You want to finance that car you’ve been dreaming of for years? Are you short of funds? Soneri Bank car loan available to purchase the car that you’ve always wanted. Soneri Bank offers vehicle loan at competitive rates and with flexible terms & conditions. So that you can get your dream car as soon as possible, we make sure that your request is processed quickly. See below for more information about our features.
Car loan eligibility:
The first thing we do when you apply for a car loan is to verify your eligibility. The eligibility for a car loan depends on several factors such as your age, status (salaried/businessman/self-employed), salary/income, debt burden, credit report, etc. While banks may take into account other factors when making a credit decision about you, the main criteria banks use to approve your loan are the ones listed above. For a Soneri Bank Car Loan, contact us today.
Age of the applicant
If you are a Salaried Class member, your age must be at least 21. The maximum age for business class is 5 years less. For age verification, you must have a valid CNIC/NICOP.
Business Years/Job Experience:
Soneri Bank Car Loans are available only to permanent employees with at least one year of work experience. If you are a contract employee, you must have at least two years of job experience. Business class should have a minimum of one year in existence.
Business Income/Salary
Minimum salary is Rs. If your job is not permanent, a minimum salary of Rs. 30,000 is required. Minimum salary requirements are Rs. If you work on a contract, 40,000 Minimum business income of Rs. If you are a businessman, you must have a minimum of Rs. 50,000 to be eligible.
Debt Burden Ratio:
When it comes to consumer loans, it’s more than your income and salary. Your debt burden ratio will also be calculated. Your debt burden ratio is simply the sum of all the monthly installments you pay to repay the loans you have taken out, divided by your gross salary or business income. SBP recently increased this limit to 40 percent. Your new monthly loan installment will be added onto your existing debt, before being divided by your income/salary.
ECIB Clean:
To be eligible for any loan, you must have a clean ECIB. Banks will check your credit reports and see if there have been defaults on loans within the past year. They will also verify that you are meeting all your obligations. To be eligible for a loan, you must have a clean credit history.
Customer Share
Regulations of the State Bank of Pakistan define the minimum customer participation as 20 % for 1,000 CC vehicles or less. The minimum customer participation is required for cars with engine capacities exceeding 1000 CC. Banks may request more for vehicles that are imported or used than the minimum payment. Soneri Bank Car loans are available for locally manufactured brand-new, used, or imported vehicles. To select the amount of down payment you want, use the Soneri Bank car loan calculator
Loan Tenure:
According to SBP regulations, the maximum allowed tenor for 1000 or less CC cars is seven years. For vehicles greater than 1000 CC, it is five. The model year of the vehicle to be financed will determine the tenor.
How to use the Soneri Bank car loan calculator
Select the make and model you wish to purchase from the Soneri Bank Car Loan Calculator’s built-in menu.
- You can also choose a used or imported vehicle from the calculator menu.
- Select the amount you wish to pay using the drop-down menu.
- You can choose the term of your car loan by using the next drop-down menu.
Click “Submit”
After you have entered the required information, the calculator will begin processing it and will provide you with a RPS (Repayment Schedule). This will include information about your participation, the loan amount, the applicable mark-up and insurance rates, as well as the monthly installments you will need to make.