Product Review – MCB Car4U

Product Review – MCB Car4U
August 21, 2017 K Compare
Product Review MCB Car4U-Karlocompare

MCB Car4u is recognized as a one-stop financing solution for the consumers to enable them in purchasing their own car. Whether the customer is a salaried professional or is a self-employed businessman, MCB Car4U provides a complete solution based on their needs.

The product has been developed keeping in mind all professions in Pakistan, which is why it has offers for the agriculturists along with landlords as well! All the account holders of MCB who receive regular overseas remittances from any of their close related family members, they are even eligible to apply for a Car4U finance facility.

Competitive rates are offered for all car variants and tenors under the MCB Car4U scheme. MCB Bank customers are even liable for a very lower mark-up rate. In fact, there is also a special pricing of 1 Year KIBOR + 2.5% that can be availed by the salaried individuals working in a specific number of companies. This particular rate is also coupled with highly competitive insurance rates. There is a specific list that can be used by any customer in order to find out whether their employers are a part of it or not. Below is a small table consisting of the details associated with the duration of MCB Car4U Financing: –

For 1-5 Years Financing For 6-7 Years Financing
1Year KIBOR + 2.5% 1Year KIBOR + 3.5%


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Why MCB Car4U is right for you?

In the first case, it is necessary to determine the eligibility level of any prospective customer applying for MCB Car4U Product. Below are the eligibility requirements: –

  • The minimum monthly/net salary of the employee must be PKR 30,000/-
  • The minimum age of the customer must be 21 years
  • The maximum age that must be there during loan maturity is 65 years (for salaried person) and 70 (For Self-Employed person).
  • The minimum amount of work duration or employment period must be 6 months for salaried people/1 year business (for people that are self-employed).

The most important aspect is the features and numerous benefits that MCB Car4U offers, here is a list in detail: –

  • The total amount of finance that can be raised for new cars is PKR 6 million and PKR 4 million for Used Cars.
  • The tenure of Finance will range between 1 and 7 years.
  • The customer would also have the option to purchase new, used, local and even the imported cars as well.
  • The 80% of the vehicle value can be financed under the MCB Car4U.
  • The insurance rates will be competitive.
  • The option is also going to be there to finance a second car.
  • An option will be there to prepay the loan either partially in order to reduce monthly installment or in full to pay-off loan facility.
  • With the option of Loan Replacement, customers will be able to easily upgrade their existing cars loan with a new loan by also having the pre-payment penalty waived.

There are even some Special Convenience/ Services for the customers:-

  • The foreign remittance recipients of the Agriculturists and Landlords would be eligible.
  • There is no need to pay a processing fee if the loan is not going to be improved.
  • The customer would not need to wait till registration and they can drive away their car immediately once the vehicle will be delivered.
  • There are going to be 140+ approved Auto dealership whose services can be utilized across the entire country.
  • The processing of the car will also be carried out very quickly by the dedicated operations team.
  • NOC issuance would be carried out quickly once the loan tenure will expire.
  • The customers can also contact Consumer Offices/Customer Walk-In Centers in 12 major cities located across the entire country.

The minimum amount of documentation that would be needed will be: –

  • Copy of CNIC will be required
  • 2 Recent Passport Size Photographs would be needed
  • A Bank Statement (period ranging from 6 months to 1 year)
  • Salary slip along with proof of business will be required along with all other necessary documents.

In conclusion, MCB Car4U is a very good option for any prospective consumer considering purchasing a car. The benefits and features are certainly very useful for any customer.

All the details related to MCB Car4U have been organized in such a manner that there should not be any problem for the customer. So why wait? Go get the car of your dreams TODAY!

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