Consumer Finance At Bank Alfalah.ppt 3n493b
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Consumer Finance at Bank Alfalah Prepared By: MB06108 sana khan MB06138 mehwish shan
Brief History and Background of Bank Alfalah
Incorporated on June 21st, 1997 as a public limited company under the Companies Ordinance 1984 Its banking operations commenced from November 1997 Belongs to Abu Dhabi Group One of the Leading Banks in Pakistan
Consumer Finance at Bank Alfalah Consumer Finance at Bank Alfalah comprises of the following four segments: Credit Cards Home Loans Auto/Vehicle Loans Debit Cards
Bank Alfalah Credit Cards
Bank Alfalah Credit Cards
Powered By “VISA” Accepted at nearly 27 Million locations in more than 150 countries worldwide Accepted in Pakistan at more than 2200 Bank Alfalah establishments SBS Plans for purchase of various home appliances
Bank Alfalah Credit Cards
(Contd.)
No ing / Annual / Renewal fee Utility bills payment through 24 hour Call Center and Auto Debit instructions SMS for card usage, mini statement, payment receipt confirmation, etc. Cash withdrawal at all 1LINK ATMs Special offer on Warid post paid connections Monthly Card Statements 24-Hour Phone Banking Facility
Bank Alfalah Credit Cards - Types
PLATINUM GOLD & SILVER YOUNG PROFESSIONAL WOMEN EXCLUSIVE STUDENT CARD SUPPLEMENTARY CARD VISA MINI AWAMI CARD
*brief descriptions to follow in oral presentation
Bank Alfalah Credit Cards Schedule of Charges For Platinum, Gold and Silver Cards Service Fee
Schedule of Charges
3.00% per month (36% APR) on cash advance 3.00% per month (36% APR) on retail transactions 1.50% per month (18% APR) on BTF transactions 1.75% per month (21% P.A. flat rate) on SBS transactions (APR 31.23% to 36.74%) Step-By-Step (SBS) - Factors & APR details: Installment Plan
(Double Click on the object on right side to Open MS Word File)
Factor
APR
3 months
0.350833
31.23%
6 months
0.184167
35.15%
9 months
0.128611
36.36%
12 months
0.100833
36.74%
18 months
0.073056
36.68%
24 months
0.059167
36.22%
30 months
0.050833
35.66%
36 months
0.045278
35.07%
0.99% per month (11.88% P.A. flat rate) on BTF to SBS transactions (APR 17.73% to 21.44%) BTF to SBS - Factors & APR details: Installment Plan
Service Fees:
3.00% per month (36% APR) on cash advance 3.00% per month (36% APR) on retail transactions 1.50% per month (18% APR) on BTF transactions
Factor
APR
3 months
0.343233
17.73%
6 months
0.176567
20.09%
9 months
0.121011
20.90%
12 months
0.093233
21.25%
18 months
0.065456
21.44%
24 months
0.051567
21.37%
30 months
0.043233
21.21%
36 months
0.037678
21.01%
24% APR on Credit on Phone to SBS Transactions Credit on Phone to SBS - Factors & APR details: Installment Plan
Factor
APR
3 months
0.34675
24.00%
6 months
0.17853
24.00%
9 months
0.12252
24.00%
12 months
0.09456
24.00%
18 months
0.0667
24.00%
24 months
0.05287
24.00%
30 months
0.04465
24.00%
36 months
0.03923
24.00%
Late Fee
Rs. 600/- or 10% of minimum amount, whichever is higher.
Cash Payment Processing fee
Rs. 100/- per transaction.
Merchant Discount Charges
Upto 5% of transaction amount.
VISA Mini Card Supplementary Fee
Rs. 500/-
Cash Withdrawal Fee: - Cash Advance Fee/Call & Pay Fee
Rs. 500/- or 3% of cash advance amount, whichever is higher 1% of cash advance amount
Bank Alfalah Home Loans
Bank Alfalah Home Loans Home Loan Programs at Bank Alfalah Home Start Home Construct Home Buyer Home Improver Home BTF *brief descriptions to follow in oral presentation
Bank Alfalah Home Loans
(Contd.)
Eligibility Criteria
Pakistani Nationality. Age Range 23 and 60 years at the time of application. (Subject to maximum age of 65 at the time of maturity). Continuous employment in a permanent position for the last 2 years or more OR 3 years (or more) of business or professional experience Gross annual income is Rs: 240,000/ — or more [Spouse’s income (upto 50%) can also be combined]. If you have been a Bank Alfalah borrower for past one year with clean payment record.
Bank Alfalah Home Loans
(Contd.)
Documents Required Basic Documents: 2 recent port size photographs Copy of Computerized National Identity Card (Original to be shown at branch) Bank Statement for the last 6-12 months (Original or attested) Copies of complete chain of title documents of the property being offered (If identified) Processing Fee Cheque favoring Bank Alfalah Limited Life Insurance (MPP) & Property Insurance (PI) form Letter of Understanding
Bank Alfalah Home Loans
(Contd.)
Additional documents for Salaried Resident Pakistanis Salary Certificate (Original) from the employer, showing gross salary deductions and length of service. Copies of last two salary slips dully attested by the HR Department. Employment Verification form signed by the employer. Additional documents for salaried Non Resident Pakistanis (NRPs) Copy of Pakistani port valid for at least next 1 year. Copy of Contract / Work Permit / Iqama / Residence Permit etc. Copies of last three Years Income Tax Returns (Not applicable for Middle Eastern Countries) Personal Guarantee of a relative based in Pakistan and acceptable to Bank.
Bank Alfalah Home Loans
(Contd.)
Additional documents for Businessmen / Self-Employed individuals. Copy of current association hip / trade body hip certificate (if applicable) Deed of Partnership + (Undertaking & NOC) as per Bank format. Sole Proprietorship Letter / Certificate from customer’s bank. Copy of latest Form 29 duly attested by the company secretary. Letter from company secretary confirming either the status and share holding or remuneration (Where applicant is a Director / Paid Director of company) Copies of last three Year Income Tax Returns.
Bank Alfalah Home Loans
(Contd.)
Miscellaneous as per requirements Construction: Bill of Quantity prepared by an Architect Renovation / Improvement: Estimate of Renovation BTF: Certificate of balance from current lender bank including the list of title documents held. BTF: Customer’s declaration Proof of other Income (if any such as Rent Agreement, Agri Book, etc.)
Bank Alfalah Home Loans
(Contd.)
Processing Fee (Non Refundable)
For financing upto Rs.1.00M For financing upto Rs.2.50M For financing upto Rs.5.00M For financing over Rs.5.00M
5000 10,000 12,500 15,000
Bank Alfalah Home Loans
(Contd.)
Mark-up Rates: 1 Year KIBOR + 2% for Salaried person 1 Year KIBOR + 3% for Business People / Self-employed and Overseas Pakistani (both salaried and self-employed)
Fixed Rate Options: 1 Year
Salaried 12.50% per Annum
Self-employed Professionals & Businessmen and Overseas Pakistani (both salaried and self-employed) 13.50% Per Annum
* These are indicative rates reviewed monthly
Bank Alfalah Home Loans
(Contd.)
Late Payment Charges: Rs. 500/- per late payment Prepayment Charges: Nill if repaid through own sources. Otherwise 5% penalty of the outstanding amount. No charges are applied on balloon/bullet payments for reducing your loan amount Documentation Charges: At actual, including stamp duty charges for legal documentation, on-site inspection during construction, lawyer’s fee and charge registration fee, as advised by the relevant persons/ agencies. *All quoted rates are subject to change in response to SBP / Market factors. However, we will notify our customers of each rate change
Bank Alfalah Home Loans
(Contd.)
10 steps of Home Financing at Bank Alfalah 1. Bank Alfalah provides all necessary information about Home Finance. Through: a) A face-to-face meeting b) The post c) And over the telephone 2. Client gives the Bank some basic information about income and the amount needed. 3. Client completes an application form and submits it together with the required documents. 4. Bank makes some inquiries about client’s financial circumstances. 5. Bank carries out a valuation of the property and verification of client’s income.
Bank Alfalah Home Loans 6.
7. 8.
9.
10.
(Contd.)
Once initial processing is complete, Bank sends the Client, its offer through a “Facility Advice Letter”. Client signs the Facility Advice Letter and return it to the Bank. Bank’s Documentation Control Centre gets in touch with the Client to complete Finance & Security documentation including legal opinion on the title documents of the property and also the insurances. The Client signs the Finance Agreement and Charge documents. Bank’s legal advisor accompanies the client to the Registrar’s office on the appointed date with the Client’s cheque against the financing for conveyance of the property and Client’s home finance begins.
Bank Alfalah Vehicle Lease
Presented By: MB06108 Umair Sajid Dar
Bank Alfalah Car Financing Benefits and Features: Quickest processing. No hidden charges. Minimum down payment. Complete repayment at any point of time. Balance transfer facility {BTF} for existing as well as new clients from other Banks. Tenure period ranging from 1 to 5 years.
Bank Alfalah Car Financing
Financing of all brand new locally assembled vehicles and used cars. Financing limit ranging between Rs. 200,000/- to Rs. 2000,000/- for brand new cars. Corporate & Individual Car Leasing Insurance Repayments Security You Can Act As A Co-Borrower
Car Financing Mark up Rates Financing Product
1Yr
2Yr
3Yr
4Yr
5Yr
Car Loan for Brand New Vehicles
14.00%
14.50%
15.00%
15.50%
15.50%
Car Loan for Brand New Imported Vehicles
16.00%
16.00%
16.00%
16.00%
16.00%
Car Loan for New Commercial Vehicles
15.50%
15.50%
15.50%
15.50%
15.50%
Car Loan for Used Vehicles (Local Assembled Only)
17.00%
17.00%
17.00%
17.00%
17.00%
Car Loan for Internal / External BTF (Local Assembled)
16.00%
16.00%
16.00%
16.00%
16.00%
Car Loan for Internal BTF (Imported)
17.00%
17.00%
17.00%
17.00%
17.00%
Corporate Discount Rate A Corporate Discount of 0.5% shall continue to apply on all above mentioned rates.
Bank Alfalah Car Financing
(Contd.)
Eligibility Criteria:
Pakistani National Identity Card holder. Over 20 years of age (Maximum 60 years in case of salaried and 62 in case of a business person at the time of maturity of the loan). Salaried , businessman or self employed.
Bank Alfalah Car Financing
(Contd.)
Documents Required:
Two port size photographs. Copy of National ID card. Bank statement for the last six months. Salary certificate {for salaried individual}. Business proof {for a business person}. N.T.N Certificate. Co-borrower’s NIC copy {if the car is to be in the name of the co-borrower}.
Bank Alfalah Debit Cards
Bank Alfalah Debit Cards Bank Alfalah Debit Card is named as Alfalah Hilal Card.
Visa Debit Card Unlimited access to your current / savings with a simple swipe No Interest No Minimum Income Requirement -just open an in any branch of Bank Alfalah Limited and apply for the Hilal Card No PIN required for Retail Transactions Accepted at more than 1 Million ATMs and 27 Million retail outlets around the world
Bank Alfalah Debit Cards
(Contd.)
Uses of Hilal Card:
As a Debit Card As an ATM Card
Difference between Hilal Card and Credit Card:
Hilal Card
Credit Card
Buy Now, Pay Now
Buy Now, Pay Later
No Monthly Repayment
Monthly Repayment
No Interest Charged
Interest is Charged
Limit is the Balance in the
Limit is the approved Credit Limit
Brief History and Background of Bank Alfalah
Incorporated on June 21st, 1997 as a public limited company under the Companies Ordinance 1984 Its banking operations commenced from November 1997 Belongs to Abu Dhabi Group One of the Leading Banks in Pakistan
Consumer Finance at Bank Alfalah Consumer Finance at Bank Alfalah comprises of the following four segments: Credit Cards Home Loans Auto/Vehicle Loans Debit Cards
Bank Alfalah Credit Cards
Bank Alfalah Credit Cards
Powered By “VISA” Accepted at nearly 27 Million locations in more than 150 countries worldwide Accepted in Pakistan at more than 2200 Bank Alfalah establishments SBS Plans for purchase of various home appliances
Bank Alfalah Credit Cards
(Contd.)
No ing / Annual / Renewal fee Utility bills payment through 24 hour Call Center and Auto Debit instructions SMS for card usage, mini statement, payment receipt confirmation, etc. Cash withdrawal at all 1LINK ATMs Special offer on Warid post paid connections Monthly Card Statements 24-Hour Phone Banking Facility
Bank Alfalah Credit Cards - Types
PLATINUM GOLD & SILVER YOUNG PROFESSIONAL WOMEN EXCLUSIVE STUDENT CARD SUPPLEMENTARY CARD VISA MINI AWAMI CARD
*brief descriptions to follow in oral presentation
Bank Alfalah Credit Cards Schedule of Charges For Platinum, Gold and Silver Cards Service Fee
Schedule of Charges
3.00% per month (36% APR) on cash advance 3.00% per month (36% APR) on retail transactions 1.50% per month (18% APR) on BTF transactions 1.75% per month (21% P.A. flat rate) on SBS transactions (APR 31.23% to 36.74%) Step-By-Step (SBS) - Factors & APR details: Installment Plan
(Double Click on the object on right side to Open MS Word File)
Factor
APR
3 months
0.350833
31.23%
6 months
0.184167
35.15%
9 months
0.128611
36.36%
12 months
0.100833
36.74%
18 months
0.073056
36.68%
24 months
0.059167
36.22%
30 months
0.050833
35.66%
36 months
0.045278
35.07%
0.99% per month (11.88% P.A. flat rate) on BTF to SBS transactions (APR 17.73% to 21.44%) BTF to SBS - Factors & APR details: Installment Plan
Service Fees:
3.00% per month (36% APR) on cash advance 3.00% per month (36% APR) on retail transactions 1.50% per month (18% APR) on BTF transactions
Factor
APR
3 months
0.343233
17.73%
6 months
0.176567
20.09%
9 months
0.121011
20.90%
12 months
0.093233
21.25%
18 months
0.065456
21.44%
24 months
0.051567
21.37%
30 months
0.043233
21.21%
36 months
0.037678
21.01%
24% APR on Credit on Phone to SBS Transactions Credit on Phone to SBS - Factors & APR details: Installment Plan
Factor
APR
3 months
0.34675
24.00%
6 months
0.17853
24.00%
9 months
0.12252
24.00%
12 months
0.09456
24.00%
18 months
0.0667
24.00%
24 months
0.05287
24.00%
30 months
0.04465
24.00%
36 months
0.03923
24.00%
Late Fee
Rs. 600/- or 10% of minimum amount, whichever is higher.
Cash Payment Processing fee
Rs. 100/- per transaction.
Merchant Discount Charges
Upto 5% of transaction amount.
VISA Mini Card Supplementary Fee
Rs. 500/-
Cash Withdrawal Fee: - Cash Advance Fee/Call & Pay Fee
Rs. 500/- or 3% of cash advance amount, whichever is higher 1% of cash advance amount
Bank Alfalah Home Loans
Bank Alfalah Home Loans Home Loan Programs at Bank Alfalah Home Start Home Construct Home Buyer Home Improver Home BTF *brief descriptions to follow in oral presentation
Bank Alfalah Home Loans
(Contd.)
Eligibility Criteria
Pakistani Nationality. Age Range 23 and 60 years at the time of application. (Subject to maximum age of 65 at the time of maturity). Continuous employment in a permanent position for the last 2 years or more OR 3 years (or more) of business or professional experience Gross annual income is Rs: 240,000/ — or more [Spouse’s income (upto 50%) can also be combined]. If you have been a Bank Alfalah borrower for past one year with clean payment record.
Bank Alfalah Home Loans
(Contd.)
Documents Required Basic Documents: 2 recent port size photographs Copy of Computerized National Identity Card (Original to be shown at branch) Bank Statement for the last 6-12 months (Original or attested) Copies of complete chain of title documents of the property being offered (If identified) Processing Fee Cheque favoring Bank Alfalah Limited Life Insurance (MPP) & Property Insurance (PI) form Letter of Understanding
Bank Alfalah Home Loans
(Contd.)
Additional documents for Salaried Resident Pakistanis Salary Certificate (Original) from the employer, showing gross salary deductions and length of service. Copies of last two salary slips dully attested by the HR Department. Employment Verification form signed by the employer. Additional documents for salaried Non Resident Pakistanis (NRPs) Copy of Pakistani port valid for at least next 1 year. Copy of Contract / Work Permit / Iqama / Residence Permit etc. Copies of last three Years Income Tax Returns (Not applicable for Middle Eastern Countries) Personal Guarantee of a relative based in Pakistan and acceptable to Bank.
Bank Alfalah Home Loans
(Contd.)
Additional documents for Businessmen / Self-Employed individuals. Copy of current association hip / trade body hip certificate (if applicable) Deed of Partnership + (Undertaking & NOC) as per Bank format. Sole Proprietorship Letter / Certificate from customer’s bank. Copy of latest Form 29 duly attested by the company secretary. Letter from company secretary confirming either the status and share holding or remuneration (Where applicant is a Director / Paid Director of company) Copies of last three Year Income Tax Returns.
Bank Alfalah Home Loans
(Contd.)
Miscellaneous as per requirements Construction: Bill of Quantity prepared by an Architect Renovation / Improvement: Estimate of Renovation BTF: Certificate of balance from current lender bank including the list of title documents held. BTF: Customer’s declaration Proof of other Income (if any such as Rent Agreement, Agri Book, etc.)
Bank Alfalah Home Loans
(Contd.)
Processing Fee (Non Refundable)
For financing upto Rs.1.00M For financing upto Rs.2.50M For financing upto Rs.5.00M For financing over Rs.5.00M
5000 10,000 12,500 15,000
Bank Alfalah Home Loans
(Contd.)
Mark-up Rates: 1 Year KIBOR + 2% for Salaried person 1 Year KIBOR + 3% for Business People / Self-employed and Overseas Pakistani (both salaried and self-employed)
Fixed Rate Options: 1 Year
Salaried 12.50% per Annum
Self-employed Professionals & Businessmen and Overseas Pakistani (both salaried and self-employed) 13.50% Per Annum
* These are indicative rates reviewed monthly
Bank Alfalah Home Loans
(Contd.)
Late Payment Charges: Rs. 500/- per late payment Prepayment Charges: Nill if repaid through own sources. Otherwise 5% penalty of the outstanding amount. No charges are applied on balloon/bullet payments for reducing your loan amount Documentation Charges: At actual, including stamp duty charges for legal documentation, on-site inspection during construction, lawyer’s fee and charge registration fee, as advised by the relevant persons/ agencies. *All quoted rates are subject to change in response to SBP / Market factors. However, we will notify our customers of each rate change
Bank Alfalah Home Loans
(Contd.)
10 steps of Home Financing at Bank Alfalah 1. Bank Alfalah provides all necessary information about Home Finance. Through: a) A face-to-face meeting b) The post c) And over the telephone 2. Client gives the Bank some basic information about income and the amount needed. 3. Client completes an application form and submits it together with the required documents. 4. Bank makes some inquiries about client’s financial circumstances. 5. Bank carries out a valuation of the property and verification of client’s income.
Bank Alfalah Home Loans 6.
7. 8.
9.
10.
(Contd.)
Once initial processing is complete, Bank sends the Client, its offer through a “Facility Advice Letter”. Client signs the Facility Advice Letter and return it to the Bank. Bank’s Documentation Control Centre gets in touch with the Client to complete Finance & Security documentation including legal opinion on the title documents of the property and also the insurances. The Client signs the Finance Agreement and Charge documents. Bank’s legal advisor accompanies the client to the Registrar’s office on the appointed date with the Client’s cheque against the financing for conveyance of the property and Client’s home finance begins.
Bank Alfalah Vehicle Lease
Presented By: MB06108 Umair Sajid Dar
Bank Alfalah Car Financing Benefits and Features: Quickest processing. No hidden charges. Minimum down payment. Complete repayment at any point of time. Balance transfer facility {BTF} for existing as well as new clients from other Banks. Tenure period ranging from 1 to 5 years.
Bank Alfalah Car Financing
Financing of all brand new locally assembled vehicles and used cars. Financing limit ranging between Rs. 200,000/- to Rs. 2000,000/- for brand new cars. Corporate & Individual Car Leasing Insurance Repayments Security You Can Act As A Co-Borrower
Car Financing Mark up Rates Financing Product
1Yr
2Yr
3Yr
4Yr
5Yr
Car Loan for Brand New Vehicles
14.00%
14.50%
15.00%
15.50%
15.50%
Car Loan for Brand New Imported Vehicles
16.00%
16.00%
16.00%
16.00%
16.00%
Car Loan for New Commercial Vehicles
15.50%
15.50%
15.50%
15.50%
15.50%
Car Loan for Used Vehicles (Local Assembled Only)
17.00%
17.00%
17.00%
17.00%
17.00%
Car Loan for Internal / External BTF (Local Assembled)
16.00%
16.00%
16.00%
16.00%
16.00%
Car Loan for Internal BTF (Imported)
17.00%
17.00%
17.00%
17.00%
17.00%
Corporate Discount Rate A Corporate Discount of 0.5% shall continue to apply on all above mentioned rates.
Bank Alfalah Car Financing
(Contd.)
Eligibility Criteria:
Pakistani National Identity Card holder. Over 20 years of age (Maximum 60 years in case of salaried and 62 in case of a business person at the time of maturity of the loan). Salaried , businessman or self employed.
Bank Alfalah Car Financing
(Contd.)
Documents Required:
Two port size photographs. Copy of National ID card. Bank statement for the last six months. Salary certificate {for salaried individual}. Business proof {for a business person}. N.T.N Certificate. Co-borrower’s NIC copy {if the car is to be in the name of the co-borrower}.
Bank Alfalah Debit Cards
Bank Alfalah Debit Cards Bank Alfalah Debit Card is named as Alfalah Hilal Card.
Visa Debit Card Unlimited access to your current / savings with a simple swipe No Interest No Minimum Income Requirement -just open an in any branch of Bank Alfalah Limited and apply for the Hilal Card No PIN required for Retail Transactions Accepted at more than 1 Million ATMs and 27 Million retail outlets around the world
Bank Alfalah Debit Cards
(Contd.)
Uses of Hilal Card:
As a Debit Card As an ATM Card
Difference between Hilal Card and Credit Card:
Hilal Card
Credit Card
Buy Now, Pay Now
Buy Now, Pay Later
No Monthly Repayment
Monthly Repayment
No Interest Charged
Interest is Charged
Limit is the Balance in the
Limit is the approved Credit Limit
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