Monday, 24 April 2017

Auto Loan Checklist For Sole Proprietor

Sole Proprietor, As we know that sole proprietor is the most simplest form of the business, in which there is only one owner, for example medical store, Books Shop, etc. Through this article you will be able to know what are the basic requirements that every banks will ask you for Auto Loan, If you are a Sole Proprietor, Below you can find the documents/check list of Auto Loan/ Auto Finance/ Car Loan required for Sole Proprietor. 


CHECKLIST FOR SOLE PROPRIETOR

  • Two fresh passport size photographs
  • Copy of CNIC
  • Business Proof
  • Account Maintenance Certificate
  • Last Six Months Bank Statement
  • Two references other than blood relation
However bank may ask any other document apart from above checklist, So it depends on the nature of you business and bank from where you are applying for auto finance.

Saturday, 22 April 2017

Auto Loan Checklist For Salaried Employees In Pakistan

Do you want to buy your own car? Are you a salaried employee/Individual? Don't Have money to buy a car? if yes then this article is specially for you. Purpose of this article is to let our audience know that what are the Requirement/Checklist/Documentations of Auto Loan (Auto Finance) for salaried employee, However different banks have different policies and procedures but through this informative article regarding Car Loan will help you to understand the basic things you required before applying for Auto Loan in any bank in Pakistan, i.e (UBL, HBL, Bank Al Habib, MCB)* etc. But Keep one thing in mind that we are not forcing you to go for financing, However it is your own choice, But keep one thing in mind that through Auto Loan you have to pay interest rate which increases the total cost of car. So it is you own choice to go for financing or buy car at your own cost with full payment, Below you can the Basic Checklist/ Documents required for  Car Loan for salaried employee.

CHECKLISTS:-
  • Two Passport Size Photographs
  • CNIC
  • Two References ( Must be of same City )
  • Last Three Months Salary Slips (Verified)
  • Last Six Months Bank Statement Where Salary Credited
  • Employment Certificate
  • Last Month Utility Bills 
  • Last but not least Debt to Income Ratio, In which you have to take care that monthly installment of your car should not be greater then you 50% of Net Salary ( Take Home )


If you want add something in this article regarding the same topic, Please let us Know.

*Keep thing in mind that Policies of bank changes time by time, if you want to get updated policy regarding documentation you need to visit the website of that bank, or visit you nearest branch
.  

Thursday, 23 March 2017

RTGS And It's Benefits

In Pakistan banking sector is growing very rapidly, I remember there was a time when you have to wait several days for doing transaction from your own bank account, But now with the help of IT you can do Inter Bank transactions in Real time with in Pakistan, Yes we are talking about RTGS ( Real Time Gross Settlement) with the help of this product you can instantaneously transfer your funds from one bank account to other bank account. 

For Example:- You have an account in Bank Al Habib Ltd and you want to Transfer funds to one of your party that have account in Soneri bank, So you can do this transaction with the help of RTGS, 

You can avail the facility of RTGS From Monday To Friday, There is specific timing for conducting the transaction through RTGS ( 9am To 4PM ). And there is a nominal charges, depends on the bank.

Eligibility Criteria of RTGS is you must be a account holder of the bank from where you want to conduct the transaction and second thing is this transaction is only be possible through Cheque, You can not conduct the transaction Via Cash.

Almost every bank in Pakistan allows you the facility of RTGS, So you don't need to wait for normal clearing or intercity clearing.