Alfalah Auto Loan

Policy One Pager

Product Features Product Variants

Residual Value Product:
 Salaried Individuals (Permanent / Contractual)
Under RV product, Bank Alfalah provides convenience to its customers to pay a
 Self Employed Individuals lump sum balloon payment at the end of the financing tenure for increased
Target - Proprietorships, Partners, Family Concern Business, Directors affordability and convenience of repayments.
:
Market - Professionals (Chartered Accountants, Consultants, Doctors, etc.)
 Landlords, Housewives & Retired individuals & Individuals with  Available for the residents of Lahore, Kasur, Sheikhupura, Gujranwala,
consistent Rental Income/Foreign Remittances. Gujrat, Sialkot, Multan, Faisalabad, Bahawalpur, Rahim Yar Khan, Sahiwal,
Okara, Islamabad & Rawalpindi (including approachable peripheries Wah,
Minimum of PKR 200,000 and Kamra, Taxla), Peshawar, Jhelum, Sargodha, Abbotabad, Karachi,
Loan Size Maximum of PKR *3,000,000 *Not applicable for; Hyderabad, Sukkar & Quetta.
“Locally Assembled - Vehicles upto 1000CC Vehicles allowed under RV;
/ Manufactured
: *As per SBP Regulations overall auto loan/financing limits
availed by one person from all banks/DFIs, in aggregate, - Roshan Apni Car Suzuki : Mehran, Bolan, Cultus, Wagon R, Swift, Alto
Vehicles” should not exceed PKR 3,000,000/-, at any point in time.
- Locally assembled / Toyota : Corolla, Yaris, Fortuner, Hilux
Honda : City, Civic, BR-V
manufactured electric
Financing 2-7 years (Vehicles up to 1000 CC) KIA : Picanto, Sportage
: vehicles Hyundai : Tucson
Tenure *2-5 Years (Vehicles above 1000 CC)
 Used / Imported (Reconditioned) vehicles not allowed.
Down Payment : Roshan Apni Car  Maximum Financing up to 5 years only.
Vehicle Locally Assembled/ Manufactured
/ Equity (Local New
Type Upto 1000 cc Above 1000cc Deferred Insurance/ Registration:
Requirement Vehicles Only)
Option to pay Insurance and Registration charges in installments during the
Minimum 15% Minimum 30% Min 15% of tenure of the financing only in the case where down payment by the borrower
New of Vehicle’s of Vehicle’s Vehicle’s Value does not exceed 50%. (Additional 1% Markup will be applicable and variable rate
value Value Up to Rs.6.0M financing only).
Minimum 20% Minimum 30% Min 20% of Partial Payment Product:
Used of Vehicle’s of Vehicle’s Vehicle’s Value
This product is designed to cater customers who have made payment at
*Market value Market Value above Rs. 6.0M Dealerships and interested in availing financing for the balance payment. Under
this product the bank will not be requiring equity from customers;
- *Market Value of the vehicle provided by Approved Evaluator/Dealer. 1. The customer deposited amount at OEM shall be considered as equity
- To avail financing below MV customer has to undertake that vehicle is available on this participation provided the case meets the Bank’s equity criteria.
price & he is interested in availing financing on his agreed price with the Seller / Dealer. 2. The customer will be required to deposit additional equity over and above the
- Maximum limit of equity is 75%. amount deposited at OEM as per case requirement, if required.
- Financing of Rs 0.3 M or less not allowed for less than 36 months.
- Used 2nd hand Light Commercial Vehicle Financing is not allowed.
Eligibility Criteria
Processing Fee : Rs. 9,000/- (Rs.10,440/- with Federal Excise Duty @ 16%)
Salaried Person
Insurance: : As per the approved panel Min 21 Years To 65 Years at time of loan maturity
Age : for Private Sector Employees and 60 Years for Government
After satisfactory completion of one year, *2 Balloon Payments are
Sector Employees
Balloon allowed with the gap of one year. Each balloon payment should be
: Min Salary : Min Rs. 30,000/- per month
Payment equivalent to EMI of 6 months.
*Balloon payment option is not available in Residual Value Product. Category A & B (Permanent): Currently employed, with a
total employment experience of three months.
Car On car replacement, no premature penalty will be charged, and it’ll be Category C, G & Unapproved (Permanent): Currently
:
Replacement adjusted against the differential of the down payment. Job employed, with a total employment experience of 6 months.
:
At time of finance; status Category A & B (Contractual): Currently employed, with
total employment experience of 6 months.
Used Vehicles :  Locally Manufactured Vehicles should not be older than 5 years. Category C, G & Unapproved (Contractual): Currently
 At maturity, the vehicle should not be more than 10 years old. employed, with total employment experience of 1 year.
Spouse, Parents, Siblings (Real Brother and Sister), and Children - External Verification exemption for Payroll companies (bank @ work) (Subject to no change in
current address with the address available in account details).
Co-Borrower: : allowed as co-borrower. Vehicle can be registered in either of the - Staff of companies deployed at remote locations including oil & Gas exploration companies &
borrower or as the case may be. large contracting firms shall be excluded from physical office verification and their credential
shall be verified from their payroll issuing office in any of the approved city.
Upto 1000CC Locally Assembled/Manufactured: 50% D/B of Net
Disposable Income will be considered Self-Employed/Others
Debt burden: :
Above 1000CC Locally Assembled/Manufactured: 40 % D/B of Net Age : Min 21 To 70 Years at time of loan maturity
Disposable Income will be considered PKR 50,000/- per month (assessed on Bank Statement
Min Income :
Other Sources Rental Income, Foreign Remittances, Saving/Fixed deposit, Term deposit or documentary evidence)
: Tenor : Minimum 1 year in current business
of Income: (only lien based) will be considered based on documentary evidence.
Mode of Re – Direct Debit, Deposit Cheque/ADC (Alternate Delivery Channel)/ Cash Documentation
:
Payment: at any Bank Alfalah Branch Complete application form with customer’s signatures, Copy of CNIC/NICOP/POC/Smart
ID (original seen by sales), SBP undertaking & 2 fresh snaps required for all customers in
Branch The segment is introduced to cater our ETB priority / high value customers on each & every case, (A/C maintenance certificate if required).
Referred : fast track processing that are meeting any of the below criteria Salaried individual  Salary Slip / Salary Letter
Segment  06 months Bank Statement
 SEB/SEP - PKR 100K avg. balance in last 6 months SEB/SEP  6 months Bank Statement OR
Min. 1 Yr Relationship
 Salaried - PKR.50K monthly salary  Income verification report
Agriculturist  Fard / Mukhtar e Kar /Ownership Certificate
 SEB/SEP – maintaining average balance of min
Less than 1 Yr  6 months Bank Statement OR Income verification report
PKR.150K
(not less than 6 months) Rental Income  Rental Agreement (should be valid for next 3 months)
 Salaried - monthly salary of PKR.75K
 Title documents
 Contributing 50% equity (Exempted from min average  6 months Bank Statement
Min 6 months relationship
balance criteria) Foreign  Income/Job Proof
Remittance  Remitter Passport (has a valid Visa for atleast 3 months)
Only Internal Verification will be conducted for cases referred on Branch Priority
 6 Months Remittance Slips OR Remittee Bank Statement
Recommendation Form duly signed by Branch Manager.
Parents, spouse & children are allowed under this segment

M 6 - 7 Years
Financing Product on Variable Rates 2 Years 3 Years 4 - 5 Years
A (For vehicles upto 1000 CC only)
R 14.87% 15.37% 15.87% 16.37%
K Locally Assembled / Manufactured Vehicles (New)
*(KIBOR + 3.50%) (KIBOR + 4.00%) (KIBOR + 4.50%) (KIBOR + 5.00%)
U 16.37% 16.37% 16.37% 16.37%
P Locally Assembled / Manufactured Vehicles (Used)
(KIBOR + 5.00%) (KIBOR + 5.00%) (KIBOR + 5.00%) (KIBOR + 5.00%)
G Locally Assembled / Manufactured Semi Commercial Vehicles 16.37% 16.37% 16.37%
R N/A
(New) (KIBOR + 5.00%) (KIBOR + 5.00%) (KIBOR + 5.00%)
I *The 1 year KIBOR rate on the 1st of the month will be used to determine the rate for the entire month. KIBOR for the month of Mar-2022 is 11.37%.
D 1% additional Markup for Deferred Insurance & Registration Financing

Early Payment Charges (Prepayment/Balloon Payment):

1 – 3 Years 4 – 5 Years 6 – 7 Years
8% of the principal outstanding 6% of the principal outstanding 3% of the principal outstanding
Version: 7.0 (Mar-2022)