Due to incorporated high prices and taxes of cars in Pakistan is pushing all customers towards car finance. There are only few persons who are able to afford pay at once, but majority of people living in Pakistan is unable to buy even a small car. Now the dream to buy a car is become possible for every person. As banks are providing easy loan services to buy a desired car for local buyers of Pakistan. But mostly people are not aware of bank financing or they don’t know how to apply for car loan. This article will provide complete guidance and easy steps to apply for successful car loan.
How To Apply For Car Loan
Eligibility
- First of all if you have Pakistani Nationality and having age between 22 to 65 you are eligible to apply for car load.
- You must have some good sources of income like salary, Agriculture, rental or business.
Required Documents:
You required following listed documents to apply for car loan:
- You should have passport size photograph
- Copies of CNIC according to bank requirements
- Bank statements (to make sure the steady income)
- Salary certificates for salaried individuals
Some banks may ask you some additional documents but it depends upon bank from where you want to get loan.
Verification and banking Process:
- Make sure your eligibility and submit your required documents in desired bank.
- The bank bank will forward your loan case for approval and verifications.
- The financial eligibility of applicant will be verify by the bank and it may take few days or few weeks depending on bank.
- Once you are eligible and your loan has approved the bank will ask you to pay upfront payments.
- After submitting upfront payments and verifications bank will provide you a car.
Interest rate on Car Finance:
Interest rates are varying from 17 to 21 percent depending upon bank and terms of financing.
