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Askari Bank Ask 4 Car offer

Askari Bank Auto Finance 2017Askari Bank Car Finance offer 2017

Askari Bank Introduce New Car Finance Scheme for their Customers in this year. The Name of this offer is ask 4 Car. Askari Bank Ltd is a commercial and retail bank in Pakistan It was founded on October 9, 1991, as a Public Limited Company. On June 21, 2013 the bank was acquired by Fauji Group.

Askari Bank Ask 4 Car offer 2017:

Askari Bank is Financing for new, used and imported vehicles.

New:  1 to 7 years

Used:    Used vehicles should not be older than 5 years and the age of the vehicle should not exceed 8 years at the time of maturity of loan

Imported: In case of imported vehicles, the bank shall not finance the vehicles older than 5 years

 

Product Features

Documents

How to Apply

Features              Details

Product Type:    Financing for new, used and imported vehicles

Charges:              As per “Schedule of Bank Charges”

Insurance:           Built in Insurance & Tracker

Equity Requirement:

New vehicles: minimum 20%

Imported vehicles: minimum 30% of the FSV of the vehicle

Used vehicles: minimum 25% of the FSV

Co-borrower:    Parents, spouse and son can be considered as co-borrower. Brother/ sister can be considered if other options are not available and provided they are employed/self-employed

Electronics Credit Information Bureau (ECIB) & Debt Burden Ratio (DBR):

Mandatory for all applicants including co-borrowers

Debt burden inclusive of all existing and proposed liabilities shall not exceed 50% of net disposable income

Segment              Annual Mark-up

Armed Forces:  12 months Kibor + 1.5% (upto 3 years)

12 months Kibor + 2% (more than 3 years)

Branch Customers (salaried):      12 months Kibor + 3% (upto 3 years)

12 months Kibor + 3.5% (more than 3 years)

Branch Customers (SEB/SEP):     12 months Kibor + 3.5% (upto 3 years)

12 months Kibor + 4% (more than 3 years)

Non Branch Customers (salaried):            12 months Kibor + 4%

Non Branch Customers (SEB/SEP):           12 months Kibor + 4.5%

Used/Imported Vehicles:             12 months Kibor + 5%

Minimum Income:

Category              Minimum Income Requirement                Relation/Service Length

AKBL Approved List of Companies            Rs. 25,000            Permanent employees

Armed Forces    Rs. 25,000            Commissioned officers

AKBL Branch Customers (salaried)            Rs. 25,000            6 months salary relationship with AKBL

AKBL Branch Customers (SEB/SEP)           Rs. 50,000            1 year account relationship with AKBL

Non Branch Customers (salaried)             Rs. 40,000            1 year continuous service length

Non Branch Customers (SEB/SEP)            Rs. 65,000            2 years in current business

Government Sector        BPS 16 or above                6 months service length

Individuals with Rental Income  Rs. 100,000          6 months

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