Q: What charges will I have to pay for partial or full prepayment?Ī: Prepayment Charges will be applied as per prevailing Schedule of Charges (SOCs). However, certain charges will apply as per prevailing Schedule of Charges (SOCs). Q: Can I repay the financed amount before the maturity of the financing term?Ī: You can completely pay off your outstanding car loan amount before the maturity date. 2nd balloon payment will be allowed after one (1) year’s gap from 1st balloon payment. Each balloon payment should be equivalent to monthly installments of 6 months. Car finances plus#Q: What is the minimum balance that I am required to maintain in my ABL account in case of Direct Debit Authority?Ī: Minimum balance requirement is equal to the amount of total monthly installment as per repayment schedule plus amount of any charges, if applicable.Ī: Yes, after completion of one year, two (2) balloon payments are allowed during the tenure of financing. Q: How will I make the repayment of the financed amount?Ī: Your monthly installments will be deducted from your account maintained at ABL against your Direct Debit instructions or as the Bank may advise. Q: What are the minimum and maximum tenure for financing?Ī: Financing can be availed for a period of minimum 1 year and maximum 7 years.Ī: Repayment of loan will be made in equal monthly installments for the term as per repayment schedule. Q: Will it be a fixed mark-up rate or floating/variable mark-up rate?Ī: Currently ABL is offering car loan on floating / variable markup rate, in which interest rate changes on each loan anniversary. Q: At what mark-up rate the financing will be offered?Ī: Allied Car Finance offers car loan facility on low and affordable markup rates of up to 1 Year KIBOR + 4%.Ī: KIBOR is Karachi Inter Bank Offer Rate given by State Bank of Pakistan on daily, weekly, monthly, and on 1, 2, and 3 yearly basis to all commercial banks of Pakistan so that they may charge interest to their customers on that basis. Q: What is the maximum financing amount that can be applied for?Ī: Car loan can be availed up to PKR 6 Million subject to fulfillment of certain eligibility criteria. Q: In which cities of Pakistan, Allied Car Finance is being offered?Ī: Currently Allied Car Finance is being offered in the following cities:Ī: Any new locally manufactured car / semi commercial vehicle of the following Original Equipment Manufacturers (OEMs) can be financed:
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