Bank Islami Car Loan Apply Online

BankIslami Auto Finance offers clients the convenience of getting the car the client chooses according to the Shaiah compliant way. Furthermore, the Islami Auto Finance facility is also based on Lessening Musharakah under the Shirkat-ul-Milk agreement. Under this joint partnership agreement, BIPL’s steak in the vehicle is represented by units from Musharakah. The Bank will also rent its share in the vehicle to the customer in exchange for claims on periodic rentals. Similarly, you will buy the share of BIPL (Musharakah units) periodically and become the sole owner of the vehicle by purchasing all Musharakah units.

Bank Islami Car Loan Apply Online Benefits

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): 
1. PKRs. 1,200/- per car (Inclusive of FED)

Processing & Documentation Fees (Prior to Payout):
1. Financing in the range Up to PRs. 1 million: Up to PRs. 6,300/- per car (Inclusive of FED)

2. Financing in the range Up to PRs. 10 million: PRs. 6,300/- per car (Inclusive of FED)

3. 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 of tracker installation for All Vehicles and tracker shall be installed by Bank Islami Pakistan Limited.
TakafulRanging from one point eighty five percent (1.85%) to two point eight percent (2.8%)

Bank Islami Car Loan Apply Online Further Benefits

ItemsDetails
Auto Financing facility forUsed/ Reconditioned 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): 
1. PKRs. 1,200/- per car (Inclusive of FED)

Processing& Documentation Fees (Prior to Payout):
1. Financing in the range Up to PRs. 1 million: Up to PRs. 6,300/- per car (Inclusive of FED)

2. Financing in the range Up to PRs. 10 million: PRs. 6,300/- per car (Inclusive of FED)

3. 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 InstallationTracker installation for All Vehicles must be mandatory shall be installed by Bank Islami Pakistan Limited.
TakafulRanging from one point eighty five percent(1.85%) to two point eight percent(2.8%)

Bank Islami Car Loan Apply Online Working Procedure

  1. Identify and approach BIPL, the vehicle to be acquired on the basis of Musharakah working under the Automobile Financing Facility.
  2. Customers who wish can complete the application form with the required documents and send it to the nearest Bank Islami branch. For the application form, click on the link: Download Application Form
  3. Bank Islami will process the client’s request after submission and approval or rejection of the credit request is based on the client’s eligibility in the Bank’s risk criteria
  4. After the approval of the application, you will sign a ‘Commitment to Musharakah’ whereby, you will commit to promulgate the Shirkat-ul-Milk Agreement and execute other document transactions after the arrival of the Musharakah Asset (Vehicle).
  5. After committing to the Musharakah agreement, BankIslami makes the reservation of the vehicle at the dealership.
  6. As co-owner of the vehicle, in principle, the bank and the client can share expenses such as registration, inconveniences, etc. However, the bank pays the total expenses, therefore, it calculates these expenses and determines the amount of the rent.
  7. The anticipated income tax / withholding tax will be borne by BIPL, since the title of the vehicles is in the name of BIDL
  8. The advance financing tax will be four percent (4%) or whatever rate may change over time by the Government of Pakistan from Non-contributors at the time of agreement.
  9. On the basis of the periods, you will buy BIPL shares in units and, at the end of the transaction period, you will become the sole owner of the vehicle.
  10. If you wish to terminate the contract before the expiration of the contract, you will have to purchase the units assigned 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)
Limit of AgeFor 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)

Bank Islami Car Loan SEP/SEB Required Documents

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

Bank Islami Car Loan Apply SI Required Documents

S.No.Required Documents
1Clear and Valid Copy of CNIC
2Two Recent passport size Photograph
3Processing ofChequePRs.1,200/-  statement is provided which drawnonthebank
4Proper filling of Application and signed by customer
5Proper filling of SBP under taking which assigned by customer
6Six (6)months statement of Bank which will Original/stamped & signed by bank
7Valid Original Salary Slip of Salaried individual
8SpecimenForm Signature

How to Apply for Bank Islami Car Loan

The interested applicant must click on apply online:

Apply Now

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