Car Financing In Pakistan Halal Islamic Way To Get Used Or New Cars on Installments
Buying a new or used car in Pakistan is easy as well as hard. It’s easy for those people who are financiers and it’s difficult for those who belong to the middle class and have small business etc. But the middle class people who don’t have the financial resources to buy a car they can get it in easily installments via banks auto finance leasing service. Some people don’t consider it Halal buying a car through installments via bank. Other stuff which bothers them is that, they consider all this process very difficult to comprehend and they think that the overall cost of the car gets sky rocketing high with all those hidden margins of the bank.
In this article, i will give you analytic insights and calculator on this topic cheapest auto car financing in Pakistan best deals leasing mcb or Dubai Islamic Bank car loan. In my vigorous research about this topic, I found the best bank for auto financing which is; Bank Dubai.
Bank Dubai facilitates its customers a lot, also its a Halal way to get your cars via there service.
According to my research, some Islamic Scholars considers auto financing Halal some of them disagree on this that it is Halal. It is Halal on these basis:
The bank gives a fixed price of the vehicle, for which the applicant is applying for to purchase. The applicant agrees with the price tagged by them. For each one hundred thousand (One Lakh), the bank will charge 5000 for it. The installments can be paid monthly. In this case scenario, it is considered a Halal way of auto Financing. But, in the case scenario of when an applicant/customer delays its payment, he/she will be fined, isn’t considered Halal in Islam.
Go To Below Link For Calculator
Our calculation on 1000000 PKR Value Car Below
I Select Used Car PKR 1,000,000 Down
PAyment is 15 % PKR 150,000
Tenure 3 Year Monthly
Processing Fee Is PKR 8352 (its also depend on you value of car increase fees but if you ask them discount they can forgive)
Insurance PKR 35,000
Total initial Deposit PKR 193,352
1st Year Installment 30517 Multiply 12 Moths = 366204
2nd Year Installment 30370 Multiply 12 Moths = 364464
3rd Year Installment 27892 Multiply 12 Moths = 334704
Total = 1065372 Plus Advance PKR 193,352
Total = 1258224 – 1000000 = 258224
258224 PKR Division 36 Moths = 7186 PKR Divided 30 days = 249 PKR
per day you going to pay rent of the car is 249 extra its really cheap loan leasing fiance car deals plans in pakistan.
- Copy of primary applicant’s CNIC.
- Copy of co-applicant’s CNIC (if applicable).
- 2 passport size photographs.
- Latest salary slip.
- 6 months Bank statement (if applicable).
- Bank certificate (if applicable).
|Customer Professional||Minimum Age||Maximum Age|
|Salaried||21 Years||60 Years|
|Self Employed Professional||21 Years||65 Years|
|Self Employed Businessman||21 Years||65 Years|
Note: For Overseas Pakistan also can get car you need blood relative who you send money by western union or bank money trail.
|Your Monthly Income||Rs.25,000|
|You Have Been Working||2 year|
|Salaried Paper||3 Months|
|Self Employed Professional||6 Months|
|Self Employed Businessman||12 Months|
Bank will Pay Finance up to 85% of the object value.
Minimum leasing: Rs.100,000
Maximum leasing: Rs. 5,000,000
New or Used Cars.
Local or Imported/Re-conditioned Cars you can take.
Payment plan with tenure options from 1 to 7 years.
You will pay registration fees and Ready Delivery and Advance Booking..
For Used Car Up to 9 year old vehicle can be financed