Bank of Punjab “Cargar” (Auto Financing) is supporting small and large scale entrepreneurs. Similarly, satisfying the desire of salaried people who want their own car, helping them buy local, new or imported used vehicles with minimal documentation and flexible financing options with a low down payment.
In other words, we can say that The Bank of Punjab CarGar Auto Financing Scheme is a car leasing service for the following types of individual customers:
1) Salaried based Individuals (SI)
2) Self Employedbased Businessmen (SEB)
3) Self Employedbased Professionals (SEP)
Bank of Punjab Car Financing Scheme Benefits
1. Types of vehicles: The customer can request all local vehicles not registered or manufactured from foreign vehicles and assembled under this scheme.
2. Length of Lease: Bank of Punjab’s “CarGar” Auto Financing Plan is an auto lease ranging from one (1) year to five (5) years, depending on your needs.
3. Other charges: The customer will only have to pay a non-refundable processing fee.
4. Processing Fee: For Motorcycles, only one thousand five hundred (1,500) per box, six thousand (6,000 / -) for vehicles.
5. Monthly fee: The monthly fee must be deposited in the Bank of Punjab air conditioner or before the 5th of each month. The total monthly payment will also include the margin, principal, and insurance amount.
6. Initial Payment: The initial payment will include processing charges as well as documentation charges along with the first year premium insurance, the minimum lease key money (LKM) fee, registration fees and any other taxes. or rate that is applicable by the government. .
7. Penalty for late payment: In case of late payment, customers will be charged one thousand (1000) per day of the amount of the fee from the due date until the actual payment.
8. Additional charges: At a rate of five percent (5%) of the principal amount, you will be charged a prepayment penalty.
Bank of Punjab Car Financing Scheme Eligibility Criteria
|Items||Salaried Individuals||Self Employed Businessmen/ Professionals|
|Age Limit:||Up to 21 to 60 Years||Up to 21 to 65 Years|
|Experience in Job:||1 years in permanent job experience,2 years in contractual employees||At least 1 years in current|
business or profession
|Salary based Income:||At least gross salary per month:|
a. Permanent employee PKR 30,000/-
b. Contractual employee PKR 40,000/-
|At least monthly income Rs.50,000/-|
|Salary Account with/ without Bank of Punjab||Have to maintain salary accountwith Bank of Punjab or any other bank(s)|
Bank of Punjab Car Financing Scheme Required Documents
How to Apply for CarGar Auto Financial Scheme
Visit the nearest Bank of Punjab branch and fill out the application form with the required documents.