Used car financing has been made highly convenient with Bank Islami as you can finance up to 9 years old locally manufactured cars.
Through Bank Islami Auto Finance, the bank will rent out its share in the automobile to you in exchange for sequential rents decided. In addition, the buyer will purchase the bank’s Musharakah units (shares) on a periodical basis and will become the sole owner of the vehicle on the purchase of all the units.
Auto Finance Features
| Auto Financing facility | All locally manufactured used vehicles |
| Tenure | 1 – 5 years (for vehicles with up to 1000 cc engine capacity) 1 – 3 years (for vehicles above 1000 cc engine capacity). |
| Takaful Rate | 1.99% |
| Rental rate | 6 months KIBOR +2% |
| Processing Charges | Rs. 1,500/ car (Inclusive of FED) |
| Financing Amount | Rs. 250,000 – Rs. 3,000,000/- |
| Customer Equity | 30% – 90% |
How to Apply
In order to apply, visit the official website of Bank Islami Auto Finance. Read the eligibility requirements and documentation required. Fill out the form provided online and submit it. It is important to note that the documents required are different for salaried individuals and Businessmen.
Click on the provided link for more information.
