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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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| 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 0.75% break in markup
rate. Kindly consult your relevant branch manager for details. |
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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. |
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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 2,500,000. |
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| What is the loan
tenure? |
Leasing: 3 to 7 years
Financing: 1 to 7 years
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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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| What should be my
work experience with my job or my business/ profession? |
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For Salaried person at least 3 months
of experience is required |
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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 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:
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. |
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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 and EFU 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 my loan is not approved? |
| No. |
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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 or blood relatives 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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1st years Insurance |
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•Processing Fee |
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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 8 - 10 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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