The Bank of Punjab gives all size businessmen and salaried individuals the chance to own their very own vehicle by providing them with a simple financing option. They can choose from many different vehicles benefit from a simple application process, enabling them to obtain their loan and own it quickly. This flexible product is effective and easy for all.
Using bank of punjab auto finance facility, customers can purchase local and foreign vehicles with the deposit for local vehicles being 20% and imported vehicles 30%. However, the down payment will include a number of costs such as the insurance for the first year and as well as any document charges, taxes and duties. The monthly payments can be made over a period of up to fives years, giving customers the ability to choose an amount that works for them. As part of their monthly payment, they will also receive insurance as this is part of the product. The vehicle will be leased by the bank but at the end of the loan, the customer has the option to take ownership or offer it back to the bank. There is a processing fee that comes with the product while monthly payments have to be made by 5th of every month.
This product is available for salaried individuals, self-employed businessmen as well as self-employed professionals. Salaried individuals will need a minimum of 1 year with their current employers while self-employed individuals will also be required to have 1 year in operation. There is a minimum salary required for all applicants and that will vary depending on whether they are salaried or self-employed. For those who are salaried, the age restriction ranges from 21 to 60 years old while self-employed ranges from 21 to 65 years.