Askari Bank Ask 4 Car offer

Askari 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