- Eco-friendly financing with lowest conceivable mark-up rate
- Flexibility to choose repayment period from 1 to 4 years
- Loan amount up to Rs.400,000/-
- Personal Equity – Minimum 30%
- No hidden cost
You are eligible to apply for Electric Bike Finance from Allied Bank if:
- You are a Pakistani National
- You are minimum 21 years old
- You have minimum 6 months of account relationship with ABL or 1 year with any other bank
In case of Salaried Individual
- You are maximum 59 years old
- You are permanent or direct contract employee
- Six (6) salaries have credited in your salary account during last 6 months
- You have minimum net monthly salary of Rs. 35,000/-
In case of Self-employed Individual
- You are maximum 64 years old
- You are in business for at least 1 years
- You have minimum net monthly income of Rs. 50,000/-
Following basic documents are required to apply for Allied Electric Bike Finance:
- Proof of income
- Last 06 months’ Bank Statement
- Copy of CNIC/ Smart NIC/NICOP
- 2 recent passport size photographs
- Complete and duly signed “Application Form”
Q: Who can apply for Allied Electric Bike Finance?
Resident Pakistani salaried individuals in the age bracket of 21 to 59 years and self-employed individuals in the age bracket of 21 to 64 years may apply for Allied Electric Bike Finance.
Q: What is the minimum monthly income required to apply for Allied Electric Bike Finance?
Minimum net monthly income of Rs.35,000/- for salaried individuals and minimum net monthly income of Rs.50,000/- for self-employed individuals, is required to apply for Allied Electric Bike Finance.
Q: In which cities of Pakistan, Allied Electric Bike Finance is being offered?
Currently Allied Electric Bike Finance is being offered in the following cities only:
- Karachi
- Lahore
- Islamabad
- Rawalpindi
- Faisalabad
- Multan
Q: Which Electric Bikes can be financed?
Brand new locally assembled / manufactured Electric Bikes can be financed, subject to registration with respective excise/motor vehicle department.
Q: What is the maximum financing amount that can be applied for?
Allied Electric Bike Finance can be availed up to PKR 400,000/- subject to fulfillment of certain eligibility criteria.
Q: At what mark-up rate the financing will be offered?
Allied Bank is offering Allied Electric Bike Finance at a competitive mark-up rate of 1Year KIBOR+1% OR as per prevailing Schedule of Charges.
Q: Is Allied Bank offering Allied Electric Bike Finance on fixed mark-up rate?
Currently ABL is offering Allied Electric Bike Finance on floating / variable mark-up rate, in which interest rate changes on each loan anniversary due to change in KIBOR, however, bank’s spread remains the same throughout the term of financing.
Q: What are the minimum and maximum tenure for financing?
Financing can be availed for a period of minimum 1 year and maximum 4 years.
Q: How will I repay the financed amount?
Repayment of loan will be made in equal monthly instalments as per repayment schedule.
Q: Which modes of repayment are available?
Your monthly instalments will be deducted from your account maintained at ABL against your Direct Debit instructions or as the Bank may advise.
Q: What is the minimum balance that I am required to maintain in my ABL account in case of Direct Debit Authority?
Minimum balance requirement is equal to the amount of total monthly instalments as per repayment schedule plus amount of any charges, if applicable, on due date.
Q: Can I make balloon payments?
Yes, after completion of one year, two (2) balloon payments are allowed during the tenure of financing. Each balloon payment should not be less than the amount of six-monthly instalments. 2nd balloon payment will be allowed after six (6) months gap from 1st balloon payment.
Q: Can I repay the financed amount before the maturity of the financing term?
Yes, you can completely pay off your outstanding amount of Allied Electric Bike Finance before the maturity date.
Q: What charges will I have to pay for partial or full prepayment?
Prepayment Charges will be applied as per prevailing Schedule of Charges (SOC).
Q: Will I pay insurance premium directly to the insurance company?
No, you will need to pay first year’s Insurance Premium with the down payment to Allied Bank. For rest of the financing term, the insurance premium will be paid in instalments along with EMI.
Q: How do I get my Electric Bike insured?
You will have the choice to select insurance company on the panel list of ABL at the time of applying for Allied Electric Bike Finance. ABL will arrange the insurance on your behalf from the selected insurance company on special corporate rate at actual.
Q: How the Electric Bike will be secured?
The financed Electric Bike will be secured throughout the tenure of financing through Comprehensive Insurance of the vehicle.
Q: What is the security of the financing?
The financed Electric Bike will be hypothecated in favour of the Bank and lien will be marked with the respective Excise & Taxation Department.
Q: What payments I have to make after acceptance of Offer Letter?
Following payments will be required after acceptance of financing Offer Letter:
- Equity
- Processing Fee
- 1st Year’s upfront Insurance Premium
Q: How much minimum Down Payment/Equity I will have to make?
You will need to make Down Payment/Equity of at least 30% or more of the price of the Electric Bike.
Q: Will I still be charged Processing Fee if my Electric Bike financing application is not approved?
A: No, Processing Fee will only be charged after approval of your application and signing of Offer Letter.
Q: Will the bank pay/finance any amount over and above the listed / ex-factory price?
A: No, in accordance with the regulatory requirements, Allied Bank will not finance or pay any amount over and above the listed / ex-factory invoice price.
Q: Will the Bank finance additional accessories?
A: No, the Bank will finance only the ex-factory price.
Q: What is the first step I need to take to apply for Allied Electric Bike Finance?
A: Visit your nearest ABL Branch to apply for Allied Electric Bike Finance or dial 111-225-225.
Pricing of Allied Electric Bike Finance
| Pricing | 1YK + 1% |