CRES BANK
CresBank (Formerly MashreqBank Pakistan Limited) is one of
the newest Pakistani registered commercial banks to join the
fraternity of commercial banks in Pakistan.
It came into existence on 9th July 2003 then under the name
of MashreqBank Pakistan Limited, which name has been changed
to Crescent Commercial Bank Limited w.e.f. 31st March 2004.
It has it's Head Office in Karachi and six branches located
in Karachi, Lahore, Islamabad and Peshawar.
CresBank is the outcome of the amalgamation of Pakistan branches
of Mashreqbank psc, Dubai & Crescent Investment Bank Ltd.
Pakistan, with major shareholders comprising the Crescent
group undertakings, MashreqBank psc, Dubai and the National
Investment Trust. The Chairman of the Board is Mr. Shamim
Ahmad Khan, a former Chairman of CLA the predecessor to SECP.
Chief Executive Officer of the bank is Mr. Azmat Ashraf, a
senior commercial banker having served at home and abroad
in a service career spanning over 24 years.
Car Financing
CarKey CresBank Car Financing
What is Carkey?
CarKey is an auto-financing scheme of CresBank, which is designed
to meet your needs.
What makes Carkey Special?
Cresbank understands the fast-paced lifestyle of today. To
save you the time and effort of visiting a branch and filling
out a complete form, CresBank has made getting auto finance
as easy as ABC.
A: Affordable B: Best C: Convenient
CarKey is a revolutionary, futuristic way of applying for
Auto Finance. All you have to do is visit www.cresbank.com
and fill in the required information on the online forms.
You'll instantly get to know if you are eligible for the financing.
After eligibility CresBank guarantee fastest processing
of the application. That is, quick and convenient. This is
what makes CarKey so special.
Other features:
1. Affordable Down Payment and Insurance options
2. Easy monthly and quarterly installments
3. Financing is based on Morabaha and Leasing
4. Free life cover along with insurance of the car
5 . C-Track facility at a competitive package
Which car can I apply for?
1. All brand new locally assembled or manufactured cars
2. Reconditioned or second hand vehicles not older than 3
years.
Is Balance Transfer possible?
Balance Transfer Facility (BTF) is available. Cresbank will
take over your outstanding auto financing with any bank or
financial institution in Pakistan, subject to meeting CresBank's
Credit Criteria.
Who can apply for CarKey?
Anyone meeting the following eligibility criteria:
- National Identity Card Holder
- Over 22 years of age (Not Older than 60 Years at the
time of maturity of financing)
- Salaried, Self-employed Businessman/Professional
How much amount can be availed through Carkey?
Maximum net amount of financing permissible is Rs. 2 million.
What is the term of CarKey?
CarKey can be availed for fixed terms of 1 to 5 years repayable
in equal monthly/quarterly installments.
What is deferred Payment?
Deferred Payment option is for those who would like to pay
fewer down payments, as well as, less monthly/quarterly repayments.
You may defer up to 30% of the cost/ex-factory price of the
car at maturity along with the last installment of financing.
What is the initial Down Payment?
Minimum 10% up-front payment of the cost / ex-factory price
of the car.
What are the Processing Charges?
One time non-refundable processing charges of Rs. 2,000/-
is payable.
Who will own the car at the maturity of financing?
Upon final settlement at maturity you may own the car.
Will the car be insured?
Yes, CresBank has made arrangements with reputable insurance
companies to insure the cars at competitive premium rates.
How to repay?
Through post dated cheques drawn in favor of Crescent Commercial
Bank Limited.
Is pre-mature termination of financing possible?
Yes, you may terminate the financing prior to maturity subject
to payment of additional service charges.
Home Financing:
HomeKey CresBank Home Financing
What is CresBank HomeKey?
HomeKey is a home financing scheme of CresBank, which is designed
to meet your financing need for the following:
- Buy a Home
- Improve the Home
- Construct a Home - On pre-owned residential plot
Who Can Apply?
- Pakistani residents/Overseas Pakistanis
- Salaried / Self Employed Professionals and Business Persons
- Over 22 years of age (not older than 60 years at the
time of maturity of financing)
What makes the HomeKey Special?
- Affordable Mark-up
- Flexible Financing Tenures (from 1 to 20 years)
- Easy monthly installments.
- Competitive Processing Charges.
- Co-Borrower, facility is available for the purpose of
clubbing income to increase the Loan amount eligibility
or in case the property is in the name of Co-Borrower.
How much amount can be availed through HomeKey?
Maximum net amount of financing permissible is Rs.10
Million.
What is the Debt Equity Ratio for HomeKey ?
Equity participation minimum 15%, of the assessed value of
the property.
Is pre-mature termination of financing possible
?
Yes, you may terminate the financing prior to maturity subject
to payment of additional service charges.
Will the Home be Insured?
Yes, CresBank has made arrangements with reputable Insurance
Companies, to insure the Home along with the Life Cover at
competitive premium rates.
Will CresBank takeover my existing home finance?
Yes, Balance Transfer Facility (BTF) is available. CresBank
will takeover your outstanding home finance with any Bank
/Financial Institution, subject to meeting CresBank Eligibility
Credit Criteria.
Minimum Documentation Required:
Basic Documents:
- Copy of NIC (attested)
- Two recent passport size photographs
- Copy of latest paid utility bill (residence)
- Copy of NTN Card/Certificate OR Copy of last Tax Assessment
Order OR Copy of last Income Tax return filed.
- Balance outstanding certificate, in case of BTF.
- Pay Order/Cheque for Rs.4,000/ in favour of Crescent
Commercial Bank Ltd., as non refundable processing charges.
Income Related:
Salaried :
Three last drawn Salary Slips and last 06 months personal
Bank Statement, in which salary is credited.
Self Employed Professionals and Business Persons: Last one
year personal Bank Statement. Last one year Firm's /Company's
bank statement in case of proprietorship is acceptable.
Occupational:
Salaried Individuals:
Letter from Employer stating the date of joining, current
job status and gross emoluments, deductions and net take-home.
Self Employed Professionals and Business Persons:
Proprietor:
Certificate of Proprietorship from the bank, stating opening
date of account, name of business and name of the proprietor
OR any certificate from the Trade Association signed by authorized
signatory of the association.
Partner:
Attested copy of the Partnership Deed
Director:
Memorandum and Articles of Association and attested copy of
Registered Form 29 or "A".
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