Q. How can I avail the Auto Financing Facility?
A. You can apply if you meet the following criteria:
- Pakistani National
- Either you are a Businessman, Self Employed Professional or Salaried
- Age of 20 years – 64 years for Businessmen
- Age of 21 years - 59 years for Salaried individuals
- Minimum income level is Rs.15000/- for Salaried Individuals, Businessmen and Self Employed Professionals
Q. What type of Car financing is available through Saudi Pak Bank?
- Saudi Pak Bank offers you car financing for:
Q. What is the tenure of financing?
A. Saudi Pak Auto Financing offers you the flexibility of choosing the tenure of your choice between 1 - 5 years.
Q. What is the Mark-up/ Interest Rate charged?
A. Fixed Annualized Mark-up rate for:
- Up to 3 years = 14.50%
- 4 – 5 years = 15.00%
- Used car = 17.00%
- Imported Car = 16.00%
Q. How much Down Payment do I have to pay?
A. The initial Down Payment depends on the vehicle as follows:
New cars |
10% of purchase price of car |
Used cars |
20% of purchase price of car |
Imported cars/4x4 Vehicles |
30% of purchase price of car |
Q. What advantages do I get if I opt for Saudi Pak Bank’s Top Gear?
Saudi Pak Bank offers its valuable customers the following benefits:
- Free Insurance Cover of Rs. 200,000 in case of accidental loss of life*
- Free Car Tracker Facility (This offer is not valid for Suzuki Mehran)*
*Conditions Apply
Q. Who will insure the car?
A. Saudi Pak Bank has made arrangements with Saudi Pak Insurance Co. which is offering competitive rates for Saudi Pak Bank Clients.
(First year’s insurance premium will be paid in advance and remaining will be built into monthly installments)
Q. What other charges do I have to pay?
A. You have to pay a one-time fee of Rs.3500/- which is the amount charged for all the documentation and processing.
Q. How do I repay the loan?
A. You can repay the loan through Post Dated Cheques.
Q. Can I prepay the loan?
A. Yes, you can prepay the loan at any point of time.
Q. Do I need to give any security against SPB Auto Financing?
A. The car is the security, which will be hypothecated in favor of the Bank.
Q. Can I get financing on more than one vehicle?
A. Yes, you can get financing on two (2) vehicles, provided you meet eligibility criteria of the bank for second vehicle financing.
Note: Our services are currently available for the residents of Karachi, Lahore, Islamabad and Rawalpindi only. |
