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Eco-friendly financing with the lowest conceivable mark-up rate
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Flexible repayment period from 1 to 4 years
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Loan amount up to Rs. 400,000/-
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Personal equity – minimum 30%
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No hidden costs
You are eligible to apply for Electric Bike 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 a minimum 6 months’ account relationship with ABL, or 1 year with 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 or direct contract employee
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Six (6) salaries have been credited to your salary account during the last 6 months
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You have a minimum net monthly salary of Rs. 35,000/-
In case of Self-Employed Individual
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You are maximum 64 years old
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You have been in business for at least 1 year
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You have a minimum net monthly income of Rs. 50,000/-
The following documents are required to apply for Allied Electric Bike Finance:
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Proof of income
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Last 6 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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Completed and signed application form
Pricing of Allied Electric Bike Finance
| Category | Rate |
|---|---|
| All Segments | 1YK + 1% |
Q: Who can apply for Allied Electric Bike Finance?
Resident Pakistani salaried individuals (ages 21–59) and self-employed individuals (ages 21–64) are eligible to apply.
Q: What is the minimum monthly income required?
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Rs. 35,000/- for salaried individuals
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Rs. 50,000/- for self-employed individuals
Q: In which cities is the facility available?
Currently offered in: Karachi, Lahore, Islamabad, Rawalpindi, Faisalabad, and Multan
Q: Which electric bikes can be financed?
Brand-new, locally assembled/manufactured electric bikes that are registered with the Excise/Motor Vehicle Department.
Q: What is the maximum loan amount?
Up to PKR 400,000/-, subject to eligibility criteria.
Q: What is the markup rate?
1-Year KIBOR + 1%, or as per the prevailing Schedule of Charges (SOC).
Q: Is the markup rate fixed or variable?
Currently, it’s a floating/variable markup rate, repriced annually based on KIBOR. The Bank’s spread remains fixed.
Q: What is the loan tenure?
Repayment period ranges from 1 to 4 years.
Q: How do I repay the loan?
Via equal monthly instalments (EMIs) as per your repayment schedule.
Q: Which repayment methods are available?
Monthly instalments are auto-deducted from your ABL account under Direct Debit Authority.
Q: What’s the minimum balance to maintain in the account?
You must maintain a balance equal to:
Monthly instalment amount + any applicable charges
Q: Can I make balloon payments?
Yes, up to 2 balloon payments are allowed after 1 year. Each payment must be at least six monthly instalments, with a 6-month gap between them.
Q: Can I repay the loan early?
Yes, full prepayment is allowed before maturity.
Q: What are the prepayment charges?
Charges will apply as per the prevailing Schedule of Charges (SOC).
Q: Will I pay the insurance premium directly?
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1st year’s premium: Paid upfront with down payment to ABL
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Remaining premiums: Paid via EMIs
Q: How is the bike insured?
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You choose an insurance provider from ABL’s approved panel
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Insurance is arranged by ABL at corporate rates
Q: What secures the loan?
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Bike will be comprehensively insured
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Hypothecation in favour of ABL
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Lien marked with Excise & Taxation Department
Q: What payments are needed after Offer Letter acceptance?
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Equity / Down payment
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Processing fee
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1st year’s insurance premium
Q: What is the minimum down payment?
At least 30% of the bike’s ex-factory price
Q: Will I be charged a Processing Fee if my application is rejected?
No. It is charged only after loan approval and Offer Letter signing.
Q: Will ABL finance above the ex-factory price?
No. Only the listed/ex-factory price is financed, as per regulatory requirements.
Q: Will the Bank finance accessories?
No. Only the ex-factory price of the electric bike is financed.
Q: How can I apply?
Visit your nearest ABL branch or call the ABL Helpline: 042-111-225-225.