to judge the market realities in these parts of the world. Its global experience helps in repositioning itself to effectively deal with volatility and peculiar market behaviours, to ensure that it delivers what the customers need and to simultaneously help in the development of the host country and its economy.

Financing amount	1 Year	2 Years	3 Years	4 Years	5 Years	6 Years	7 Years
150,000	14,039	7,782	5,729	4,726	4,143	3,769	3,514
200,000	18,719	10,376	7,638	6,301	5,524	5,025	4,685
250,000	23,399	12,970	9,548	7,877	6,905	6,282	5,856
300,000	28,078	15,563	11,457	9,452	8,286	7,538	7,028
350,000	32,758	18,157	13,367	11,027	9,667	8,794	8,199
500,000	46,797	25,939	19,095	15,753	13,809	12,563	11,713
1,000,000	93,594	51,878	38,190	31,506	27,619	25,126	23,426
1,500,000	140,392	77,817	57,286	47,259	41,428	37,689	35,139

Note: To calculate your monthly contribution amount on any financing amount not included in Table 1, simply multiply the same amount by the factor correlating to the desired tenor of financing as shown in Table 2 below.

Tenor -	l Year	2 Years	3 Years	4 Years	5 Years	6 Years	7 Years
Factor	0.09359	0.05188	0.03819	0.03151	0.02762	0.02513	0.02343

Example: You want to calculate the monthly contribution on the financing amount of Rs. 546,139 payable over 5 years. Which is to say, Financing Amount x 5 Years Factor = Rs.546,139 x 0.02762 = Rs.15,084.36 per month.