Bank Alfalah Limited
Introduction:
Bank Alfalah Limited was incorporated on June 21st, 1997
as a public limited company under the Companies Ordinance
1984. Its banking operations commenced from November 1st ,1997.
The bank is engaged in commercial banking and related services
as defined in the Banking companies ordinance, 1962. The Bank
is currently operating through 45 branches in 21 cities, with
the registered office at B.A.Building, I.I.Chundrigar, Karachi.
Strengthened with the banking of the Abu Dhabi Group and
driven by the strategic goals set out by its board of management,
the Bank has invested in revolutionary technology to have
an extensive range of products and services.
Car Financing:
BENEFITS AND FEATURES
- Quickest processing
- No hidden charges
- Minimum down payment
- Complete repayment at any point of time
- Balance transfer facility {BTF} for existing as well as
new clients from other Banks
- Tenor period ranging from 1 to 5 years.
- Financing of all brand new locally assembled vehicles.
- Financing limit ranging b/w Rs. 200,000/- to Rs. 2,000,000/-
CORPORATE & INDIVIDUAL CAR LEASING
BAL’s recently introduced car leasing facility for
individuals and corporate sector has set new dimensions for
the product. Now you are provided with the option of either
to get the vehicle leased or financed.
INSURANCE
Renowned and reliable Insurance companies are offering the
competitive rates of Insurance. Pay year insurance premium
in advance { at the time of down payment } and remaining in
the subsequent equal monthly installment.
HOW MUCH EXTRA MONEY BEING PAID? {MARK-UP}
Offering lowest rate of markup of 9.5%, {per annum}, BAL
has captivated a major market share and so is the plan for
future.
REPAYMENTS
Easily affordable installments on monthly basis in the form
of postdated cheques will set you free of depositing your
rental cheques every month.
SECURITY
Hypothecation of vehicle in the name of the Bank Alfalah
Limited.
YOU CAN ACT AS A CO BORROWER
Acting as a co borrower, will enables your family members
{spouse, children- 18 year and above} to avail the financing
facility and can get the car registered in their names as
well.
DOCUMENTS REQUIRED
- Two passport size photographs.
- Copy of National ID card.
- Bank statement for the last six months.
- Salary certificate in case of salaried individual}.
- Business proof for self employed and business people}.
- Current Utility Bill.
- Co borrower’s NIC copy {if it is a co borrower case}.
Eligibility
Yes you get a car loan form bank Alfalah to purchase a brand
new car if you are:
- Pakistani National Identity Card holder.
- Over 20 years of age (Maximum 60 years in case of salaried
and 62 in case of a
business person at the time of maturity of the loan).
- Salaried , Businessman or self employed.
Home Financing:
The Eligibility Criteria
- You may apply for Bank Alfalah Home Finance,
- For acquiring a residential accommodation in Karachi,
Lahore, Islamabad,Rawalpindi, Multan, Peshawar and Faisalabad.
- For building your dream house on your property / land.
- For renovation or extension of your already owned house.
- For transfer of your existing home finance from another
lender.
- If you are a Pakistani National.
- If your age is between 25 and 65 years.
- If you are in continuous employment in a permanent position
for 2 years
or more.
- If you have 3 years (or more) of business or professional
experience.
- If your gross annual income is Rs: 200,000/ — or
more [Your spouse’s
income (upto 50%) can also be combined with yours].
- If you require a financing of at least Rs: 500,000/- or
more (maximum
Rs: 7,500,000/-).
- If you have been a Bank Alfalah borrower for past one
year with clean
payment record.
You may apply for Bank Alfalah’s Home Finance for minimum
period of 3 years and a maximum period of 20 years (subject
to your age).
The following documents are required to be submitted by an
applicant with the completed application.
For Salaried Person:
- 2 passport size photographs.
- Copy of NIC.
- Copies of last Salary / Pay Slip duly attested by the
HR department.
- Salary Certificate (original) from the employer, showing
the gross salary and deductions.
- Employment verification form from the employer*.
For Self-Employed & Business person
- 2 passport size photographs.
- Copy of NIC.
- Certified Copy of last Six Months bank Statement.
- Copy of current professional association membership /
trade body membership
certificate (if Applicable).
- Sole partnership deed letter*.
- Copy of Latest Form 29 duly attested by the company secretary.
- Letter from company secretary confirming the status and
share holding
(where applicant is director of company)*.
Specimens of required letters and other information could
be obtained from the Home Finance Relationship Officers posted
in the branches
10 steps to Arranging Bank Alfalah Home Financing
1. We provide you with all the information you need about
Bank Alfalah
Home Finance. This can be through a face-to-face meeting with
our
Relationship Officer, or over the telephone, or through the
post.
2. You give us some basic information about your income and
the amount
you need so that we can give you an agreement in principle.
3. Once you have decided on the amount you want, you complete
an
application form and pass it on to us, together with the required
documents.
4. We make some inquiries about your financial circumstances.
5. We carryout a valuation of the property and verification
of your income
6. Once we have carried out all the initial processing, we
send you our offer
through a “Facility Advice Letter”.
7. You sign the Facility Advice Letter and return it to us.
8. Our Documentation Control Centre will get in touch with
you to complete
Finance & Security documentation including legal opinion
on the title
documents of the property and also the insurances.
9. You sign the Finance Agreement and Charge documents.
10. Our legal advisor will accompany you to the Registrar’s
office on the
appointed date with our cheque against the financing for convincing
of
the property and your home finance begins.
Current Markup Rates & Cgarges
1.Processing fee (non-refundable)
For financing upto Rs. 1.00 M Rs. 5,000
For financing upto Rs. 5.00 M Rs. 10,000
For financing upto Rs. 10.00 M Rs. 20,000
2. Mark-up rates
For SVR (Standard Variable Rate) option:
SBP discount rate + 1%, Currently 7.5% + 1% = 8.5%
For fixed rate option:
1 Year 7% p.a
2 Year 8% p.a
3 Year 9% p.a
3. Late Payment Charges
Rs. 400/- per late payment.
4.Prepayment Charges
Upto 5% of the outstanding amount.
5.Documentation Charges
At actual , including stamp duty, charges for legal documentation,
on-site
inspection during construction, lawyer’s fee and charge
registration fee,
as advised by the relevant persons/ agencies.
*All quoted rates are subject to change
in response to SBP /Market factors.
However, we will notify our customers of each rate change. |
