Lease a Car in Pakistan From Any Bank
When choosing to buy a new car, many people face difficulties with financing options. The two most frequent choices are, of course, buying used or new cars with the capital that you have. And the other one is getting a lease car, which permits you to get the car of your choice without giving a big amount of capital in one go. The latter is fairly much easier.
Today we will give you all detail and a complete guide on how to lease a car in Pakistan. Read the article to be aware of the procedure of car leasing of different Pakistani banks.
How to get verified for a car lease?
Leasing a car can be an ideal choice for people who don’t have a sufficient amount at one time to buy a car. It gives you the choice to have the car by providing affordable thirty days pay for a time of up to seven years. In Pakistan, many banks offer leasing for both used and new cars. This installment opportunity from the banks has made it simpler for most to afford the car.
So, let’s have look at the banks that give you leasing car facilities to their customers.
Meezan bank car leasing
You can get a chance to acquire a car in the Meezan bank car Ijarah facility. In this agreement, the bank buys the car and rent it out it its buyers for a period of one to seven years. The car will be gifted to the customer and will be sold at a token amount upon the completion of the agreement.
Required documents
When applying for a car leasing facility you have to set the following documents with you.
- Application form signed and properly filled by the applicant.
- Recent payslip copies.
- For business individuals business proofs such as NTN, business association letter, or tax returns.
- Last 6 months bank statement.
- One passport size picture with blue background.
- Specimen signature card.
Procedure
- Go to any closest branch of Meezan Bank.
- Complete the application form.
- Submit your application by attaching the documents.
- The bank will tell you in seven to ten working days about car leasing approval.
Hbl car leasing
Hbl is another bank that permits customers to get flexible and hassle-free car leasing. For car financing, they have some limits. The bank provides you financial limitation between 200,000 to 5,000,000 PKR. HBL also gives you the option to select between floating and fixed rates. The bank also offers devoted after-sale service.
Eligibility criteria for Car Leasing
For salaried individuals
You should be a Pakistani citizen and your age has to be at least twenty-two years or more at the moment of application and sixty years or less. Your salary should be at least twenty thousand.
For business and self-employed persons
You should be a Pakistani national and your age has to be at least twenty-two years or more at the time of application and sixty years or less. You should have the lowest income of twenty-five thousand PKR.
Required documents
For salaried individuals
- Original CNIC with attested copy of CNIC.
- two fresh passport size pictures.
- Latest personal bank statement and original salary slip of last 3 months.
For business and self-employed persons
- Original CNIC with attested copy of CNIC.
- Two fresh passport size photographs.
- Bank letter confirmation details and bank statement for the last six months.
Procedure
- Go to any nearest branch or access HBL official website.
- You will see the “I am interested” option on the car loan page. Click on it.
- After clicking a form will appear, fill in the needed details and submit it.
- After that HBL representative will contact you to visit the nearest branch for more process.
Bank Alfalah car leasing
Bank Alfalah is also giving the facility of easy car financing. The clients can get to the facility if they have the required documents and meet certain requirements. To know all about Alfalah car leasing read the following instructions.
Eligibility criteria
Following are the eligibility criteria for business and salary individuals.
For salaried individuals
You must be a Pakistani national identity cardholder and your minimum monthly salary should be at least thirty thousand PKR. At the time of loan minimum required age should be twenty-one years to sixty-five years at the time of the loan.
For self-employed/business individuals
You must a Pakistani national identity cardholder and your minimum monthly income should be at least fifty thousand PKR per month. At least one year in the current business and a minimum twenty one to seventy years at the time of loan maturity.
Procedure
- Simply open the official website of Bank Alfalah.
- Visit the auto loan page.
- You will see the apply now option at the bottom of the page.
Askari bank car lease Process:
Askari bank offers to finance imported, used, and new cars.
Required documents
- Application form properly filled in all respects.
- A valid copy of CNIC.
- Proof of income/ salary slip.
- Bank statement.
- Copy of recently paid utility bill with no overdue.
- Two passport size photographs.
- Biometric verification.
Procedure
- Visit the official Askari bank website.
- You will see the ASK4car option in the personal tab. Click on it.
- After that submit the form.
- After submission, you will get a call from the bank representative and he will ask you to visit the nearest branch.
Frequently asked questions
What type of cars can be leased through a bank?
You can lease all types of vehicles, imported, used, and new. You can have car finance for any new car. In the case of imported or used cars, there is a time limit. You cannot get an imported or used vehicle that is older than seven years.
Is there any car finance limit?
Yes, most banks offer a limit between 200,000 PKR to 5000,000 PKR. this means that to lease a car through a bank, the car price should be a minimum of 200,000 PKR to 5,000,000 PKR.
Is there any limited time for car finance?
Yes, you have to return the finance money with a time limit of one to seven years. You can get an installment plan that best fits your needs.
How much for the down payment?
The down payment will be at least fifteen percent of the car price. The down payment will be twenty percent in the case of a used car.