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| Q: What is Car Replacement Plan? |
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| CRP is a product feature exclusively offered by UBL Drive where the customer has the choice to change the car during the term of the loan without paying any penalties. It also has other exclusive features which are not available to customers under the Standard Pricing Plan. |
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| Q: Can every customer of UBL Drive avail the CRP features? |
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| No, only the customer booked under this Pricing Plan can avail these exclusive features. However, a standard pricing plan customer can switch his loan to CRP and then becomes eligible for these features after 1 year of financing period has lapsed. |
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| Q: What does Zero Prepayment Penalty means? |
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| If the customer opts to pay off the loan after one year of booking there will be no penalty at pay off. If the pay off is before the completion of one year then the penalty will be charged as per applicable rates. |
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| Q: Can the customer partially payoff the out standing loan amount? (Payment Flexibility) |
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Yes, under the CRP, Partial payoff facility can be used to pay the minimum total of SIX months payment or more of the out standing loan amount without any penalties. |
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| Q: How often can the customer avail partial payoff? |
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| Partial payoff facility can be availed once in 6 months time. |
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| Q: When can the customer change the car? |
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| After completion of 1 year of financing and once in 12 months time thereafter. |
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| Q: When replacing the car after one year can the customer go for a higher priced car? |
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| Yes, the customer will be pre-approved for a car loan with a top up of 30% on existing loan. If the new car is still more expensive then the standard credit parameters will apply. |
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| Q: What does Payment Holiday mean? |
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Payment Holiday is available to CRP customers once in a year where the customer by choice can defer his monthly installment (not insurance) until the end of the loan term. |
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| Q: How can the customer avail Payment holiday? |
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| The customer has to inform the bank 30 days in advance to avail the payment holiday for a particular month. The convenient way of doing is to call 111-825-888. |
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| Q: What happens to the skipped installment when availing the payment holiday? |
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| The skipped month installment is adjusted at the end of the tenure. |
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| Q: When availing Payment Holiday will it increase the out standing loan tenure of the customer? |
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| NO, the last installment of the tenure will have the adjusted payment holidays availed. |
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| Q: What is life insurance in CRP? |
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| Customer will have the full coverage in case of both accidental and natural death for the outstanding principal amount of the car loan. |
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| Q: Is it compulsory to have the car tracking device? |
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| As per the product program the tracker device option will be provided to the customers in collaboration with different tracker insurance companies on the panel. The customer has a choice but certain special promotions from UBL Drive may make it mandatory. |
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| Q: Does the customer have to pay any amount for the Tracker? |
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No, the customer pays nothing extra then the insurance rate provided to them in the product plan, there is no monthly/annual service charges of tracker device. |
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| Q: Does the customer pay for the installation of the tracker devise? |
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| No, the installation is free. |
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| Q: What are different payment flexibilities highlighted in the UBL Drive promotion? |
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Customers under CRP only have a choice to request for:
1. Restructure/rescheduling of loan e.g. decrease/increase the term of the loan
2. Avail payment holidays
3. Bulk payments (Partial payoff) |
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