Auto Finance
Drive your own CAR at the lowest mark-up rates through NIB fastest Auto loan with exciting features.
Features & Benefits
- Financing available for new, used or imported vehicles to all Existing and New NIB Customers. “On Us” and “Off Us” customers are eligible.
- Competitive Fixed Mark up Rates starting from 15.75% per annum.
- One of the lowest insurance rates starting from 4.25 % with Free Tracker.
- Complimentary Accidental Life insurance of upto Rs. 500,000/=.
- Free Internet Vehicle Monitoring access to Customer 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 Rs. 1.9 million.
- Minimum Down Payment requirement starts from 20 %.
- Fastest Loan Processing in Pakistan (decision within in 3 days in major cities).
Other Facilities
- ATM Card, SMS Banking and 24 Hr Phone Banking services available
- Access your funds through a network of 179 online branches in 59 cities and 128 NIB ATMs across Pakistan
- 9AM – 5PM Non stop Banking
Who can apply?
Salaried professionals / Businesspersons /Self-employed Individuals (Existing NIB borrowing / liability customers)
Minimum age of applicant
23 years
Maximum age of applicant
65 years
Work Experience
Salaried Individual:
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:
Customers with 2 years in Business will be acceptable only if they have an Established Bureau record and with 5% additional equity.
Nationality
Pakistani
Frequently Asked Question
Can I avail the car loan Facility?
Yes, you can get a car loan from NIB Bank to purchase a brand new/used/imported car if you are
- Pakistan National Identity Card holder residing in Pakistan
- Minimum 23 years of age (Maximum 60 years in case of salaried and 65 in case of a business person at the time of maturity of the loan).
- Salaried, Businessman or Self Employed
Which cars can I apply this loan for?
All brand 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. 1,900, 000/.
What determines my auto loan interest rate? Or why didn’t I get the lowest advertised rate?
We offer competitive interest rates ranging from 15.75%-21% .Interest rates are set according to the condition of your credit.
Or
There are several factors affecting the rate you may receive, including your personal credit quality based on your history of repaying various debt obligations. Advertised rates are offered depending on the individual’s excellent and substantial credit and key loan characteristics, including amount, term, vehicle age Upon the completion of your auto loan application, and if approved, a credit processor will contact you and provide specific details regarding your interest rate, monthly payment, loan amount and other loan terms. You are under no obligation to accept any car loan terms offered to you.
What is the tenure / period of the loan?
The loan can be availed from 1 year to 5 years.
What should be the age of vehicle in case of used car?
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% – 30% 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 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 post dated 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.
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 slip 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.
