What is Auto Loan?

  • Auto Loan is the type of hire-purchase loan that First Private Bank offers to its customers to buy brand-new cars or used cars with maximum age of 10 years (from the manufacturing date) of any brands or models conveniently.

Advantages

  • Own a car by just paying 30 percent of the value of the car as down payment.
  • You can choose the tenure of the loan up to maximum 3 years for used cars or up to maximum 5 years for brand new cars.
  • Repayment will be made with monthly installments by EMI method.
  • You can buy any kind of cars from First Private Bank’s dealer companies at your disposal.

Rates and Charges

(1) Interest 14% per annum (EMI Reducing Method)
(2) Service Charges 1% on the total loan amount (One time only)

Requirements

  • A copy of NRC Card and Household Registration Card with a passport photo of the applicant
  • Recommendation Letter from an official of your company mentioning your name, designation, name of company and your total service (Original document is required)
  • Recommendation Letter from Ward Administration Office (Original document is required)
  • A copy of Identity Card issued by your company
  • Pay Slips for the last 3 months (Original document is required)
  • Bank Statement for the last 6 months/Income tax receipts
  • A copy of NRC Card and Household Registration Card with a passport photo of the customer
  • Recommendation Letter from Ward Administration Office (Original document is required)
  • Valid Business License
  • Financial Statements for the last 3 years
  • Receipts of Commercial Tax/Income Tax for the last 3 years
  • Business Photos

Application Procedure

  • Please contact Car showrooms which are dealers of First Private Bank
  • Choose the type of car you want to buy and contact First private Bank with required documents.
  • The loan will be disbursed within maximum 2 weeks provided that all the required documents are adequate and complete.
  • Sign the loan contract and open a current account at First Private Bank to deposit initial payment once the loan has been disbursed.

Related Products