How to Get an Auto Loan From Islami Bank 2021

A new car and a used car can be purchased from Islamic Bank on monthly installments

All Pakistani men and women of Pakistani nationality and over the age of 18 can buy a car from Islamic Bank.

Business Leaders Are Qualified. There are fatwas of three theologians from Islamic Bank who say that Islamic Bank offers car installments without interest.

With the purchase of brand new cars

the following methods will have to be met in order for the bank to provide any assistance to the client.

Institution provided by Brand New Vehicle Bank

Car Rental: 1 - 7 years

Customer Service: Minimum 15% - Maximum 90%

Amount: Minimum Rs. 250,000 Maximum Rs. 10,000,000 / -

Examination Fee: Application Fee (Previous) Rs. 1,200 per vehicle

Verification and Processing Credits:

1. Funding up to Rs. 1 million with Up to Rs. 6 300 per vehicle

2. Funding up to Rs. 10 million noRs. 6 300 per vehicle

3. Funding in excess of Rs.10 million but less than R50 million with Rs.15,600 per vehicle

Installation Tracker: Mandatory for all vehicles and responsibility of Bank Islami Pakistan

Takaful: Reaches from 1.85% - 2.8%

By Procurement of Used or Repaired Vehicles,

the following methods will have to be met in order for the bank to provide any assistance to the client.

A building provided by the Bank of used or refurbished vehicles

Car Rental: 1 - 7 years

Customer equity: Minimum 15% - Maximum 90%

Amount: Minimum Rs. 250,000-Maximum Rs. 10,000,000

Motor Vehicle Years (Year of Production): Must be 9 years old from the date of production and not more than 12 years.

Processing Fee: Application Fee (Previous) Rs. 1,200 per vehicle

Documents and Processes:

1. Funding up to Rs. 1 million noRs. 6 300 per vehicle.

2. Funding up to Rs. 10 million noRs. 6 300 per vehicle.

3. Funding in excess of Rs.10 million and less than Rs 50 crore up to Rs.15,600 per vehicle.

Installation Tracker: Mandatory for all vehicles and responsibility of Bank Islami Pakistan.

Takaful: Access from 1.85% to 2.8%

Eligibility criteria

Nationality: Pakistan

Income: Minimum income Rs. 40,000 - 50,000

Age Limit: Paid:

Minimum age of 21 years

The maximum age of 60 years

Entrepreneurs / Automated Professionals (SEP’s):

Minimum age of 21 years

The maximum age of 65 years

The decline of Musharakah

Bank Islami uses a concept known as Diminishing Musharakah (DM) and its customers.

The implication is that the transaction agreement between the two parties will diminish over time, and the client will gradually purchase the share of partners in the long run.

It is a joint property ownership between the Bank and a customer based on 'Shirkat-ul-Milk'.

The steps it contains are as follows:

 The bank divides its share of units purchased into several Musharkah units where both the client

 The Bank also has its assets.

 The bank will employ its client and the asset ownership share to that Client.

 Units purchased by the bank will be sold to the client gradually at the end of the lease and as a result the client will be the sole owner of the assets.

How does this work

 Find the car you would like to reduce in Musharakah (DM) reduction.

 Complete the required application form by submitting the required documents.

 Depending on the client's suitability the Bank will accept or reject the application if it does not meet the Bank's eligibility criteria.

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 Once approved, you will sign an agreement in which you will agree to strike the Shirkat-ul Dairy Agreement and make further transactions after the arrival of the Goods.

 After all the necessary steps have been taken, car bookings are made by the Bank to the seller. Upon arrival and purchase of the vehicle by the Bank, it will be paid in full / in full by booking or purchase. On the customer side, you will sign the Shirkat-ul-Milk Milk Agreement and the Payment Agreement, such as the purchase of 'Musharakah Units'. Where payments will be made by the customer from time to time

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 Costs will be shared by the Bank and the Client as a result of joint ownership, including registration, Takaful costs, etc. Costs are calculated when determining the amount of lease since the Bank pays the full cost.

 Withholding Tax / Prepayment Tax Will be applauded by Bank Islami Pakistan (BIP), as the Car Name is in the BIP name

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Tax Advance to Financing Tax will be 4% (depending on the Government of Pakistan) from non-files at the time of the agreement.

 The purchase of Bank Islami shares in units will be done from time to time, with the client being the sole owner at the end of the transaction period.

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 In the unlikely event of the termination of the agreement before the agreed time, you will have the option to purchase a car at the agreed purchase price provided by Undertaking to Purchase Musharakah Units

How to Apply

There are Islamic Bank branches in every major city in Pakistan. If you live in the cities where Islamic Bank is active, you can go to your nearest Islamic Bank and fill out the form and send it to Islamic Bank with the required documents.

you will be called by Islamic Bank, If the application is approved, .