Auto Finance

16/07/2020

05/08/2015

AUTO FINANCE

FAQs

1. Which mode of financing is being used currently by Auto Finance?

Musharaka cm Ijarah model

2. When are the processing charges applied?

Processing Fee will be required to pay when the document/application is approved.



3. What is the current Pricing mechanism for Auto Finance?

Variable rate with annual re-pricing



4. What is the minimum and maximum financing limit available for Auto Finance?

Rs 100K –Rs 5 million



5. Which of the following type of Car can be financed for Auto Finance?

· New,

· Used,

· Imported/Reconditioned Cars



6. Who can apply for Auto Finance facility?

· Salaried individual,

· Self Employed Professional (SEP),

· Self Employed Businessman (SEB)



7. What is the minimum and maximum Age Criteria for Auto Finance?

21-65 years-SEB/SEP
21-60 years -Salaried



8. Minimum Income Criteria for Auto Finance is

Minimum net income required is Rs 25,000/-



9. What is the relationship of customer and DIBPL during the financing?

Customer and DIBPL become Partners



10. What is the Minimum Customer’s contribution is required of Car price?

15% of the car price is the minimum customer’s contribution required.



11. What is the Maximum financing tenure?

7 years is the maximum financing tenure available.

05/08/2015

AUTO FINANCE

Documents Required

Copy of primary applicant’s CNIC.
Copy of co-applicant’s CNIC (if applicable).
2 passport size photographs.
salary slip.
6 months Bank statement (if applicable).
Bank certificate (if applicable).

05/08/2015

AUTO FINANCE

Eligibility

Customer Class Minimum Age at the time of Application Maximum Age at the time of Finance Maturity.

Salaried 21 Years - 60 Years

Self Employed Professional 21 Years - 60 Years

Self Employed Businessman 21 Years - 60 Years

You are Eligible for Dubai Islamic Auto Finance if:

Your Monthly Net Income is Rs.25,000
You Have Been Working For Salaried 3 Months
Self Employed Professional 6 Months
Self Employed Businessman 12 Months

05/08/2015

AUTO FINANCE

Features


Tracker Device & Monitoring


Lowest Insurance/Takaful Rates Guaranteed Lowest Insurance/Takaful rates compared to any other Bank.

Payment Advance Booking Cases No monthly rental payments will be made by the customer before delivery of the car in Advance Booking cases.

Monthly Rental
Competitive and affordable monthly rentals as per industry standards.

Financing Amount
Our Bank will finance up to 85% of the car value.

Minimum financing: Rs.100,000
Maximum financing: Rs. 5,000,000

Islamic Product We provide fast and hassle free processing of application through a Sharia compliant process.
Flexibility

New or Used Cars.
Local or Imported/Re-conditioned Cars.
Payment plan with tenure options ranging from 1-7 years.
Ready Delivery and Advance Booking.
Income clubbing option.

05/08/2015

What Our Bank Offers

It's time you drove your car with pleasure and peace of mind! Islamic Bank Auto Finance offers a world class auto finance facility that enables you to get a car quickly, conveniently and in a fully Sharia compliant manner. Using Musharaka cm Ijara model to finance your car, steer yourself towards peace of mind and fulfillment of your desire.