| Particulars |
Bank’s Policy |
| Purpose |
An avalanche of price hikes and rising interest rates has given birth to the innovate mechanism of reducing monthly debt burden by shifting a major chunk of your repayment towards the end of the financing tenor. |
| Target Market |
• Salaried Individuals (SI)
• Self Employed Businessmen (SEB)
• Self Employed Professionals (SEP)
• Agriculturist
|
| Financing Tenure |
BOP CarGar Auto Leasing ranges from 1 to 3 years for vehicles above 1,000 CC engine displacement and from 1 to 5 years for vehicles upto 1,000 CC engine displacement. |
| Amount of Facility |
The maximum loan limit availed by one person from all banks, in aggregate, shall not exceed Rs. 3,000,000/- (3 Million) at any point in time. |
| Types of vehicle |
All locally assembled manufactured BRAND NEW UNREGISTERED vehicles allowed for financing that are invoiced by Local Manufacturers in Pakistan. |
| Benefits of Residual Value |
RV makes it convenient for customers to buy a new car or upgrade an existing one.
RV provides an option towards lower monthly installment burden, hence, bringing in affordability.
Option to pay a certain portion of the Asset Value as Bullet Payment at the end of the financing tenor. |
| Eligibility criteria |
| SALARIED INDIVIDUAL |
SEP/SEB |
SENIOR CITIZENS |
| Age between 21 (at the time of application) and 60 Years or superannuation (whichever is earlier) age of the applicant as per employer’s policy at maturity of the lease/ loan |
Age between 21 and 65 Years |
Maximum age up to 70 years at the time of maturity of the lease/ loan. |
| Permanent employee with minimum 1 year of job experience. years |
Minimum years in current business 1 Year years |
Non-business/ Non-professional regular monthly income from following sources:
• Pension at least Rs. 40,000/- per month
• Other sources at least Rs. 50,000/- |
| Contractual employees with 2 years of job experience are also eligible. |
Minimum monthly income Rs. 50,000/- duly supported by financial statement/ bank statement/ income estimation report |
| Maintaining salary account with any bank. |
| Minimum gross salary per month:
•Permanent employee Rs. 30,000/-
•Contractual employee Rs. 40,000/- |
|
| Term of Loan |
| Local New Vehicles up to 1000 CC |
Local New Vehicles Above 1000 CC |
| 5 years |
3 years |
|
| Down Payment, Residual Value And Monthly Repayment |
Down payment and RV are to be selected by applicant, at the time of application and shall be as follows:
Down payment and RV are to be selected by applicant, at the time of application and shall be as follows:
Description
All locally assembled manufactured BRAND NEW UNREGISTERED vehicles allowed for financing that are invoiced by Local Manufacturers in Pakistan.
Minimum LKM
The minimum LKM to be deposited is 30%
Maximum RV payment at the end of tenor
40% of the Invoice price of the vehicle max. RV at maturity
Monthly Repayment
Principal + Insurance + Markup |
| Security |
Vehicle shall be registered in the name of BOP.
The stake of the customer will remain in the vehicle in the shape of LKM.
The vehicle will be insured from the BOP’s approved Insurance Panel Companies.
Moreover, Insurance under RV shall be arranged at the invoice price of the vehicle at all times. |
| Lease/Loan Termination |
In Case Customer opts for Residual Value Product, Last Installment shall be recovered along with the entire RV amount. |
| Pre-Payment/ Early Retirement/ Balloon Payment |
5% of principal outstanding against lease/ loan account. |
| Late Payment Penalty |
Re.1/- per thousand per day of installment amount from due date till actual payment |
| Debt Burden |
Should not exceed 40% of disposable income. |