Bank Islamic Car Finance

Bank Islamic Auto Finance offers the convinience to get any car of your choice with following features and benefits.

Features and Benefits

Car Type

Auto Financing facility is applicable for new and used vehicles

Flexible Rates

Pay an ideal amount of down payment and monthly instalment

Processing Charges

Documentation and processing fees for financing is upto Rs. 3 million

Minimum Documentation

Clear and precise documentation required for submission

Monthly Instalment Plan

Financing period is available for up to 5 years.

Financing Tenure

1-5 years (for vehicles up to 1000 cc engine capacity) 1-3 years (for vehicles above 1000 cc engine capacity)

Customer Equity

Minimum 30% to Maximum 90% only

Termination Charges

No termination charges on car replacement

Tracker

Installation of a tracker is mandatory for all vehicles by BankIslami Pakistan Ltd.

Car Loan Calculator

New Car
Used Car

On March 31, 2005, the first bank to be granted an Islamic banking licence under the 2003 Islamic Banking Policy was BankIslami Pakistan Limited. Along with Shariah-compliant retail banking products, proprietary and third-party products, and integrated financial planning services, the Bank planned to prioritise Wealth Management as its primary area of operation. Currently, BankIslami has 340+ branches in123 cities all over Pakistan. Jahangir Siddiqui & Company Limited and the Randeree family came up with the revolutionary idea for BankIslami in late 2003. On March 16, 2004, Mr Hasan A. Bilgrami was chosen to serve as the sponsors' advisor. On March 24, 2004, he presented the BankIslami concept paper to sponsors. After that, a thorough business plan was created, and on May 26, 2004, a formal application was made to the State Bank of Pakistan. Dubai Bank invested 18.75% of the total Capital on September 26, 2005, joining the Sponsors and becoming one of the original shareholders of BankIslami.

Required Documents

For salaried individuals: Application form filled and signed
SBP undertaking filled and signed
6 month’s bank statement (salary credits original/stamped and signed by bank)
Current salary slip
Signature of specimen form
Copy of CNIC
Processing cheque (Rs. 1200/-) drawn on the bank of which the statement is provided
For businessmen/self-employed professionals (SEPs): Application form filled and signed
SBP undertaking filled and signed
1-year bank statement
Proprietorship letter from bank/ partnership contract/shareholding proof
Copy of CNIC
Copy of NTN and Income Tax Returns
NOC from partners or shareholders

Eligibility

You should be a Pakistani Identity Card Holder
No minimum income requirement
Minimum 18 years of age limit for salaried/businessmen/self-employed professionals (SEPs)
Maximum 70 years of age limit (at maturity)

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