What is Hire Purchase?
- Hire Purchase is the type of loan that First Private Bank offers to its customers to buy Motorcycles, Phones, Desktop/Laptop Computers, Computer Accessories and IT Accessories, Electronic Gadgets, etc., with monthly installments conveniently.
Advantages
- Pay 30 percent of the value of the item you want to buy as down payment.
- Tenure of the loan is from minimum 3 months to maximum 3 years.
- Repayment will be made with monthly installments by EMI method.
- You can buy any items of your choice from First Private Bank’s dealer companies at your disposal.
Rates and Charges
| (1) Interest | 10% 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
Hire Purchase Application Procedure
- Customers who want to buy Motorcycles, Phones, Desktop/Laptop Computers, Computer Accessories and IT Accessories, Electronic Gadgets, etc., should contact showrooms and sale centers which are dealers of First Private Bank.
- Choose the item you want to buy and contact First private Bank with required documents.
- The loan will be disbursed provided that all the required documents are adequate and in line with rules and regulations of the bank so that the applicant can buy the item.
- Sign the loan contract and open a current account at First Private Bank to deposit initial payment once the loan has been disbursed.
