Looking to hit the open road with a brand new dream car in Azad Jammu & Kashmir (AJK)? But the upfront cost holding you back and looking for an AJK Bank car loan? If you’re looking for a way to make your car ownership dream a reality, then look no further!
This article is your one-stop guide to about AJK Bank car loans. The Bank of Azad Jammu & Kashmir (BAJK) offers car financing options to help you make it happen!
Bank of Azad Jammu Kashmir stands as the singular banking institution dedicated to serving the Kashmiri community across every nook and cranny of Azad Jammu Kashmir.
With branches spanning both small towns and major cities, AJK Bank remains steadfast in its commitment to providing financial services to the people of Azad Kashmir.
This post will guide you through everything you need to know about AJK Bank car loans.
Eligibility for AJK Bank Car Loan?
- Citizenship: You must be a citizen of AJK or Pakistan.
- Employment: Permanent employees with a minimum of 3 years of service in government, semi-government departments, or autonomous corporations are eligible.
- Professionals & Business Owners: Professionals, self-employed individuals, and business owners with established businesses for at least 3 years can also apply.
- Age Limit: The age limit for applicants is 18 to 60 years old.
The Bank of Azad Jammu Kashmir Loan Options
- Loan Limit: You can finance up to Rs. 3.0 million for your car purchase.
- Tenure: BAJK car loans offer repayment terms of up to 60 months (5 years).
- Repayment: You’ll repay your loan through convenient monthly installments.
- Debt Service Ratio (DSR): The DSR, which includes the insurance premium, should not exceed 40%.
- Down Payment: A minimum down payment of 30% of the car’s value is required.
Security Requirements
- Primary Security: The purchased vehicle will be jointly registered in the name of BAJK and the borrower under a Hire Purchase Agreement (HPA).
- Secondary Security: You can choose one of the following:
- A Personal Guarantee from a Government Officer (Grade 17 or above).
- Submitting Postdated Cheques for the number of loan installments.
Insurance: Comprehensive Car Insurance is mandatory for all BAJK car loans.
To initiate the application process for a BAJK car loan, you can visit your nearest BAJK branch or explore AJK Bank’s official website for more information on car financing options. Don’t forget to share this post with friends and family who might be interested in purchasing a new car!