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Financing up to Rs. 3 Million
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Financing of up to 70% of car price
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Financing for up to 5 Years
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No hidden costs
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No Processing Fee in case of rejection of car financing application
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Competitive mark-up rate
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Simple and easy documentation
You are eligible to apply for car finance from Allied Bank if:
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You are a Pakistani National
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You are minimum 21 years old
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You have minimum 6 months of account relationship with ABL or any other bank
In case of Salaried Individual:
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You are maximum 59 years old
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You are a permanent employee
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You are employed for at least 2 years
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You have minimum net monthly salary of Rs. 40,000/-
In case of Self-Employed Individual:
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You are maximum 64 years old
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You are in business for at least 2 years
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You have minimum net monthly income of Rs. 60,000/-
Following basic documents are required to apply for Allied Car Finance:
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Proof of income
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Last 06 months’ Bank Statement
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Copy of CNIC / Smart NIC / NICOP
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2 recent passport size photographs
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Complete and duly signed “Application Form”
Pricing of Allied Car Finance
| Pricing | Minimum:
1YK+1.75% |
| Maximum:
1YK+5% |
Note: The pricing will be offered between the given range in accordance to different segments and other factors.
Q: In which cities of Pakistan is Allied Bank Car Finance being offered?
Currently Allied Car Finance is being offered in the following cities only:
Lahore, Faisalabad City, Gujranwala, Rawalpindi City, Islamabad City, Sialkot, Karachi, Hyderabad, Sukkur, Sahiwal
Note: Geographical coverage is not applicable on Roshan Apni Car.
Q: Which vehicles are eligible for ABL Car Finance?
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Brand New Vehicles (Locally Assembled/Manufactured)
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Used Vehicles (Locally Assembled/Manufactured)
Q: What is the maximum financing amount that can be applied for?
Car loan can be availed up to PKR 3 Million subject to fulfillment of certain eligibility criteria.
Q: At what mark-up rate will the financing be offered?
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Salaried (ABL Salary): 1 Year KIBOR + 3%
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Salaried (Other Bank): 1 Year KIBOR + 4%
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Self-Employed (ABL): 1 Year KIBOR + 4%
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Self-Employed (Other Bank): 1 Year KIBOR + 4.5%
Subject to prevailing Schedule of Charges.
Q: What is KIBOR?
Karachi Inter Bank Offer Rate (KIBOR) is a benchmark interest rate set by the State Bank of Pakistan for interbank lending, used to determine markup rates.
Q: Will the markup be fixed or variable?
It is a floating/variable rate. The rate adjusts annually based on KIBOR changes, while the bank’s spread remains constant.
Q: What are the financing tenures?
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Minimum: 1 year
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Maximum: 3 to 5 years (based on vehicle engine capacity)
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Roshan Apni Car: Up to 7 years
Q: How will I repay the loan?
Through equal monthly instalments (EMIs) as per your repayment schedule.
Q: What are the modes of repayment?
EMIs will be auto-debited from your ABL account via Direct Debit instructions or as advised by the Bank.
Q: What minimum balance must be maintained in my ABL account?
Your account must maintain a balance equal to the monthly instalment(s) plus any applicable charges.
Q: Can I make balloon payments?
Yes. Two balloon payments are allowed after the first year. Each payment must be less than 6 EMIs, and the second must have a 1-year gap from the first.
Q: Can I prepay the financed amount?
Yes, you can pay off your loan before the maturity date.
Q: Are there any charges on early or partial payment?
Prepayment charges apply as per the current Schedule of Charges (SOCs).
Q: Do I pay the insurance premium directly to the company?
No. The first year’s premium is paid upfront to ABL. Later premiums are included in your EMI.
Q: How is the vehicle insured?
ABL arranges the insurance through its panel at special corporate rates. You can select from approved insurers.
Q: How is the vehicle secured?
The vehicle is comprehensively insured and remains hypothecated in the bank’s name throughout the financing term.
Q: What is the security of the financing?
A lien is placed on the vehicle with the Excise & Taxation Department.
Q: What payments are required after Offer Letter acceptance?
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Equity
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Processing Fee
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First Year Insurance Premium (Upfront)
Q: What is the minimum down payment?
Minimum down payment is 30% of the car’s price.
Q: Is processing fee charged if my application is rejected?
No, it is only applicable post-approval and offer letter signing.
Q: Will the Bank finance costs over the ex-factory price?
No, financing is restricted to the listed/ex-factory price.
Q: Will the Bank finance vehicle accessories?
No, only the ex-factory vehicle price is financed.
Q: How do I apply?
Visit your nearest ABL branch or call 042–111-225-225 for assistance.