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Islamic car financing has been fully introduced by the banks and financing companies all over the country. Here are some of the most prominent Islamic car financing banks, which are providing services to the customers under the terms and conditions of Islamic loan system.
Meezan Bank
Meezan Bank, Pakistan’s first and largest Islamic bank has been awarded the ‘Most Popular Bank’ in Pakistan’s Islamic auto financing sector in the People’s Choice Car Awards announced by PakWheels.com. PakWheels provides Car Loan Calculator facility on its website to calculate monthly loan payment installment for each bank.
Pakwheels.com has been regularly conducting surveys on Pakistan’s automobile industry during the past few years and has recently published the third edition of its Automobile Industry Survey 2015 revealing new insights and consumer trends in the automotive sector of Pakistan.
The survey reveals Meezan Bank as the most popular Islamic auto financing brand in Pakistan while also covering major aspects of the automotive industry.
As per the statistics revealed in the survey, 27 percent of the respondents preferred Islamic auto financing in the country out of which Meezan Bank enjoys a major popularity chunk of 47 percent as compared to all other Islamic banks.
The survey includes users’ perceptions based on their experiences, highlighting brands and products associated with the industry.
The Automobile Industry Survey 2015 findings are based on a large sample size of more than 11,730 respondents with 74 percent individuals belonging to the age bracket between 22 and 49 years. It therefore gives a true reflection of the choices and preferences of Pakistan’s automotive industry, its major players, demand determinants and changing consumer trends.
In addition to leasing of new cars, Meezan Bank also provides the unique opportunity of leasing second hand, both locally assembled and imported vehicles.
This feature is specifically designed as a highly economical option. The Used Car Ijarah facility is made available at a minimum-security deposit as low as 15 percent.
Car Ijarah is not just available for new and used car financing but also for imported varieties of cars.
In addition to leasing of new cars, Meezan Bank also provides the unique opportunity of leasing second hand, both locally assembled and imported vehicles.
This feature is specifically designed as a highly economical option. The Used Car Ijarah facility is made available at a minimum-security deposit as low as 15 percent. Car Ijarah is not just available for new and used car financing but also for imported varieties of cars.
Dubai Islamic Bank
Dubai Islamic Auto Finance offers a world class auto finance facility that enables you to get a car quickly, conveniently and in a fully Shariah-compliant manner. Using Musharaka-cum- Ijara model to finance your car, steer yourself towards peace of mind and fulfillment of your desire.
This bank is offering the lowest insurance rate in the market, than any other car financing firm. You can choose a time span for the payment from a period of 1 to 7 years.
The best point is no any additional charges or rental payments are to be paid by the customer in lieu of the advance payment, till the day your vehicle arrives at your doorstep.
Lowest markup rate is RS100,000 and the highest markup is Rs500,000.
Faysal Bank
Faysal Car Finance offers uniquely tailored financing of your car with the lowest mark-up rate. Not only this, you can finance your car up to 5 years with easy monthly installments.
Features & Benefits:
– Fast and hassle-free processing of application
– Flexibility in selection of cars (locally manufactured as well as imported vehicles)
– Facility against brand new as well as used vehicle
– Loan amount up to 90 percent of the value of vehicle
– Loan tenure from 1 to 5 years
– Co-borrower facility available
– Comprehensive insurance coverage from reputed insurance companies
– Early settlement option
The Bank provides relaxation on selecting the cars either they are local or imported. It also provides the facility of advance booking, just in case you are a car enthusiast and can’t wait for much.
Bank Alfalah Limited
Bank Alfalah, another well-known conglomerate in the Islamic banking, have also stepped in the race of Islamic car financing and has added Islamic Banking Car Financing Calculator on-site as well, in order to get the customers to calculate even the minute details about what they are going to step into and under what payment plan. The benefits, this bank, is offering as follows:
– Customers are free to choose from a list of new or used cars.
– After the car has been selected, again the payment plan and the rate are also set by the customer himself, in order to avoid any monetary inconvenience in the future.
– A groundbreaking feature is a relaxation being offered in selecting the fixed or the variable payment plan.
– No any charges, in the case of termination, are charged from the customers.
– Minimum documentation is required if you are applying for a vehicle from Alfalah Car Insurance.
– Barkat Auto Finance is based on Diminishing Musharakah, where you participate with Barkat Islamic Banking in a joint ownership of your vehicle and the Bank provides a certain amount of financing.
You agree to a monthly payment to the Bank of which one component is rent for use of the vehicle, and the other is for you to increase your ownership of the vehicle. Once you have made the full payment, which has been agreed upon, you become the sole owner with a free and clear title to the vehicle.
Product Features & Benefits:
– Avail the financing of new, used and imported vehicle for personal use.
– Quick processing with minimum documentation.
– No Limit on financing amount starts from as low as Rs100,000 and minimum equity requirement of as low as 20 percent.
– Multiple options for tenure up to 5 years.
– Installment repayment to start ONLY after delivery of the vehicle and no processing fee until approval of financing.
– Built-in Takaful (Islamic Insurance) expense for the entire financing tenure. The bank will arrange Takaful for the vehicle from a reputable Takaful company and will facilitate you in claim processing.
– Maximum safety of your vehicle ensured through the tracker installation.
Here we will let you know that which one those banks that are offering the best Islamic car financing in Pakistan. You can check out the details right from this post. We have HBL and we have Meezan Bank, Dubai Islamic Bank and also Alfalah Bank that offer this best Islamic car financing in Pakistan.
It can give you the car financing for the long term agreement of seven years. It can give you the offer to have the finances up to 85 percent for the car. It also gives you the services in 24-hour a day. If you want to have this Islamic car financing then you should be the salaried person of 20,000 per month.