BankIslami 9 years old car finance scheme
BankIslami 9 years old car finance scheme: BankIslami Pakistan Limited was the first bank to receive an Islamic banking license under the Islamic banking policy of 2003 on 31 March 2005. The bank envisioned focusing primarily on wealth management as the core area of business in addition to sharia-compliant retail banking products, Proprietary and Third-party products, and Integrated financial planning services.
What is DM based Auto Financing & the whole concept (BankIslami 9 years old car finance scheme):
Diminishing Musharakah (DM) is a partnership transaction in which the partners agree to terminate Shirkat (partnership) gradually by means of purchase of one partner’s share by other partner.
Under Diminishing Musharakah financing, the Bank and its client participate in the ownership of an asset on the basis of ‘Shirkat-ul-Milk’ (i.e. Joint ownership)
How to apply Bank Islamic Auto financing (BankIslami 9 years old car finance scheme)
- Customer can visit any Bankislami nearest branch across Pakistan to apply for Auto car financing scheme prior to completion of basic documentation which is appended below for your infomation.
- Customer can also apply for the auto financing through bankislami official website https://bankislami.com.pk/autofinance/
Basic information and maximum loan facility details
(BankIslami 9 years old car)| Auto Financing facility for | 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): 1. 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) |
Islami Auto Finance facility is based on Diminishing Musharakah under Shirkat-ul-Milk arrangement. Under this joint partnership agreement, BankIslami Pakistan Limited share in vehicle is represented by Musharakah units. The Bank will rent out its share in vehicle to you in exchange for periodical rents claimed. In addition to periodical rental payment, you will purchase BankIslami Pakistan Limited share (Musharakah units) on a periodical basis. Upon purchase of all Musharakah units, you will become the sole owner of the vehicle.
Eligibility Criteria (BankIslami 9 years old car finance scheme)
| Citizenship | Pakistani |
| Income | No Minimum Income Requirement |
| Age Limit | For Salaried: |
| Minimum 18 Year (At the time of Booking/ Financing) | |
| Maximum 70 Years (At the time of Maturity) | |
| For Businessmen/ Self Employed Professionals (SEP’s) | |
| Minimum 18 Years (At the time of Booking/ Financing) | |
| Maximum 70 Years (At the time of Maturity) |
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https://accountsgala.com/how-to-top-up-m-tag-online/
Which car models are being offered (BankIslami 9 years old car)
- All models which are locally manufactured and also Imported models which are not more than 12 years old at the time of Maturity and 9 years old at the time of Financing.
What is the required documentation to apply for BankIslami 9 years old car finance scheme
Salaried Individuals
- Application Form properly filled and signed by customer
- SBP undertaking properly filled and signed by customer
- 6 Month’s Bank Statement, Where Salary Credits (Original / stamped & signed by bank)
- Current Salary Slip
- Signature Specimen Form
- Clear and Visible Copy of CNIC
- Processing Cheque Rs. 1,500/- drawn on the bank of which statement is provided
Businessmen/ Self Employed Professionals (SEP’s)
- Application Form properly filled and signed by customer
- SBP undertaking properly filled and signed by customer
- 1 Year Bank Statement, (Original / stamped & signed by bank)
- Proprietorship letter from Bank / Partnership Deed / Proof of shareholding, as the case may be
- Signature Specimen Form
- Clear and Visible Copy of CNIC
- Processing Cheque Rs. 1,500/- drawn on the bank of which statement is provided
- Copy of NTN and copy of Income Tax Returns or Any Authentic Business proof
- NOC from partners or other shareholders, as the case may be
For more details you may visit Bankislami official website
