Bank of Punjab “Cargar” (Auto Financing) is supporting the small scale and large scale businessmen. Similarly, fulfilling the desire of salaried individuals who want their own car, by helping them to purchase local, imported brand new or used vehicles at a very minimum requires documentation and flexible financing options with low down payment.
In other words, we can say that The Bank of Punjab CarGar Auto Financing Scheme is an Auto lease facility for the following types of individual customers:
1) Salaried based Individuals (SI)
2) Self Employed based Businessmen (SEB)
3) Self Employed based Professionals (SEP)
bank of Punjab auto finance Benefits And Other Details
1. Types of vehicles: The customer can apply for all local unregistered vehicles or manufactured of foreign and assembled vehicles under this scheme.
2. Tenure of Lease: The Bank of Punjab “CarGar” Auto Financing Scheme is an Auto Leasing which ranges from one (1) year to five (5) years depending upon your requirement.
3. Other charges: The customer will have to pay only one time processing fee which will be non-refundable.
4. Fee of Processing: For Motorcycles, Only one thousand and five hundred (1,500) per case, six thousand (6,000/-) for vehicles.
5. Installment on Monthly Basis: The monthly based installment should be deposited in your Bank of Punjab A/C or before fifth of every month. The total monthly based payment will also include markup, principal and amount of insurance.
6. Down Payment: Payment of Down will include processing charges as well as charges of documentation along with only first year premium insurance, minimum of lease key money (LKM) rate, charges of registration and any other taxes or duties which will be applicable by the government.
7. Late Payment Penalty: In late payment case, One thousand (1000) per day of installment amount from due date till the actual payment shall be charged from the customers.
8. Additional Charges: At the rate of five percent (5%) of Principal Amount, you will be charged prepayment penalty.
Bank of Punjab auto finance 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 auto finance Required Documents
| Salaried Individuals | Self Employed Professionals/ Businessmen | Agri |
| One valid copy of CNIC | One valid copy of CNIC | One valid copy of CNIC |
| One recent passport size photographs | One recent passport size photographs | One recent passport size photographs |
| One valid copy of utility bill of residence | One valid copy of Professional Degree | One Valid Agri Passbook in debtor’s name |
| Completion of Application Form | Completion of Application Form | Completion of Application Form |
| Salary slip (latest) | Documentation Proof of business NTN, Registration with concerned Governing body etc. | Self-cultivation evidence |
| Statement of Bank (at least last 6 months, describing last 6 salary credits) | Statement of Bank for last 6 months | Latest valid copy of “Fard Malkiat” in name of owner. |
| Validation Copies of CNIC of 2 references | Validation Copies of CNIC of 2 references |
bank of Punjab car financing calculator
Click on the link below and check the details of installment
URL https://smartchoice.pk/banking/car-finance/bank-of-punjab
How to Apply for CarGar Auto Financial Scheme
Please visit your nearest The Bank of Punjab branch and fulfill the application form with required documents.