UBL Drive, the Car financing scheme launched by United Bank Limited has proven itself as a world class launch when it delivered within 48 hours of its launch to an applicant his brand new Honda City.
Rafiq Panjwani had applied for a car loan through the UBL Drive scheme, his car keys were handed over to him by the Deputy CEO of UBL, M.A. Mannan in a ceremony held at the Honda showroom. This ceremony was covered live by FM 100 and aired on TV channels.
UBL is focusing on bringing the next level of consumer banking in Pakistan, emphasising on its "You First" vision.
UBL Drive is the first such consumer product which changes the industry norms by providing innovations, options and flexibility unmatched so far by any other bank due to the investment made in the state-of-the-art systems at UBL.
UBL plans to expand the market by its vast distribution network. UBL Drive has been developed keeping in view the increased level of consumer awareness due to increased accessibility of information, and hence the demand for better products and services with options.
UBL Drive is a first-of-its-kind finance facility for the consumer which truly captures the 'ab chaley aap ke marzi" essence and the 'where you come first vision.
PAYS (PAY AS YOU SELECT)For the first time in Pakistan, UBL Drive allows customers to choose from different repayment options to suit their present & future expected cash flows:
The UBL Drive customer can enjoy security and complete peace-of-mind as UBL Drive becomes the only car finance product which offers the option to have a free car tracking device installed in the car!
PAYS-UP You can design your own repayment plan with instalments increasing every year, starting with low instalments to suit your cashflows.
The following example will explain the monthly step-up instalments you would be paying if you choose various amounts of car financing for 7 years.
Example: If you choose financing of Rs 300,000, your monthly instalments would range from Rs 3,787 in year 1 to Rs 5,102 in year 7.
PAYS- DOWN: PAYS-Down allows you to pay higher at the beginning with your instalments reducing in subsequent years.
This option allows you to choose 0% interest in the last 1-3 years (depending upon the loan duration). To top that, your total payment during the duration of the loan remains very affordable.
For example, if you avail financing for Rs 300,000, your monthly instalments would range from Rs 5,153 in year 1 to Rs 4,233 in year 7.
NO DOCUMENTS REQUIRED: UBL Drive gives the customer the opportunity to get the car of his/her choice financed with minimal documentation. The customer does not have to provide any income related documents - all that is required is a copy of the NIC and 2 photographs!
LOW DOWN-PAYMENT: In addition to low instalments, UBL Drive allows the customer to drive away in his/her own car by making a down payment of just 10% - one of the lowest down payment options in the market!
NO PRE-PAYMENT PENALTY: For the first time in Pakistan, UBL Drive offers the option to pay-off the loan amount anytime after the first year of the financing period, without incurring any extra charges.
UBL DRIVE ALSO OFFERS THE FOLLOWING INSURANCE OPTIONS:
-- Comprehensive insurance
-- Insurance financing for the first year
-- Deductible insurance (risk beyond a certain amount covered at discounted insurance rates)
-- Discounted rates with car tracking device installed at customers' cost.
True to its claim, UBL Drive is indeed a world class product providing the customer the best car financing scheme in the market.-PR
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