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Carvaan - KFS

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AAMIR LATIF
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5 views1 page

Carvaan - KFS

²

Uploaded by

AAMIR LATIF
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as PDF, TXT or read online on Scribd
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The Bank of Punjab

Product Key Fact Statement

BOP Carvaan Scheme


A. Your financing Need:
Name of the product BOP Carvaan Scheme
Vehicle required All Locally & Foreign assembled / manufactured New, Used and Reconditioned
Vehicles for:
Local and Imported Cars, Commercial Vehicles
Loan amount As per Schedule
Tenure of the loan Vehicle can be financed from 1 to 5 years depending upon your requirement
Mark-up type For SE /ME/ Corporate: Ask side KIBOR +
B. Estimated cost of this Financing
What Mark-up* (fixed/variable) will I be Variable
charged?
What other charges will I have to pay? Processing fee (non-refundable) of Rs. 5,000/- per vehicle.
What will be the monthly installment payable? Monthly rental will be include principal, mark-up and insurance amount.
What total amount will I pay for the loan? As per Schedule
C. Early Payments
Can I repay loan before the maturity? Yes
How will I pay Monthly Installment? Monthly installment should be deposited in your BOP account or before on 5th of every
month.
How can I repay loan before the maturity? Deposit your Principal, Markup & Late Payment Charges (if any) in your account and
submit request to the Bank for Early Loan Adjustment.
Will I have to pay any additional Yes, you will be charged an amount of 5% on your Principal Amount as pre-payment
amount/charges for pre-payment/ early penalty.
retirement of the loan?
D. Default/ late payment information:
What happens if I fail to fulfill my obligations? The Bank can take Legal action against you and repossession of vehicle including
Lodgment of FIR & Suit filling etc.
What penalty will I be charged for not Rs.1/1000 per day of monthly rental from due date till actual payment date.
repaying on time?
What will I have to do to acquire back my Repossession Charges: Rs.10,000/- as fixed penalty and up to Rs.100,000/- as
repossessed vehicle? repossession charges or actual (Whichever is lower)

Warehouse charges for repossessed vehicles: Rs.1, 000/- per day per vehicle or At
Actual, whichever is lower.
E. Other material information:
What insurance avenues do I have to pay? Insurance coverage required as a condition of the loan facility from the Bank’s penal of
insurers only includes the Vehicle Insurance.
What are the guarantor’s obligations? In case of default, the guarantors (Proprietors, Partners & Directors) shall be liable to
settle all the outstanding liabilities.
What documents will be provided to me? Copy of Facility offer letter
Where I can get assistance and redress? For Product Queries: 042-99268177
For Account/ Payment Information: 042-99268230
For Complaints: [email protected]
BOP Phone Banking: 111-267-200

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