Bank Islami Auto Finance offers the customers the convenience of getting the car of customer’s choice on the basis of Shariah Compliant way. Additionally, Islami Auto Finance facility is also based on Lessening Musharakah under the arrangement of Shirkat-ul-Milk. BIPL’s share in the vehicle is represented by Musharakah units, under this joint partnership agreement. The Bank will also rent out its share in vehicle to customer in exchange for claimed in periodical rents. Similarly, you will purchase BIPL’s share (Musharakah units) on a periodical basis. You will become the sole owner of the vehicle upon purchase of all Musharakah units.
Table of Contents
Benefits of Auto Financing for Brand New Vehicles
| Items | Details |
| Auto Financing facility for | Brand New Vehicles |
| Tenure of Auto Financing | From one (1) year to seven (7) years |
| Customer Equity | Minimum fifteen percent (15%) to Maximum ninety percent (90%) |
| Financing Amount | Minimum PKRs. 250,000/- Maximum PKRs. 10,000,000/- |
| Processing Charges | Application Fee (Upfront): PKRs. 1,200/- per car (Inclusive of FED) Processing & Documentation Fees (Prior to Payout): 1. For Financing in the range Up to PRs. 1 million: Up to PRs. 6,300/- per car (Inclusive of FED) 2. For Financing in the range Up to PRs. 10 million: PRs. 6,300/- per car (Inclusive of FED) 3. For Financing which mentioned above ten million (Rs.10 M) and less than fifty million (50 M): up to Rs.15,600 per car (Inclusive of FED) |
| Installation of Tracker | There must be mandatory tracker installation for All Vehicles and the tracker shall be installed by BankIslami Pakistan Limited. |
| Takaful | Ranging from one point eighty five percent (1.85%) to two point eight percent (2.8%) |
Benefits of Auto Financing for Used/ Re-conditioned Vehicles:
| Items | Details |
| Auto Financing facility for | Used/ Re-conditioned Vehicles |
| Tenure of Auto Financing | From One (1) year to Seven (7) years |
| Customer Equity | Minimum fifteen percent (15%) to Maximum ninety percent (90%) |
| Amount of Financing | Minimum PKRs. 250,000/- Maximum PKRs. 10,000,000/- |
| Used Vehicles Age Limits | At least not more than 12 years old at maturity time and at the time of financing, 9 years old. |
| Charges of Processing | Application Fee (Upfront): PKRs. 1,200/- per car (Inclusive of FED) Processing & Documentation Fees (Prior to Payout): 1. For Financing in the range Up to PRs. 1 million: Up to PRs. 6,300/- per car (Inclusive of FED) 2. For Financing in the range Up to PRs. 10 million: PRs. 6,300/- per car (Inclusive of FED) 3. For Financing which mentioned above ten million (Rs.10 M) and less than fifty million (50 M): up to Rs.15,600 per car (Inclusive of FED) |
| Tracker Installation | There must be mandatory tracker installation for All Vehicles and the tracker shall be installed by BankIslami Pakistan Limited. |
| Takaful | Ranging from one point eighty five percent (1.85%) to two point eight percent (2.8%) |
bank islami car loan calculator
Click on the link below and calculate
URL https://bankislami.com.pk/calculators/
Working Procedure:
· Identify and approach BIPL, the vehicle to be acquired on the basis of Diminishing Musharakah which work under Auto Finance Facility
· Desired customers can fill in the Application Form with required documents and submit to the nearest Bank Islami Branch.
Download bank islami car loan Application Form
For Application Form the click the link: Download Application Form
· BankIslami will process the customer’s application after submission and approval or rejection the credit application is based on customer’s eligibility on Bank’s risk criteria
· After the application’s approval, you will sign an ‘Undertaking to Musharakah’ whereby, you will undertake to enact Shirkat-ul-Milk Agreement and execute other transactions of documents after the arrival of Musharakah Asset (Vehicle).
· After Undertaking to Musharakah agreement, the booking of vehicle is made by the Bank Islami at the dealer
· As the joint owner of the vehicle, in principle, the bank and the customer can share the expenses such as registration, inconvenience, etc. However, the bank pays the total expenses, therefore, calculating such expenses while determining the amount of rent.
· Advance Income Tax/ Withholding Tax will be borne by BIPL, as Title of the Vehicles is in BIDL’s name
· Advance to Financing Tax will be at four percent (4%) or whatever the rate may be changed with the passage of time by the Government of Pakistan from Non-filers at the time of agreement.
· On the basis of periodics, you will buy BIPL shares in units, and at the end of the transaction period, you will become the sole owner of the vehicle.
· If you wish to terminate the contract before the expiration of the contract, you will have to purchase the units allotted for purchase under the Purchase Plan at the agreed purchase price.
Bank Islami Car Loan Eligibility Criteria
| Key Words | Details |
| Nationality | Pakistani |
| Monthly Income | Minimum PRs. 40,000 to 50,000 (Net Disposable) |
| Limit of Age | For Salaried Person |
| Minimum twenty one (21) Year (At the time of Booking/ Financing) | |
| Maximum sixty (60) Years (at the time of Maturity) | |
| For Self Employed Professionals/ Businessmen | |
| Minimum twenty one (21) Years (At the time of Booking/ Financing) | |
| Maximum sixty five (65) Years (At the time of Maturity) |
Required Documents For Business Individual / Self Employed Professional
| S. No. | Required Documents |
| 1 | Clear and Valid Copy of CNIC |
| 2 | Two Recent Passport size Photograph |
| 3 | Processing of Cheque PRs. 1,200/- statement is provided which drawn on the bank |
| 4 | Proper filling of Application and signed by customer |
| 5 | Proper filling of SBP undertaking which is signed by customer |
| 6 | One (1) Year statement of Bank which will Original / stamped & signed by bank |
| 7 | Specimen Form Signature |
| 8 | Partnership Deed, Proprietorship, Proof of shareholding and Copy of certificate of Membership |
| 9 | Proof documents of 1 Year Business |
| 10 | Valid Copy of NTN and copy of Income Tax Returns by FBR |
| 11 | In exceptional case, NOC from partners or other shareholders |
Required Documents for Salaried Individual
| S. No. | Required Documents |
| 1 | Clear and Valid Copy of CNIC |
| 2 | Two Recent passport size Photograph |
| 3 | Processing of Cheque PRs. 1,200/- statement is provided which drawn on the bank |
| 4 | Proper filling of Application and signed by customer |
| 5 | Proper filling of SBP undertaking which is signed by customer |
| 6 | Six (6) months statement of Bank which will Original / stamped & signed by bank |
| 7 | Valid Original Salary Slip of Salaried individual |
| 8 | Specimen Form Signature |
bank islami car loan online apply
There are two ways to apply for a car from Islamic Bank
number one
Customers will click on the link below and apply online
URL https://bankislami.com.pk/islami-auto-finance/
Number two
The customer will click on the link below and download and fill the form and submit seven of the required documents to your nearest Islamic bank.
Download Bank Islami Auto Loan Application Form
URL https://bankislami.com.pk/wp-content/uploads/2018/09/BankIslami-Auto-Finance-Application-Form.pdf
