How to get car loan from bank in Pakistan?

Public Transportation can be pretty hefty for your pocket while personal conveyance has become a necessity for adults. Reaching for a personal car triggers a sense of pride and motivation to all of us. However the continuous and upward hike of taxes and rates are making lives more and more miserable and expensive. In such circumstances, saving money can be a bit hard. Either real ROIs are the solutions or are bank loans. If you have no interest in investing and play the long, big game then you can opt for loan, of course. The bank loan will provide you with sufficient money to buy a car after having your commitment signed that you will return the sum of money back in any specific period. Surely there is a process to apply for a bank loan which we are writing down below step by step.

1. Inquire

The more you ask, the more will you be told. Do not get stuck at one deck, move. Move from one bank to another bank and explore the different loan procedures at bank. Some banks might ask you to repay in one year, some might ask for installments. Every bank has different policy and procedure and that is why you need to explore as much as you can.

2. Documents

After exploring all the options, pick the most suitable one and apply for the loan by filling out a certain form you will be given. A few documents will be required to submit which usually includes IT returns, salary slips, bank statements, passport, driving license, and other relevant documents.

3. Field Investigation Agency Representative Visit

After application is accepted successfully, the investigation team pays a visit at your residential address to confirm complete information you mentioned in the form. It is important that you clear any query of the investigator because any confusion may result in disapproval of your loan application.

4. Approval of loan

If the procedures go smooth and without confusion, the loan gets approved. You will be provided with cheque with your signed commitment to repay to the bank.