Easy Acceptance:
This is probably the biggest advantage you have when it comes to car financing. Numerous banks in Pakistan are offering car financing with an exceptionally high rate of acceptance when you apply for car financing. The documentation needed is also minimal and the processing times are fast. Thus it totally makes sense to prefer going for car financing rather than buying it outright which might translate into putting yourself into burden financially. Some of the major banks offering car finance in Pakistan are Dubai Islamic Bank, Bank Al Habib, Askari Bank and JS Bank.

Attractive Rates:
Currently most banks are offering car financing services at highly subsidized rates that enable consumers opting for car financing in Pakistan  to make their decisions with ease. Markups can be kept fixed or variable as some banks offer this option. Some banks even offer the option to pay as much as you can in the name of down-payment of the vehicle. You can also avail special rates when it comes to comprehensive insurance of your car. It doesn’t get any easier than this.

Flexibility:
Currently car financing is offered with a ton of options that can be tweaked according to the consumer’s needs. Installments are also based upon the duration of car financing which is usually a long term affair with up to 7 years. Lastly some banks also offer balloon payment options that enable you to pay in lump sum when it’s possible for you thus lowering the number of installments. You can also choose between new, used or imported vehicles of most brands. You can also pay registration and insurance charges in installments which makes it extremely affordable as the down-payment is greatly reduced to lowest possible limits.

Sharia Compliance:
Since we live in a country with its founding roots based upon Islam and the majority of population being Muslim, it’s only natural that most people tend to have their financial transactions done in a Sharia compliant way. Thus many banks have now started to offer Car Ijarah which is based upon Islamic principles and is completely interest free thus a compelling option for those who prefer Islamic banking and finance. Islamic car financing in Pakistan is offered by Meezan Bank, Dubai Islamic Bank and Bank Alfalah being the renowned names.

Do Your Own Research:
Last but not the least this is another important aspect to get the best car finance deal for your new or used car. Always have a look at multiple options and compare them to see if there are any unique offerings from a provider that the others might be lacking on. See markup rates, payment terms and conditions and installment duration etc to see what suits you best and then make your choice.

There you go, following these 5 best practices will ensure that you get the best car finance deal no matter which bank you choose to go with. For any comments or feedback, please write to us at feedback@smartchoice.pk

Khurram Zahid

The post 5 Ways To Get Best Car Finance In Pakistan appeared first on Smartchoice.pk.

FMFB offers targeted financial and multi-sectorial products and services, based on the ever changing needs of its clients, including a wide range of flexible loan products to serve the diverse financial needs of the unbanked and the under-banked in the rural, urban and semi-urban areas in Pakistan,” the statement said. “The bank also offers micro-insurance products with credit and saving services to all borrowers to provide protection against life, health and financial liabilities.”

An event was held in Islamabad with the presence of Princess Zahra Aga Khan and Prince Rahim Aga Khan for the signing ceremony. Sultan Ali Allana, chairman at HBL said the acquisition is in sync with the bank’s promise to be a front-liner in financial inclusion with a focus on serving clients from all segments of the society and across all areas of the country. Nauman K Dar, president and chief executive officer at HBL said the investment will enable the bank to accelerate the financial inclusion and rapidly scale up the customer base in the microfinance space.

HBL also promises to incorporate its guidance and technology based protocols such as branchless banking and mobile banking which suit the microfinance space as majority of the users in rural areas lack proper access, knowledge or the means to avail such services as walk-in customers and will also make it an easier and hassle free process for consumers.

Khurram Zahid

The post HBL Becomes Majority Stakeholder In First MicroFinance Bank appeared first on Smartchoice.pk.

Types Of Fuel Saving Credit Cards:
First of all we should let our readers know how various credit cards work to offer discounts on pretty much everything. For this case, there are three different ways in which credit cards offer these discounts:

1) There are dedicated cards that are made exclusively to spend on fuel and once you spend a set amount then you become eligible for the cash back which is a certain percentage of your total spending on fuel.

2) Next are cards that are not specific to fuel only but give cash back on various kinds of spending for e.g grocery as well as fuel.

3) Lastly come rewards card where you get reward points against your purchases and then you can redeem those reward points to get free fuel or other commodities as per the brands offered by your credit card provider.

Here are a few credit cards that offer cash back on fuel in 2016. This list includes cards that give cash backs on various kinds of services including fuel.

*PKR 1000 cap on cash back if refuel done from petrol pump other than PSO.
**1% cash back if refuel done from petrol pumps other than PSO.
All annual fees are exclusive of applicable FED.

Next come cards that offer reward points against spending which can be redeemed by getting various services available on your respective credit card. One of these is free fuel. Below listed are the Banks offering such credit cards:

Verdict:
Taking the above factors in consideration, we find that the cash back cards turn out to be a better value as they offer instant concessions against your purchases. In the cash back category we find that HBL Fuel Saver cards are the best as they provide the maximum amount of cash back. It’s definitely recommended for those who have a good amount of spending exclusively on petrol such as a case in which one has multiple cars that refuel for a good amount of money. If you think your usage is not specific towards one service only or if you’re spending is lesser then we think that Standard Chartered MasterCard Cash Back would be a good idea as it offers cash back on fuel as well as groceries which is a good idea for those with a family. Last but not the least, Faysal Bank mc² is a great alternative as well because it offers reward points on all types of spending be it shopping, dining or anything else. You can collect your reward points over a period of time after which you can redeem them to make free purchases from a list of brands that are onboard with Faysal Bank. Hence each card has its own suite of services that cater to various types of spenders and knowing your usage and then selecting a card is the best idea to gain maximum benefit.

Khurram Zahid

The post Best Fuel Saver Credit Card In 2016 appeared first on Smartchoice.pk.