Why interest rates on car loan are so high in pakistan.

[jee_nee_us]

For a car of rupees 1875000 with upfront 15% you pay a total of whopping 2900000 rupees , which is 59% more than the real price of the car.

If you pay 50 percent upfront you still pay 46% more than the real price of the car.


Is it same everywhere in the world?

 

[MRT.abcd]

the answer is simple. Don't purchase on interest

 

[3rd_Umpire]

Sir Ji, your concerns are genuine
But, What a doctor can do except to put a patient on a ventilator and infuse blood bags, if he has heavily bleeded,, I hope you understand my point.

I was consuming 10 kgs of beef, per month prior,, which is dropped to almost half
All my family is contended with the situation, still prays for Kaptaan success

 

[ninetykman]

The car industry is the biggest Mafia. I am sure in time PM Khan will address this issue also.
Pakistan should only allow car makers to invest who fully manufacture cars locally and also exports parts and cars. Same applies to Tractors and Bikes..

 

[jee_nee_us]

Sir Ji, your concerns are genuine
But, What a doctor can do except to put a patient on a ventilator and infuse blood bags, if he has heavily bleeded,, I hope you understand my point.

I was consuming 10 kgs of beef, per month prior,, which is dropped to almost half
All my family is contended with the situation, still prays for Kaptaan success

I have a genuine question , i am not dragging it down the politics lane. The interest was same in the last government as well , it has nothing to do with kaptaan or nawaaz shareef. Why are the interest rates so high? I was checking on bank alfalah personal loan as well and if i borrow 2000000 for 5 years , i will have to return 4200000. i dont even know how it works.

 

[3rd_Umpire]

I have a genuine question , i am not dragging it down the politics lane. The interest was same in the last government as well , it has nothing to do with kaptaan or nawaaz shareef. Why are the interest rates so high? I was checking on bank alfalah personal loan as well and if i borrow 2000000 for 5 years , i will have to return 4200000. i dont even know how it works.

I agree its way too high,, unrealistic, and totally irrational

 

[jee_nee_us]

in HSBC uk , if i want to borrow a loan of 10000 pounds i will have to pay back 10848 to the bank. only 848 extra , i dont know how it works in india and bangladesh.

Our banks websites dont even give the percentage figures on their websites so its hard to know whats the rate.

 

[Eyeaan]

The car industry is the biggest Mafia. I am sure in time PM Khan will address this issue also.
Pakistan should only allow car makers to invest who fully manufacture cars locally and also exports parts and cars. Same applies to Tractors and Bikes..

Isn't this a banking sector issue?
Don't know how car loan industry is working.
Otherwise, true that car industry needs intervention; it has become a fleecing monopoly.

 

[Steyn]

For a car of rupees 1875000 with upfront 15% you pay a total of whopping 2900000 rupees , which is 59% more than the real price of the car.

If you pay 50 percent upfront you still pay 46% more than the real price of the car.


Is it same everywhere in the world?

Naya Pakistan jee. This is why Pakistanis hate the Kutta Imran Khan