Bank Islami is a growing islamic bank in Pakistan and offers great convenience to have the car you want to purchase through Shariah Compliant way. If you were ever held back from getting a car loan due to Shariah non-compliance – all that can change in a few clicks, thanks to the Bank Islami Car Finance scheme currently offered in Pakistan. Which means, now drive the car of your dreams, the right way, the Shariah-compliant way.
Key Features of Bank Islami Car Finance
Bank Islami Car Finance offers exciting features including:
- Auto Financing facility for brand new and used cars (Diminishing Musharakah mode)
- Car financing tenure between 1-7 years
- All vehicles insured under Takaful, Shariah-compliant alternative to traditional insurance
- Minimum customer equity of 15% and up to 90%
- Minimum financing amount of Rs. 250,000 and maximum Rs. 10,000,000
- No hidden charges – all charges included in monthly payments
- Low upfront application fee of Rs. 1,200 per car including FED
Documentation and Processing Fees before disbursement for:
- Up to Rs. 1 million financing – Rs. 4,300 per car including FED
- Between Rs. 1 million and Rs. 10 million – Rs. 5,500 per car including FED
- Between Rs. 10 million and Rs. 50 million – Rs. 15,600 per car including FED
- Tracker installation ‘standard’ – installed by Bank Islami Pakistan Limited
- Takaful between 2-2.7% (may vary for special vehicles)
Eligibility Criteria for Bank Islami Car Loan
- Must be a registered Pakistani citizen
- Minimum Rs. 40,000 to 50,000 disposable income in account
Age Limit:
- For Salaried individuals – minimum 21 years at time of booking/financing | maximum 60 years at time of maturity
- For Businessmen and self-employed individuals – minimum 21 years at time of booking/financing | maximum 65 years at time of maturity
Bank Islami Car Finance Variants
Buy a New Car
Handpick your brand new car from a broad range of well-known car manufacturers in Pakistan.
Buy a Used Car
Well-maintained used cars up to 9 years old (with financial maturity available up to 12 years), local and foreign assembled at an ultra-low 15% minimum down payment.
Buy an Imported Car
Start driving an immaculate, brand new imported car today under the Bank Islami Car Loan scheme.
Documents Required for Bank Islami Car Finance Scheme
Salaried Individuals
- Application form completed and signed off by the applicant
- SBP undertaking filled out fully and signed off by the applicant
- 6-month salary bank account statement (stamped and signed off by the bank)
- Latest salary slip
- 12-month proof of employment
- Signature Specimen Form
- Proper/usable copy of CNIC
- 2 most recent passport-sized photos
- Rs. 1,200 processing cheque
Self-employed Individuals/Businessmen
- Application form completed and signed off by the applicant
- SBP undertaking filled out fully and signed off by the applicant
- Proof of shareholding, Partnership Deed or Proprietorship bank letter (as deemed appropriate)
- Latest salary slip
- 12-month proof of employment
- Signature Specimen Form
- Proper/usable copy of CNIC
- 2 most recent passport-sized photos
- Copy of Income Tax Returns (or any authentic proof of business) and NTN
- NOC from shareholders or partners, as applicable
- Rs. 1,200 processing cheque
To compare, reviewing all the details, and applying for Bank Islami Car Loan, use the Bank Islami Car Financing Calculator at top of this page of visit mawazna car loan comparison service, provide your details and apply to be considered.
