If you’re looking for a hassle-free and Shariah-compliant way to finance your dream car, BankIslami has got you covered. They have introduced an amazing Auto Finance option that allows you to own locally manufactured cars up to 9 years old.
With BankIslami’s Auto Finance, you can now enjoy the luxury of driving your desired car while adhering to Islamic principles. Here’s how it works: the bank will rent out its share in the automobile to you, and in return, you will pay sequential rents as per the agreement. Gradually, you will also purchase the bank’s Musharakah units (shares) on a periodical basis, eventually becoming the sole owner of the vehicle once all units are acquired.
To apply for this fantastic opportunity, head over to Bank Islami’s official website. There, you’ll find detailed information on eligibility requirements and the necessary documentation for your application. Please note that the documentation requirements vary for salaried individuals and businessmen.
BankIslami’s Auto Finance Details:
For those interested in Auto Financing with BankIslami, you’ll be thrilled to know that they offer a wide range of benefits and options:
| Facility | All locally manufactured new/used vehicles |
|---|---|
| Tenure of Auto Financing | 1 to 5 years (for vehicles with up to 1000 cc engine capacity) 1 to 3 years (for vehicles above 1000 cc engine capacity) |
| Customer Equity | Minimum 30% to Maximum 90% |
| Financing Amount | Minimum Rs. 250,000/- Maximum Rs. 3,000,000/- |
| Processing Charges | Application Fee (Upfront): Rs. 1,500/- per car (Inclusive of FED) Documentation & Processing Fees (Prior to Disbursement): For Financing Up to Rs. 3 million, Rs. 6,300/- per car. |
| Tracker Installation | Tracker installation is Mandatory for All Vehicles and tracker shall be installed by BankIslami Pakistan Limited. |
| Takaful | Ranging from 1.85% to 2.8% (Rate may vary for special vehicles) |
With BankIslami’s Auto Finance, you get the convenience of choosing the car you desire while staying compliant with Islamic principles. Don’t miss this opportunity to fulfill your dream of owning a car. Visit Bank Islami’s website now and get started on your car ownership journey!
