The Al Baraka Carsaaz is a compatible product offered by the bank for personal use. The project helps customers to choose a vehicle of their choice with complete peace of mind. The product is best for those who are willing to buy their own car without compromising their beliefs and values.
AL Baraka Car Finance Features
a) Complies with Sharia.
b) The mode of transaction is declining in Musharakah.
c) Fast processing.
d) More affordable fees.
e) Advance fees are not accepted before delivery of the vehicle.
f) No financing gains are charged during the early booking period.
g) Payable for tenure from 12 to 84 months.
h) Minimal processing charges.
AL Baraka Car Finance Eligibility Criteria
A salaried person with a minimum of 2 years of experience and at least 6 months with the current employer is eligible for the product if they have a minimum income of PKR 30,000 per month and are between 22 and 62 years old. While for a person who is self-employed or a business person, the requirement is to have a minimum of 3 years of continuous business practice and a net income of Rs 50,000 Pak per month and if they are between 24 and 65 years old, to take advantage the opportunity
AL Baraka Car Finance Required Document
a) Two recent passport size photographs.
b) Copy of current CNIC.
c) Employment certificate / salary receipts for the last 3 months (preferably certified by the Human Resources Department).
d) Bank statement for the last six months that reflects the salary credit.
e) Model 29 in the case of directors.
f) Certificate of account maintenance.
Professionals / self-employed entrepreneurs
a) Copy of current CNIC.
b) NTN certificate.
c) Proof of three years in continuous activity (Letter of Property / partnership deed / tax returns for the last 3 years with income).
d) Bank declaration for the last six months.
e) Copies of the last two utility bills paid (residence and deal).
f) NOC of partners (if applicable).
g) Verified signature of the bank.
h) CNIC of partners (if applicable).
i) Model 29 in the case of directors.
j) Certificate of account maintenance.
AL Baraka Car Finance Calculator / Apply online 2021
Following link has an application form as well as car loan calculator, for those who seek to apply for Al Baraka car loan: https://www.albaraka.com.pk/page/albaraka-carsaaz/