| About MCB Car4U | FAQs | Contact Us |
| MCB Car4U FAQs |
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| What is the difference between car finance and car lease? |
In car finance the borrower is given a loan to purchase a car which is registered in his name.
In case of car lease, the vehicle is registered in the name of the Bank and the original papers are also in the name of the Bank which are held by the bank. |
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| What is the rate of markup for the Car4U? |
Our standard offer at a variable
rate is 15 % markup at 10% equity. We also offer a 'No Documents' option
where the markup rate is 14.5% at 20% equity. The three months deferred
product provides the customer with 3 months of financial relief after
making their down payment; the rate for this option is 15.75%. If you
are a consumer asset customer (of any bank) or an MCB Branch customer,
you are eligible for a rate break; 14.5 % at 10% equity |
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| I have an account in MCB, am I entitled for some rate break? |
Yes! Existing MCB account holders, fulfilling a certain criteria, are entitled for a break in markup rate. Kindly consult your relevant branch manager for details. |
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| I am customer of MCB Pyara Ghar, am I entitled for some rate break? |
Yes! Customers of MCB Pyara Ghar- Home Finance with good credit history are entitled for a rate break, also if you are a customer of some other bank’s assets product with good credit history you can also get a rate break. |
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| What are the minimum and maximum loan amounts that can be acquired? |
| The minimum amount is Rs 150,000 and the maximum you can avail is Rs 2.0m. This can be raised if you are a customer with a good credit rating. |
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| What is the loan tenure? |
Leasing: 3 to 7 years
Financing: 1 to 7 years
Exceptions:
Daihatsu Cuore 1-6 yrs
Suzuki Mehran 1-5 yrs
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| Who are eligible to apply? |
| Following eligibility requirements needs to be fulfilled to qualify for the facility: |
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Pakistani nationals residing in Karachi, Lahore, Islamabad/ Rawalpindi, Sialkot, Gujrat, Gujranwala, Hyderabad, Jehlum, Peshawar, Multan and Faisalabad |
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If you are a salaried person your age must not be less than 22 years or more than 65 years. |
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If you are a businessman or a self-employed professional your age must not be less than 21 years or more than 70 years. |
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A businessperson should be the sole proprietor/ partner/ or a director of reputed business company. |
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Have a minimum take home income of Rs.12,000 per month. |
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| What should be my work experience with my job or my business/ profession? |
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For permanent employee, no service length is required |
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If you are a contractual employee than you must possess at least a total of 3 years employment experience with 2 years with the present employer. |
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If you are a businessman or self-employed professional you must possess 1-year experience in the same profession or business. |
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| What should be the relationship of my income with my monthly installment? |
| Your monthly installment should not be more than 50 % of the net take-home verifiable income. |
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| What if I want to make a partial prepayment? |
You may request to make an early full prepayment at any time. You will be charged as follow on the amount being prepaid:
7 % 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. |
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| Will I require insurance cover? |
| Yes, you would be required to undertake a comprehensive insurance cover for the vehicle’s cost in favor of the Bank. Adamjee, EFU and SGI Insurance are the insurance companies we work with. |
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| How will the vehicle cost be given to the customer? |
| If you are eligible and your application is approved, we will pay directly to the dealer / manufacturer. |
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| What are the modes of repayment? |
| You can repay by signing a Direct Debit Authority against an existing MCB account or open a new Collection account, which would enable the bank to automatically deduct your installments from your account. |
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| Will I be charged processing fee if I submit the application form? |
| Yes you will be charged Rs. 3500 as a processing / documentation fee, which is non refundable. |
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| Can I get a loan for lease of reconditioned / used cars? |
| At the moment the policy does not allow used / reconditioned cars. |
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| Can I lease Commercial Vehicle? |
| Yes, you can lease selected semi-commercial vehicles maximum for tenure of up to 5 years. |
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| Is it possible to combine income of two persons, if one applies for the facility and is found not eligible? |
| Only income of the spouse can be clubbed if the income of the main borrower is not sufficient. |
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| What payments would be part of my up-front payment? |
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Equity |
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First Monthly Installment (excluded if you opt for the ‘3 Months Deferred Payment Option’) |
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1st years Insurance |
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• Processing & Documentation Charges |
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| Will the bank pay the premium amount over and above the list price? |
| No, the State Bank of Pakistan does not allow any financial institution to finance or pay any premium amount over and above the list price. |
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| How much time will it take for approval at your end? |
| If every thing is in order then it will not take more than 7 days to issue a Purchase Order agreeing to make a payment to the dealer. The delivery of the vehicle will however have to be taken care of by the dealer. |
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