MCB Islamic Bank Car Finance

MICAR benefits and features of Shariah-compliant financing for used and new vehicles for personal use are as follows.

Features and Benefits

Car Type

Car financing option available for new and used locally assembled/manufactured vehicles

Diminishing Musharakah

Equal monthly instalment option available

Ijarah

Equal monthly rental option available

Financing Amount

Financing available for 70% value of the vehicle (not exceeding PKR 3 million)

Easy Processing

Only applicable upon approval of finance (as per bank charges)

Financing Tenure

Up to 5 years (up to 1000 cc engine capacity), Up to 3 years (above 1000 cc engine capacity)

Vehicle Age

Car financing is available for up to 9-year old vehicle

Termination Chargers

No termination charges on car replacement

Takaful Coverage

Competitive financing and takaful rates offered

Early settlement

Option for an early buyout or partial buyout available

Tracker

Tracker installation is mandatory for all vehicles

Car Loan Calculator

New Car
Used Car

With a nationwide network of branches, MCB Islamic Bank Limited (the "Bank"), a fully owned subsidiary of MCB Bank Limited, began operating in 2015. The mission of MCB Islamic Bank Limited is to be the customer's first option for Shari'ah-compliant financial services and to conduct all business activities with the utmost commitment and conviction. Thank God, the Bank is being run under the guidance of a Shari'ah Board presided over by eminent Islamic scholar Professor Mufti Munib-Ur-Rehman to offer consumers value-added banking solutions that comply with Shari'ah. The Bank is committed to fostering long-lasting connections and providing a positive customer experience across the Corporate, Commercial, SME, Consumer, Agriculture, and Micro sectors. For both personal and corporate purposes, the Bank provides a comprehensive choice of Riba-free and Shari'ah-compliant goods.

Required Documents

CNIC/SNIC/NICOP/POC copy
2 passport size photographs
6 months-1 year bank statement
Salary slip/business proof including other documents
For Foreign Remittance Beneficiaries and Non-Resident Pakistanis: 12-month bank statement
Valid work permit (Iqama of remitter)
Valid passport copy (work visa)
Document showing relationship with remitter

Eligibility

For Targeted Customers: You should be a Pakistani Identity Card Holder
You should be a Pakistani Identity Card Holder
Minimum Income: Salaried: PKR 40,000, SEP: PKR 50,000
Minimum age limit: 25 years
Maximum age limit: Salaried: 60 years, Sel-employed: 70 years
Minimum employment duration: Salaried: 3 months, Self-employed: 24 months
For Foreign Remittance Beneficiaries and Non-Resident Pakistani: Only the person receiving the remittance in their name from the non-resident Pakistani may qualify as the primary applicant
Primary applicant must be a Pakistani National Identity Card Holder
Minimum income should be PKR 50,000/- a month
Non-resident Pakistanis (NRP)/Remitter of Foreign Remittance Beneficiary
Minimum income of PKR 50,000/- per month
NRP must be MCB Islamic account holder

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