Q
1. What
type of Car Financing is available through Citibank?
A
: We are offering Car Loans for New and Used cars .
Q
2. What is the Loan tenure?
A
: We offer Car Financing for period ranging between 1-year to 7-years.
Q
3. Can we opt for a tenure in between the maximum tenure?
A
: Yes you can opt for any tenor year as long as the minimum tenure is not
less than 1 year and the maximum is not greater than 7 years.
Q
4. What is the eligibility criteria?
- You are at
least 21 years of age at the time of financing and will be less
than 65 years for self-employed or 60 years for salaried before
full repayment of loan.
Q.5.
What is the financing amount?
A:
Min Rs.1,00,000
Max Rs.1,750,000
Q
6. How much do I need to invest?
A:
Your equity share would be 10% if you submit the income (i.e bank statement or salary slip) documents and 15%
without documents and Citibank shall finance for 90% and 85%
of the car value respectively.
Q
7. Can I give more than the equity assigned?
A
: Yes, as long as the loan amount is not less than Rs. 100,000
Q
8. What is the rate of insurance?
A:
The Car Financing Loan has the following insurance premium rates by EFU:
All
new and used vehicles (except Toyota Corolla 2.0D, New model Toyota
Corolla petrol, 4X4 Vehicles, Suzuki Mehran and Semi Commercial Vehicles):
| Option
1: |
4.5%
(Comprehensive) |
| Option
2 : |
4%
(Deductible) |
Rates For Toyota
Corolla 2.0D (New and used)
Premium Rate 5% (Comprehensive)
Condition Tracker compulsory
New Model Toyota Corolla Petrol (New and used)
Premium Rate 4% (Comprehensive)
Condition Tracker compulsory
4X4 Vehicles (New and used)
Premium Rate 6.5% (Comprehensive)
Condition Tracker Compulsory
Suzuki Mehran
Option 1 (for 3-7 Year financing): 4.99%
(net) with free installation of Wintrack
Option 2: 4% (net) tracker compulsory
Note:
Premium rates are subject to change.
Q
9. How is the mark-up calculated?
A:
Mark-up is calculated on a declining principal balance method.
Q
10. Can I partially payoff my car loan?
A:
Yes the loan can be partially paid off with pre-payment charges.
Q
11. Is there any way I can pay my installments through Phone banking?
A:
Customer convenience is our top most priority. If you have an branch banking account
with us, the payment instructions for Car Financing can be taken through
CitiPhone Banking, our 24-hr Service Line.
Q
12. What advantages do I get if I opt for Citibank Car Financing?
A:
Citibank offers the low markup rates to its valuable clients. You
can get a free* Credit Card for one year. The customers are also eligible
for our Home Loan products if all the criteria are fulfilled, therefore
there is definitely an advantage if you choose Citibank Car Financing
over others.
*Terms
& Condition apply
Q
13. Can I get the car from any other car dealer or just the Citibank
authorized dealers?
A:
Citibank has a vast network of authorized dealers for the convenience
of their valuable customers. You can get the car from these authorized
dealer only.
Q
14. Can I get financing from Citibank for more than one Car?
A:
Yes you are eligible for two car loans at a time as long as the eligibility
criteria is met.
Q
15. What is the mode of repayment?
A:
Post dated checks for the loan tenure or an ISI (Irrevocable Standing
Instructions) account opened specially for customer's convenience.
Note
: Our services are available for the residents of Karachi, Lahore,
Faisalabad, Rawalpindi, Islamabad, Hyderabad & Sialkot.
