Eligibility Requirements:
- Pakistani citizen with a valid CNIC
- Minimum age of 21 years
- Stable and regular income
- Minimum down payment of 30% of the vehicle’s value
UBL Drive Application Steps:
- Prepare Your Documents: Gather your CNIC, proof of income, and any other required documents.
- Choose Your Vehicle: Select a new or used, locally assembled/manufactured car that fits your needs.
- Calculate Your Financing: Determine the loan amount (up to 70% of the car’s value) and choose a repayment tenure between 1 to 5 years.
- Submit Your Application: Apply online through UBL’s website or visit a UBL branch to complete the application process.
- Await Approval: UBL will process your application promptly, and upon approval, you’ll be on your way to owning your dream car.
Frequently Asked Questions
How long does it take to get approved for a UBL Drive loan?
Approval times can vary, but UBL strives to process applications promptly, often within a few business days.
Is it required to explain why credit is being used?
For the UBL Drive loan, the purpose is predefined as vehicle financing, so no additional explanation is necessary.
Do I need to have a good credit score to be approved for a UBL Drive loan?
While a good credit history can enhance your approval chances, UBL considers various factors, including income stability and compliance with eligibility criteria.
Can I apply for a loan if I am self-employed?
Yes, self-employed individuals with a stable and regular income are eligible to apply for the UBL Drive loan.