Banks have been a great source to save all our earnings and also keep a check on our expenditures. But as time progressed, banks have started to give cars and even houses on lease. In Pakistan buying cars on lease is a very common act and for that, the people have been searching for the eligibility criteria and much more. So here we have provided you with the details.
How to lease a Car from Bank in Pakistan Step by Step Guide
Eligibility to Lease a Car
From any bank when you lease a car it is necessary that you:
- Should be Pakistani national, and hold NIC or NICOP in order to get approved.
- Your age should lie between 25 and 65.
- Your employment status should be permanent and most importantly the tenure of your employment must be at least 2 years prior to applying.
- The monthly income of the person should be 3 times the rent of the car or as you may say the monthly payments.
For applying for the lease, you will be required to present some of the documents that show your identity very clearly and the documents are:
- A copy of your identity card that may be valid CNIC/NICOP.
- Two passport-size pictures are also required and that will be used in your facial recognition.
- The statement from the bank for the last 6 months is required to prove your financial stability.
- CNIC of your references are to be provided too. A copy of this is necessary as this will show your reliability.
- A copy of your own driver’s license is also needed since you are leasing a car, it is necessary that you hold a license.
Information about your Income is also needed. So as to prove your financial standing. People are needed to provide it because this shows their standing and this includes providence of their latest pay slip original or certified employer certificate and other income proof is also mentioned.
When you are leasing the car, your forms and all other documents are processed in a maximum of 1 week and this is when you will be provided with your car. In a time period of 3 months, you will be able to receive your car from the showroom and every payment date is when you will have to pay the particular amount, failing to do so will result in taking back the car.
