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Bank Islami Auto Finance 2021| bank islami auto loan application form

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.

Benefits of Auto Financing for Brand New Vehicles

ItemsDetails
Auto Financing facility forBrand New Vehicles
Tenure of Auto FinancingFrom one (1) year to seven (7) years
Customer EquityMinimum fifteen percent (15%) to Maximum ninety percent (90%)
Financing AmountMinimum PKRs. 250,000/- Maximum PKRs. 10,000,000/-
Processing ChargesApplication 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 TrackerThere must be mandatory tracker installation for All Vehicles and the tracker shall be installed by BankIslami Pakistan Limited.
TakafulRanging from one point eighty five percent (1.85%) to two point eight percent (2.8%)

Benefits of Auto Financing for Used/ Re-conditioned Vehicles:

ItemsDetails
Auto Financing facility forUsed/ Re-conditioned Vehicles
Tenure of Auto FinancingFrom One (1) year to Seven (7) years
Customer EquityMinimum fifteen percent (15%) to Maximum ninety percent (90%)
Amount of FinancingMinimum PKRs. 250,000/- Maximum PKRs. 10,000,000/-
Used Vehicles Age LimitsAt least not more than 12 years old at maturity time and at the time of financing, 9 years old.
Charges of ProcessingApplication 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 InstallationThere must be mandatory tracker installation for All Vehicles and the tracker shall be installed by BankIslami Pakistan Limited.
TakafulRanging 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 WordsDetails
NationalityPakistani
Monthly IncomeMinimum PRs. 40,000 to 50,000 (Net Disposable)
Limit of AgeFor 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
1Clear and Valid Copy of CNIC
2Two Recent Passport size Photograph
3Processing of Cheque PRs. 1,200/-  statement is provided which drawn on the bank
4Proper filling of Application and signed by customer
5Proper filling of SBP undertaking which is signed by customer
6One (1) Year statement of Bank which will Original / stamped & signed by bank
7Specimen Form Signature
8Partnership Deed, Proprietorship, Proof of shareholding and Copy of certificate of Membership  
9Proof documents of 1 Year Business
10Valid Copy of NTN and copy of Income Tax Returns by FBR
11In exceptional case, NOC from partners or other shareholders

Required Documents for Salaried Individual

S. No.                                               Required Documents
1Clear and Valid Copy of CNIC
2Two Recent passport size Photograph
3Processing of Cheque PRs. 1,200/-  statement is provided which drawn on the bank
4Proper filling of Application and signed by customer
5Proper filling of SBP undertaking which is signed by customer
6Six (6) months statement of Bank which will Original / stamped & signed by bank
7Valid Original Salary Slip of Salaried individual
8Specimen 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

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