Step 9: Financing Details
Undertaking
I S/O, D/O, W/O holder of CNIC , undertake that the detail of my existing exposure from the “Entire Banking Sector” as on is as under:
The above information is true and correct?
Required
Step 8: Undertaking cum Indemnity for Electronic Execution of Documents
UNDERTAKING CUM INDEMNITY FOR ELECTRONIC EXECUTION OF DOCUMENTS
I have requested/am requesting Bank Alfalah Ltd (the “Bank”) for extending banking facilities, financial accommodation and finances as defined in the Financial Institutions (Recovery of Finances) Ordinance, 2001 (the “FIO”) and/or in terms of applicable laws (hereinafter collectively referred to as the “Facilities”),
I do hereby irrevocably record, confirm agree and undertake as follows:
1. I shall pass instruction and communication to the Bank and execute all requests, applications, undertakings, agreement(s) and other banking documents/security documents (collectively the “Financing & Security Documents”), in favor of the Bank from time to time, by electronic means (the “Electronic Execution”) in compliance with Electronic Transactions Ordinance, 2002 (“ETO”).
2. I do hereby request and unconditionally authorize the Bank to act and rely on any Electronic Execution of Financing & Security Documents including the instructions / communications pertaining to the operation of all my accounts, being maintained with the Bank and/or in respect of Facilities which may from time to time be given through my authenticated login at Bank’s official website/portal.
3. I understand and acknowledge that there are inherent risks involved in Electronic Execution (which may include any fraudulent activity by any person, whosoever); hence I hereby unconditionally agree, acknowledge, undertake and confirm that all risks, losses, damages and costs, arising out of and in relation to the Electronic Execution of Financing & Security Documents shall be fully borne by me, without any exception and assume entire liability for the same, and except willful misconduct, gross negligence or fraudulent acts of the Bank, the Bank shall not be liable for any losses, costs, claims or damages including but not limited to legal fees on any matter, arising out of and in relation to Electronic Execution, as stipulated herein.
4. That the Bank shall be entitled to act or refuse to act on Electronic Execution, as the Bank deems fit, without incurring any liability whatsoever to me or to any other person.
5. The Bank may allow the Electronic Execution of Financing & Security Documents in its discretion, considering the nature of particular transaction. I hereby agree that security procedure (the “Security Procedure”), which the Bank observes for Electronic Execution, is secure and reliable to my entire satisfaction for consummation of the electronic transactions in accordance with applicable provisions of ETO. I shall never bring any claim against Bank whatsoever in respect of the Security Procedure for consummation of the electronic transactions.
6. The electronic communication and Electronic Execution of Financing & Security Documents shall be unconditionally and legally binding on me for all intents and purposes without making any denial/dispute, whatsoever inter alia in relation to the electronic signatures, Security Procedure and/or all connected and ancillary matters.
7. That the Electronic Execution of Financing & Security Documents shall be conclusively presumed for the Bank’s benefit to be duly authorized by and legally binding on me, and I shall be fully liable for the same. The Bank shall not be liable to ensure the authenticity, validity or source of any Electronic Execution and shall not be liable if any Electronic Execution turned out to be unauthorized, erroneous or fraudulent, in any manner, whatsoever.
8. I shall not make any claim against or hold Bank liable, by reason of or on account of Bank, having acted or refused to act on any Electronic Execution by me, or the Bank having acted wrongly or mistakenly, or Bank’s failure to act wholly or in part in accordance with the Electronic Execution except willful misconduct, gross negligence or fraudulent acts of the Bank,. This undertaking cum indemnity is subject to SBP’s regulations and/or Bank’s operational guidelines/policies.
9. Notwithstanding anything contained herein, the Bank may, under circumstances determined by Bank in its absolute discretion, require from me confirmation of any of my instruction and/or Electronic Execution of Financing and Security Documents in such form as the Bank may specify before acting on the same; and I shall submit such confirmation to Bank immediately upon receipt of request. Pursuant to receipt of confirmation, the Bank shall have the right but not the obligation to act upon such instructions. If required by the Bank, I shall execute the physical documents before and/or after the Electronic Execution have been acted upon by the Bank. I will always be willing to comply with Bank’s all instructions before consummation of Electronic Execution of Financing and Security Documents.
10. The Bank shall not be liable to me and/or any other person action on my behalf and I jointly and severally with my such representative shall indemnify and keep the Bank indemnified from and against all claims either against me/us or any other, actions, demands, liabilities, costs, charges, damages, losses, expenses and consequences of whatever nature (including legal fees on a full indemnity basis) and howsoever arising, which may be brought or preferred against Bank or that Bank may suffer, incur or sustain by reason of or on account of having so acted whether wrongly or mistakenly or not, or of failing to act wholly or in part in accordance with the Electronic Execution and the terms of this letter of indemnity except willful misconduct, gross negligence or fraudulent acts of the Bank,.
11. I confirm that the Electronic Execution shall comply with the requirements of ETO and shall not be contrary to any law for time being in force in Pakistan as well as the country where Electronic Execution is performed. I further confirm to have the capacity and authority to accept this document and that this document constitutes my valid, legal, effective and enforceable obligation.
12. This undertaking cum indemnity is without prejudice to Bank’s all rights, interests and remedies, available to the Bank particularly under Financing and Security Documents, FIO, ETO and generally under prevailing laws of Pakistan.
13. This undertaking cum indemnity document shall be governed and construed in accordance with the laws of Pakistan.
I confirm having read and understood the contents of above document and convey my acceptance to the Bank
Please check undertaking to prcoeed further
Step 9: Terms & Conditions
Terms & Conditions
I / We hereby apply for a Credit Facility under Car Finance Scheme for the purchase of a motor vehicle on Markup Basis (Finance Facility) from Bank Alfalah Limited.
I / We acknowedge that and confirm that
1. The details in this application form are correct, complete and accurate and I / we have not withheld any information pertaining to te same.
2. The references whose particulars are mentioned in this application form are aware of this transaction and will oblige to Bank Alfalah for confirmation of the same.
3. There are no bankruptcy proceedings that have been instituted against me/us or are within my/our knowledge likely/pending to be instituted against me/us.
4. The Finance Facility will be provided subject to the terms and conditions contained in the Facilty Offer Letter (if issued by Bank Alfalah Limited offering me/us the facility).
5. Bank Alfalah has the right to reject my/our application at its sole discretion without assigning any reason and will not incur any liability for the same.
6. It is understood by me/us that Bank Alfalah my change/alter/amend any or all features of the scheme without reference to me/us or my/our representatives etc. on which lien has been marked
7. I / We understood installment shall be due on 5th of the month. The installment will be due in the month following the disbursement month regardless of the vehicle delivery, as Bank Alfalah Limited's role is limited to financing.
I / We undertake to inform Bank Alfalah in writing in case of change in any of the details stipulated in this Application Form and in case of change of Address, the new Address will be notified in writing 15 days prior to such change.
I / We hereby authorise Bank Alfalah Limited and any relevant third parties to exchange information for the purpose of processing my/our Application including conduct of my/our account, till such time as the entire outstanding amount under the Finance Facility is paid by me/us to Bank Alfalah Limited.
