ASK4Car – Askari Bank’s Auto Finance Facility

Drive your dream car through ASK4Car (Auto Finance Facility of Askari Bank), which provides ease of affordable monthly instalment within your budget, with below features:

  •   Competitive Mark Up Rate
  •   Attractive Insurance Rate at 1.75% per annum
  •   Free Tracker & Its installation
  •   Free Accidental Life Insurance upto Rs.1,000,000
  •   Flexible loan tenor upto 5 years
  •   Loan amount up to 70% of value of vehicle
  •   Financing up to Rs.3 Million
  •   Partial Payment option available to reduce monthly instalment
  •   Quick Processing & Minimum Documentation
  •   Loan details available through Askari I-Net Banking & Mobile App
  •   Convenience to review repayment details & outstanding balance through Askari I-Net Banking & Mobile App
  •   Already booked vehicle may also be financed against outstanding invoice amount.
  •   Financing available for locally assembled New & Used Vehicles only
Description Criteria
Who is eligible ? Salaried Individuals, Self Employed Individuals or any other Individual having verifiable source of income.
Vehicles to be Financed
  • Locally Assembled New Vehicles through Advance Booking
  • Ex-Stock Vehicles
  • Locally Assembled Used Vehicles
Loan Amount Minimum   –  Rs.200,000
Maximum  –  Rs.3 Million
Value of Used Vehicles Value of Used Vehicles to be determined by authorized Evaluators of AKBL
Minimum Equity of Borrower 30% of Value of Vehicle
Maximum Debt Burden 40% of Net Monthly Income
Maximum Loan Tenor For Vehicles Upto 1000 CC                 5 Years
For Vehicles Greater than 1000 CC     3 Years
Age of Borrower Salaried Minimum                               21 Years
Self Employed Customers Minimum  23 YearsMaximum Age at the time of Loan Maturity60 Years for Salaried Customers
65 Years for Self Employed Customers
Minimum Net Salary/Income
Permanent Employees
Contractual Employees
Self Employed (Branch Customers)
Self Employed (Non Branch Customers
Rs. 30,000
Rs.50,000/-
Rs. 100,000 Net Monthly IncomeRs. 150,000 Net Monthly Income
Minimum Employment Tenor
Salaried CustomersSelf Employed Customers (SEB/SEP)
Overall 1 year continuous employment, 3 months service with current employer

Branch Customer:       1 Year in same Business/                                       Profession
Non Branch Customer: 18 Months in same Business/                                        Profession

Previous Loan History

Regular re-payment history is required, in case of already availed loan(s) from any bank.

Mark up Rate Salaried (Branch Customers)     – 12 Months KIBOR + 3%
Salaried                                      – 12 Months KIBOR + 3.5%
(Non-Branch Customers)
Self Employed (SEB/SEP)         – 12 Months KIBOR + 3.5%
(Branch Customers)
Non Branch Customers            – 12 Months KIBOR + 4%
Used Vehicles                           – 12 Months KIBOR + 4%
Vehicle Insurance Rate As low as 1.75% per annum*
Free Tracker & Its installation
Free Accidental Life Insurance upto Rs.1,000,000*This rate is currently applicable, which may be changed at the sole discretion of the bank.
Hypothecation of Vehicle

The financed vehicle shall be marked HPA in favor of Askari Bank.

Partial Payment & Early Settlement of Loan

Partial Payment option available to reduce monthly instalment. Early Settlement of loan is also allowed. However, charges will be applicable as per prevailing Schedule of Charges.

Charges As per prevailing Schedule of Charges for Auto Finance.
Disclaimer

Role of Askari Bank is only limited to provide financing against the vehicle. Bank assumes no responsibility with respect to delay in booking/delivery of vehicle, warranty related matters, fault in vehicle and service related issues with dealership/manufacturer. Terms & conditions are mentioned in detail in our Loan Application Form.

Note : Terms and conditions apply as per bank’s policy/standard practices, as applicable for Askari Auto Loan.

For instalment calculator and to see the expected monthly instalment amount, please Click here.

For further queries and information, please call us at 111-000-787 or visit any branch of Askari Bank.

To view the flyer of Askari Auto Finance, please click here

Tentative Instalment Amount at an assumed Mark up Rate of 26.22% and Insurance Rate of 1.75% are given below for understanding purpose only.

S/NO Value of Vehicle Equity Amount/ Down Payment Loan Amount Loan Tenor Monthly Installment
(Rs.) (Rs.) (Rs.) Years (Rs.)
1 1,000,000 300,000 7,000,000 5 22,508
2 1,500,000 450,000 1,050,000 5 33,762
3 2,000,000 600,000 1,400,000 5 45,016
4 2,500,000 750,000 1,750,000 5 58,366
5 1,000,000 300,000 7,000,000 3 29,744
6 1,500,000 450,000 1,050,000 3 44,616
7 2,000,000 600,000 1,400,000 3 59,488
8 2,500,000 750,000 1,750,000 3 74,360

For more clarity and to calculate customized monthly instalment, please Click here for Instalment Calculator.

1. Application Form duly filled in all respects
2. Copy of Valid CNIC /POC/NICOP or passport of applicant.
3. Income Proof/ Income Estimation/Latest Salary Slip (up to 2 months old)
4. 6 Months Bank statement for Salaried/12 months Bank statement for SEB & SEP.
5. Proof of Business (for Self Employed Customers)
6. Quotation from Authorized Dealership of Askari Bank (for New Vehicle)
7. Copy of Registration Certificate/Smart Card (for Used Vehicle)
8. Any other document required by the Bank

1.Why should I select Askari Bank for Auto Finance?

 

Askari Bank offers

  • Competitive Mark Up Rate
  • Attractive Insurance Rate at 1.75% per annum
  • Free Tracker & Its installation
  • Free Accidental Life Insurance upto Rs.1,000,000
  • Partial Payment option available to reduce monthly instalment
  • Quick Processing & Minimum Documentation
  • No hidden charges

 

 

2. Who can apply for AKBL Auto Finance?

 

  • Salaried Individuals
  • Self Employed Businessman/Woman (SEB)
  • Self Employed Professionals (SEP)
  • Specially Abled Persons/Visually Impaired Person/Persons with Disabilities (PWD)
  • Individuals having any other verifiable source of income

 

 

3. Which types of Vehicles are offered under Askari auto finance?

 

Locally assembled/manufactured new/used vehicles can be financed. Commercial vehicles or vehicles for commercial use cannot be financed.

 

4. Can I avail Loan Facility, if there are defaults against my previous loan(s)?

 

No. Regular payment against previous loans is necessary.

 

5. How much loan can I avail?

 

Upto a maximum of Rs.3 Million from all banks/DFIs in aggregate, subject to a maximum of 40% Debt Burden requirement.

 

6. What is maximum period of loan?

 

Upto 1000 CC Vehicles                                       upto 5 Years
For Vehicles Greater than 1000 CC                     upto 3 Years

 

7. How much down payment is required?

 

Minimum 30% down payment is required.

 

8. Can I avail more than one vehicle through Auto loan facility?

 

Yes. Two vehicles can be availed simultaneously from Askari Bank, subject to Debt Burden Limitations

 

9. Can I avail Auto loan facility, if I am not a Salaried Person/Businessman/
Professional?

 

Yes. The individual having any verifiable source of income e.g. rental income, foreign remittance, agricultural income or investment income can avail Auto Loan Facility

 

10. Are there any hidden charges?

 

There are no hidden charges. All charges are mentioned in our Schedule of Charges available at our website and at all branches of Askari Bank.

 

11. Is insurance of vehicle is mandatory?

 

Yes. Comprehensive Insurance of vehicle is mandatory for the whole tenor of loan at the cost of the borrower through any of the insurance companies listed with Askari Bank.

 

12. What will be the monthly insurance charges on the vehicle valuing Rs.3 Million?

 

With the insurance rate of 1.75% per annum, it will be Rs.4,375 per month. Insurance rate once fixed, shall remain unchanged during the whole tenor of financing.

 

13. Who will insure my Vehicle?

 

Askari Bank has insurance arrangements with reputed insurance companies with attractive insurance rate, Free Tracker and Free Accidental Life insurance upto Rs.1 Million. Customer has to select insurance company of his/her choice from AKBL Panel of insurance companies.

 

14. Can I pay my loan before maturity?

 

Yes. You can pay your loan before maturity. However, charges shall be applicable as per prevailing schedule of charges.

 

15. What is the security against the loan?

 

Financed vehicle will be the security against the loan, which will be hypothecated in favor of Askari Bank.

 

16. Whether bank is responsible for delay in booking or delivery of vehicle?

 

No. Bank does not assume any responsibility in this regard, as same is beyond the control of bank.

 

17. Whether bank is responsible for any type of dispute related to Warranty/Fault in vehicle/Service issues with Dealership or vehicle Manufacturer?

 

No. Bank does not assume this responsibility. Customer will take up the matter directly with dealership or manufacturer.

 

18. What is the Loan Application processing time?

 

The processing time for loan approval is approximately 15 working days, subject to complete application with required documents/formalities.

 

19. How will I get update of my Auto Loan Application?

 

You can visit your branch or call us at
111 000 787 or you can send an email at our Customer Services Center at customerservices@askaribank.com.pk

 

20. How can I apply for loan?

 

You can visit You can apply by visiting our Branches or by calling us at 24 hours Contact Centre at 111-000-787. Our dedicated staff will help you to complete your loan application and other formalities.

You can apply by visiting our Branches or by calling us at 24 hours Contact Centre at 111-000-787. Our dedicated staff will help you to complete your loan application and other formalities.

You can also submit your details here, enabling us to contact you for loan processing.

  • The loan can be availed for a minimum fixed tenor of 3 or 5 years (Applicable on vehicle’s variant under SBP guidelines).
  • The Mark up rate/installment will remain fixed for entire Tenor of loan (3 Years or 5 Years as per the option availed).
  • Effective fixed Mark up rate will be applicable on the loan disbursement day.
  • This offer is valid From December , 1st, 2023 till  January 31st, 2024.
  • The said rate will be applicable on applications login from December 1st, 2023.
  • All other charges will be applicable as per the prevailing SOC or corporate arrangement.

Note: For any further query, please feel free to contact your nearest Branch.