Buying a car is a noteworthy milestone but often needs substantial financial investment. For many, car financing is the most hands-on solution to possessing a vehicle without straining their savings. Askari Car Finance could be the perfect choice if you’re considering buying a car and are interested in car financing options. This blog will walk you through everything you need about Askari Car Finance, from its features and benefits to the application process and tips for securing the best deal.
Key Features:
Flexible Financing Tenure:
Askari Car Finance offers flexible loan tenures, typically 1 to 7 years, allowing you to choose a repayment period that fits your financial situation.
Competitive Markup Rates:
The financing comes with competitive markup rates, making it an affordable option compared to other car financing products.
Up to 80% Financing:
Askari Car Finance provides financing of up to 80% of the car’s value, meaning you only need to cover 20% as a down payment.
Wide Range of Vehicles:
Whether you want a brand-new or pre-owned car, Askari Car Finance covers both options, giving you flexibility in choosing the right vehicle.
Islamic Banking Option:
Askari Bank offers an Islamic car financing option for customers who prefer Shariah-compliant products, ensuring adherence to Islamic financial principles.
Eligibility Criteria for Askari Car Finance
For Salaried Individuals:
Age:
The candidate must be between 21 and 60 years old.
Employment Status:
You must be a permanent employee with at least one year of service with your current employer.
Minimum Income:
The minimum monthly income requirement varies depending on the loan amount but typically starts around PKR 30,000.
For Self-Employed Individuals and Business Owners:
Age:
The applicant should be between 21 and 65 years old.
Business Tenure:
Your business must have been working for at least 2 years.
Minimum Income:
The income requirement for self-employed individuals is generally higher than for salaried individuals, with a minimum monthly income of around PKR 50,000.
Documentation Required:
CNIC Copy:
A valid copy of your Computerised National Identity Card (CNIC).
Salary Slip or Bank Statement:
For salaried individuals, the last three months’ salary slips; for self-employed individuals, the last six months’ bank statements.
Proof of Employment:
An employment verification letter or business registration documents for self-employed individuals.
The Application Process
Step 1: Visit Askari Bank
The first step is to visit the nearest Askari Bank branch. Alternatively, you can visit their official website and explore the car financing section to get an overview of the product and initiate the application process online.
Step 2: Choose Your Vehicle
Decide on the car you wish to purchase. It’s essential to have a clear idea of the vehicle’s make, model, and price, as this will influence the loan amount and the monthly instalments.
Step 3: Submit Your Application
Fill out the car finance application form, providing all the necessary details, including personal information, employment details, and the car specifications you intend to buy. Attach the required documents, such as your CNIC, proof of income, and bank statements.
Step 4: Credit Evaluation
Once your application is submitted, Askari Bank will conduct a credit evaluation to assess your repayment capacity. This involves checking your credit history, income stability, and financial health.
Step 5: Approval and Down Payment
If your application is approved, the bank will issue a loan approval letter outlining the terms and conditions of the financing. You must make the down payment, usually 20% of the car’s value.
Step 6: Disbursement of Funds
After the down payment, Askari Bank will disburse the loan amount directly to the car dealer, who will deliver the vehicle to you.
Tips for Securing the Best Deal:
Maintain a Good Credit Score:
Your credit history plays a significant role in determining the approval of your loan application and the interest rate you’ll receive. To ensure that your credit score is in good shape, pay off existing loans on time and keep credit card balances low.
Compare Markup Rates:
Even though Askari Car Finance offers competitive rates, it’s always a good idea to compare rates from different banks to ensure you’re getting the best possible deal.
Plan Your Budget:
Before applying for car financing, plan your budget carefully. Consider all aspects of car ownership, including insurance, maintenance, and fuel costs, to ensure you can comfortably afford the monthly instalments.
Conclusion:
Askari Car Finance or Bank Islami Car Loan is a robust solution for individuals looking to purchase a new or used car without the burden of paying the entire amount upfront. Whether you’re a salaried individual or a business owner, Askari Car Finance has the options to suit your needs.
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