The Shari’ah compliant auto finance product from MCB Islamic Bank Car Loan provides the perfect solution for those who wish to purchase their own vehicle for personal use. The mode of Islamic finance is Diminishing Musharakah and it is aimed at those who are salaried, self-employed businessmen and self-employed professionals.
MCB Islamic Bank Car Loan makes it possible for customers to borrow money of up to PKR 15 million for new cars and PKR 8 million for used cars, spreading the payments over a period of anything from one year to seven years. Borrowers have the choice to purchase a wide range of vehicles which includes new, used and imported vehicles. They will be required to put a 20% deposit down on used cars and 15% on new cars. As the period of time passes, the monthly instalment will reduce while profit rates are extremely competitive.
Upon approval of finance, fees are payable but no fees will be paid for unsuccessful applications.
There is a minimum age for salaried applicants of 21 years while the maximum age is 65. For those who are self-employed, the maximum age is 70 year while there is a monthly salary requirement for both salaried and self-employed individuals that has to be met. When it comes to their employment terms, for those who are salaried, they must have spent six months in employment while those who are self-employed, they must have spent one year in that role.
Borrowers still have the option to settle the finance early or they can reduce the monthly payments by making a partial payment, although there are charges that might be applied in these circumstances. All Takaful rates are competitive while borrowers have the chance to finance a second car should they need to.