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Eligibility Criteria to Avail Car financing


 Pakistani nationals residing in Karachi, Lahore, Islamabad/ Rawalpindi,
Sialkot, Gujrat, Gujranwala, Hyderabad and Faisalabad.
 If you are a salaried person your age must not be less than 22 years or
more than 65 years.
 If you are a businessman or a self-employed professional your age
must not be less than 21 years or more than 70 years.
 A businessperson should be the sole proprietor/ partner/ or a director
of reputed business company.
 Have a minimum take home income of Rs.25,000 per month.
The maximum tenure of the auto loan finance shall not exceed
seven years.
Leasing: 3 to 7 years
Financing: 1 to 7 years

The banks/DFIs shall ensure that the vehicle remains properly
insured at all times during the tenure of the loan.
You would be required to undertake a comprehensive insurance cover for the
vehicle’s cost in favor of the Bank. Adamjee and EFU are the insurance
companies we work with.
A detailed repayment schedule should be provided to the
borrower at the outset. Where alterations become imminent
because of late payments or prepayments and the installment
amount or period changes significantly, the revised schedule should
be provided to the borrower at the earliest convenience of the
bank/DFI but not later than 15 days of the change. Further, even in
case of insignificant changes, upon the request of the customer,
the bank/DFI shall provide him revised repayment schedule free
of cost.
You may request to make an early full prepayment at any
time. You will be charged as follow on the amount being

While allowing auto loans. The bank offers the best solutions for car leasing and financing for both new and used cars. These regulations shall only apply for financing vehicles for personal use including light commercial vehicles also used for personal purposes. . in no case the bank/DFI shall finance the cars older than five years.prepaid: 8 % in 1st year 5% in 2nd year 3% in the subsequent years In case of partial prepayment the amount should be equal to or greater than 6 monthly installments. You are allowed to prepay twice in 12 months. However. Any such financing shall ensure compliance with Prudential Regulations for Corporate/Commercial Banking or Prudential Regulations for SMEs Financing. They follow a proper procedure for determining the value of used vehicles. The banks/DFIs desirous of financing the purchase of used cars shall prepare uniform guidelines for determining the value of the used vehicles. the banks/DFIs shall ensure that the minimum down payment does not fall below 10% of the value of vehicle. The financing of vehicles for personal use comes under the consumer financing.  Down payment after the approval of loan  20% down payments   The vehicles to be utilized for commercial purposes shall not be covered under the Prudential Regulations for Consumer Financing.

MCB Bank policy: Maximum loan tenure is 20 years. Banks /DFIs are also encouraged to develop in-house system to stress test their housing portfolio against adverse movements in interest rates as also maturity mismatches. however. MCB Bank policy: Floating rate are extended for home finance which is re-priced on first working day of each year.SBP Regulation: Total monthly installment should not exceed 50% of net disposable income. The spread would. MCB Bank policy: Debt to equity ratio to be as per Bank’s requirement. etc. The housing finance facility shall be provided at a maximum debt-equity ratio of 85:15. remain constant while the change in KIBOR shall affect the pricing Home Financing EXTRACT OF RELEVANT SBP REGULATIONS AND BANK'S POLICY ON HOME LOANS . assess the genuineness and integrity of the title documents. Banks/DFIs shall either engage professional expertise or arrange sufficient training for their concerned officials to evaluate the property. MCB Bank policy: The collaterals are evaluated by bank’s approved evaluation agencies. thereby managing interest rate risk to avoid its adverse effects. Banks/DFIs are encouraged to develop floating rate products for extending housing finance.