The Fastest Car Loan in Pakistan
Speed away to your destination with NIB Auto Loan. We offer an affordable Auto Loan with the easiest repayment options and innovative product features. With one of the fastest approval rates in Pakistan, you can purchase a new, used or imported vehicle and enjoy your new ride in no time!
- Financing available for new, used or imported vehicles to all Existing and New to NIB Customers.
- Competitive Fixed & Variable Markup Rates.
- One of the lowest insurance rates with Free Tracker.
- Complimentary Accidental Life insurance of up to Rs. 500,000/=.
- Free Internet Vehicle Monitoring access for family protection.
- Hassle free documentation and easy processing.
- Co-borrower option available with immediate family members.
- Flexible tenures from 1 to 5 years.
- Financing limit from Rs. 200,000 to 3 million
- Minimum Down Payment requirement
- Fastest Loan Processing in Pakistan (decision within in 3 days in major cities).
- ATM Services, SMS Alerts and 24 Hr Phone Banking
- Access your funds through an extensive network of branches across Pakistan
- 9AM – 5PM Nonstop Banking
NIB Auto Loan is available in all cities where NIB bank is operating its branches.
|Borrower’s Age||Minimum: Established Customers of 21 Years, New to Bureau 23 years.Maximum: 60 years at the maturity of the loan or retirement age whichever comes first.|
|Minimum Net Income||Salaried (Permanent): Rs. 40,000 per month.Salaried (Contractual): Rs. 60,000 per month|
|Minimum Years in Employment||Permanent Staff: Currently employed with total employment experience of 1 year.Contractual Staff (Established): Currently employed with total employment experience of 2 years.|
Self Employed / Professionals:
|Borrower’s Age||Minimum: Established Customers of 21 Years, New to Bureau 23 years.Maximum: 65 years at the maturity of the loan.|
|Minimum Net Income||Rs. 50,000 per month|
|Minimum Years in Business||Minimum 3 Years of Continuous Business
(Customers with 2 years in Business will be accepted only if they have an Established Bureau record and with 5% reduction in LTV given in product features grid)
NIB bank is offering both Fixed and Variable rate financing options to its customers:
Fixed Rate Financing
|Fixed Rate Pricingstrategy – Auto Financing||Segment||Bureau||Equity %||1 Year||2 Years||3 Years||4 Years||5 Years|
|Fixed Rate (Brand New Locally Manufactured Vehicles)||Self Employed||New to Bureau||<35||19.00%||19.00%||19.00%||19.50%||19.50%|
|Salaried||New to Bureau||<35||18.75%||18.75%||18.75%||19.25%||19.25%|
|Fixed Rate (Used & Imported Vehicles)||Self Employed
|New to Bureau||As per policy requirement||21.50%||21.50%||21.50%||21.50%||21.50%|
Variable Rate Financing
|Floating Rate Pricing strategy – Auto Financing||Segment||Bureau||Equity %||Spread 1 to 5 years Financing|
|Variable Rate (Brand New Locally Manufactured Vehicles)||Self Employed||New to Bureau||<35||K+5.50%|
|Salaried||New to Bureau||<35||K+5.00%|
|Variable Rate (Used and Imported Vehicles)||Self Employed/ Salaried||New to Bureau||As per policy requirement||K+6.50%|
Minimum Documents Required
- Duly Filled Application Form (BBFS should be part of application)
- 2 recent passport sized photographs
- Copy of valid Computerized National Identity Card (original seen marked & signed)
- Bank Statement for the last 6 months
- Salary Certificate from the employer showing the gross salary, deductions, length of service and employment status etc for salaried individuals or Latest two salary / pay slips (attested by respective HR)
- SBP’s prescribed Undertaking/Declaration
- Cash Flow Analysis (where applicable)
Can I avail the NIB Auto Loan Facility?
Yes, you can get a car loan from NIB Bank to purchase a brand new/used/imported car if you are
- A Pakistani National Identity Card holder residing in Pakistan
- Minimum 21 years of age (Maximum 60 years in case of a salaried individual and 65 years in case of a business person at the time of maturity of the loan)
- Salaried, Businessman or Self Employed
Which cars can I apply for with NIB Auto Loan?
All brands new Pakistani assembled / manufactured cars (unregistered), used & imported cars.
Can my auto loan be used to purchase a commercial vehicle or a vehicle considered “classic”?
No. Loans are provided for a private passenger vehicle, light commercial vehicle (Suzuki Ravi, Master Truck), or van for personal, family or household use.
How much loan facility can I avail?
Minimum amount is Rs.200, 000/- and maximum amount is Rs. 3 Million/.
What is the tenure / period of NIB Auto Loan?
The loan can be availed from 1 year to 5 years.
What should be the age of vehicle in case of used cars?
For used cars:
Used & Imported Car (Unregistered/Registered)< 8 yrs from date of Manufacturing at maturity
Used/Imported Car <= 5 yrs from date of Manufacturing at approval
How much down payment/equity do I have to make?
20% – 35% of the value of the car.
What other charges do I have to pay?
You have to pay a one- time fee of Rs. 5,000/-being amount of processing /documentation charges and the first year insurance premium
Who will insure the car?
NIB Bank has made arrangements with the top insurance companies who are offering competitive insurance rates for NIB Customers.
Do I have to pay separately for Tracker?
We offer free vehicle tracker facility.
How do I repay the Loan?
You will repay the loan by making easy equal monthly installments to NIB Bank in the form of postdated cheques or direct debit authority.
Can I repay the loan before the maturity?
Yes, you have the option to repay the loan at any time during the tenure of the loan. Pre-mature termination charges will be applied as per the prevailing Schedule of Charges.
What payments would be part of my up-front payment?
- Equity (i.e. Down Payment)
- Advance Monthly Installment (Broken period M-up)
- 1st Year Insurance premium
- Processing Fee
What documents are required to get a car loan sanctioned?
Our Sales representative/Relationship Manager will discuss in detail the documents you are required to submit. An indicative list is given below
- Passport size photograph
- Copy of national ID Card
- Bank statement for the last six month
- Salary certificate/salary slips specifying the name, date of joining, designation and salary details (for a salaried person).
- Copy of the National ID card of the co-borrower (if the car is to be in the name of the co-borrower)
How is it different from other financing schemes available in Pakistan?
- Easy affordable installments
- Flexibility of adjustment at any time during the tenure
- Quick processing
- Minimum insurance with free vehicle tracking device
What is the first step I need to take?
We will forward your preferred calling number to our sales representative/Relationship or if you want, you can visit your branch for details.
I already have an auto loan from XYZ bank; can I still get another auto loan for a second automobile?
Yes, our credit policy will check as per the debt burden ratio depending on your income.
Will you share my application information with other companies?
Any information you provide will remain safe, secure, and confidential.
How do I check the status of my auto loan application?
You can check with your branch RM for the application status; however approval may take up to 7 working days. All loan applications are subject to final credit approval and terms and conditions, including certain income source criteria.