The long awaited Honda Civic 2016 is now finally up for reservations. In this article, I will elaborate on the reservation requirements of the new Honda Civic through a bank loan.
First up: Documents Requirement
To pre-book the 2016 Civic through a bank, make sure you have the following documents ready,
If you are a salaried person then make sure you have:
1) A copy of your CNIC
2) 2 passport size photographs
3) Your latest original salary slip
4) Last three to six months personal bank statement, depending on your bank
5) Proof of at least one year of employment (required by some banks)
However if you run a business or are self-employed, you can be asked for the following documents by your bank:
1) A copy of your CNIC
2) 2 recent passport size photos
3) Proof of business
4) Last six months’ bank statement
5) Proprietorship letter
6) NTN certificate
7) Last two years’ tax returns
Once you have your documents ready, visit your bank’s branch for the application form. After filling the lease application form for 2016 Honda Civic, get it submitted with the required documents and wait for approval by your bank. Approval may take up to fifteen days.
Next: Eligibility Criteria
Like with every lease, there is a particular eligibility criterion set by the bank. Pakistani Nationality is compulsory for both salaried and self-employed applicants for the loan. The age bracket for salaried individuals is between 22-60 years of age and 22-70 years for self-employed applicants. Requirement of the minimum monthly income depends on the policy of your bank and tenure of your lease.
Who Do you Need to pay the Down Payment; Your Bank or Honda Atlas?
Down payment has been the most confusing element of 2016 Honda Civic’s booking since there are two different types of down-payments in the case of reserving the new Civic, as Honda requires a 50% down-payment to process your reservation so the question arises as to how will your bank process your down payment. After consulting with my bank, I have confirmed that to book through a bank; you will need to deposit partial down payment for the overall price of 2016 Honda Civic which is between 20-50% of the total price tag to your bank without the need of paying partial payment to Honda Atlas.
Down payment amount:
Honda Civic 1.8-liter VTI Oriel: Between PKR 500,000 and PKR 1,270,000
Honda Civic 1.5-liter VTEC Turbo: Between PKR 580,000 and PKR 1,450,000
Once you have deposited the down payment to your bank, your new Civic will be reserved by Honda Atlas.
Monthly installments depend on multiple factors i.e. the car’s total price, tenure of lease, bank rate of interest, down payment and etc. So to simplify the process of calculating the EMI for your new Honda Civic, PakWheels have made a car loan calculator which you can use to find out the estimated monthly installments of your car by simply filling in the required information. You can use our Car Loan Calculator by clicking here.Please note: This post serves as a general guide, the applicability of information/prerequisites contained in this article may vary depending on your bank and the car dealer.