What Is Creditech Auto Finance
Experience hassle-free, flexible car financing with Creditech. Our Auto Finance options come with competitive rates, fast approvals, and terms tailored to your needs. Whether you are buying a new or used vehicle, we make it easy to drive away in your dream car. No hidden fees and quick processing will get you started today and enjoy a hassle-free financing experience!
Creditech Auto Finance - Eligibility Criteria
✓ Financing Options: Available for new locally assembled and Complete Built-Up (CBU) vehicles.
✓ Maximum Financing: Up to PKR 10 million, available for one vehicle only.
✓ Ijarah Tenure: Up to 7 years.
Security Deposit / Advance Rental:
✓ Minimum 15% of the vehicle cost for salaried professionals.
✓ Minimum 25% for CBU/SUVs for salaried professionals.
✓ Minimum 25% of the vehicle cost for businessmen/self-employed professionals.
✓ Minimum 35% for CBU/SUVs for businessmen/self-employed professionals.
Credit and Bureau Checks:
✓ Clear data check and e-CIB required. Local Credit Bureau check and, where possible, the bureau of the country of stay will be obtained.
✓ Available for all Roshan Digital Account holders, including foreign currency account holders.
Additional Details:
✓ Processing Charges: No processing charges. Documentation and security perfection charges to be paid by the applicant at the time of disbursement.
✓ Monthly Rentals: Paid via direct debit from PKR Roshan Digital Account.
✓ Vehicle Delivery: Delivered to nominee/co-borrower (blood relatives such as father, mother, son, daughter, brother, sister, or spouse residing in Pakistan).
✓ Nominee Age Limit: Maximum age of nominee/co-borrower should not exceed 70 years at the time of Ijarah maturity.
Tax and Age Limit:
✓ Advance Tax: Non-filers are subject to 4% Advance Tax on the vehicle’s cost at the time of disbursement.
✓ Applicant Age: Minimum age of applicant: 25 years.
✓ Maximum age at Ijarah maturity: 60 years for salaried professionals, 65 years for businessmen/self-employed professionals.
Employment / Business History:
✓ Minimum 2 years continuous employment for salaried professionals.
✓ Minimum 3 years continuous business experience for businessmen/self-employed professionals.
Debt-to-Income Ratio:
✓ Total monthly repayments (including proposed Ijarah rental) should not exceed 40% of net income.
Who is Eligible For Creditech Auto Finance?
For Salaried Individuals
- Latest employment certificate, including the date of joining.
- Last six months’ credited salary bank statement.
- CNIC copy of the nominee.
- Employer’s HR representative details (name and mailing address).
- Credit Bureau Report from the applicant’s country of stay.
For Businessmen Individuals
- Valid proof of business.
- Last six months’ verified bank statements (through embassy).
- CNIC copy of the nominee.
- Credit Bureau Report from the applicant’s country of stay.
- If income is from remittances, a six-month bank statement of the remitter is required.
Required Documents
- Application Form: Duly filled and signed by the applicant.
- For Salaried Individuals:
- A copy of the recent pay slip or employment certificate.
- For Businessmen:
- Business proof such as a bank certificate confirming proprietorship, NTN, business association letter, or tax return.
- Bank Statements:
- Copy of the last six months’ bank statements.
- Photograph:
- One recent passport-size photograph.
- Specimen Signature:
- Specimen signature card, preferably on the bank’s prescribed format.