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Tuesday 4 October 2016
Monday 3 October 2016
Top 5 Banks for Car Financing in Pakistan 2016
Getting a car of your own choice with in a limited time was not an easy task. If you are looking for Car Financing in Pakistan so here different banks provide various services in order to make your dreams come true. In Pakistan there are various banks which provide services without any onerous process. You can get financing for your car through an easy way. Here are some details of the car financing provided by different banks, which their specific characteristics.
1. HBL Car Loan
As like many of the other banks, Habib Bank Limited provides its services through its service of HBL Car Loan financing. It helps many of the customers to get a car of their own choice. It does not create complicated process of transactions, however it is a simple and hassle free process, which is satisfactorily backed by supervision and choice. It has the following features.
- It is provided irrespective of your choice, whether you want to have a new car or you want to have in as used car.
- In order to secure any kind of lose, insurance is provided which provides you peace of mind and security all the time, and you are free of any kind of loses.
- This is a long term agreement you can return up to duration of seven years.
- It finances up to 85% for the car of your own choice.
- It provides services twenty four hours, the service is provided to entertain your queries any time.
- The eligibility criteria is as low as if you are a salaried person and you earn 20 K per month, you will be provided the service.
2. Dubai Islamic Bank Auto Finance
Dubai Islamic Bank provides the auto finance facility at a reliable approach. It helps you to get a car as early as you want to have it. It has the following features due to which it is preferred over the others.
- This operates according to the Sharia compliant manner.
- It provides up to an amount of five hundred thousand for your car financing.
- Its services are Islamic product. It provides free and the hassle free processing of applications.
- It provides whether you buy a new car or a used car.
- The facility of advance booking and ready delivery is also available.
3. Alfalah Car Financing
Alfalah Car Financing has the following features.
- You can repay the amount up to five years
- This financing is provided irrespective of whether you are buying a new car or an old one.
- There is a flexibility of down payment.
- If you wish to replace car you purchased at the first end and are willing to change it you can.
- It does not require any hassle to fulfill your requirements. It is easy and feasible.
4. Mezan Bank Car Ijarah
Mezan bank with its due dedication also provides financing solutions to many of the aspect for their customers, which is known as car Ijarah, it is unique to car leasing facilities provided by other banks. Which has the following features:
- Until the contract ends lessor of the asset has the ownership.
- This agreements binds the lessor to have rights and liabilities over the assets according to shariah law, however the usage of the asset lie with the user.
- In case of the theft of the asset, the leasing company continues to charge the lease rent until the insurance claim is settled.
- There is permissibility of the penalty for the late payment of the amount according to Islamic Shariah.
5. NIB Bank Fastest Car Loans
NIB auto financing has the following features, which is thus proffered by many of the customers.
It is one of the fastest car loans in Pakistan.
it provides the easiest repayment options.
NIB auto financing provides the innovative product features.
This financing is one of the fastest approval rates in Pakistan.
Irrespective of whether you want to have a new car or a used one NIB provides loan which is easy to take and return.
There is some fixed and variable markup rate available.
Hassel free documentation and easy processing is available.
The life insurance provided is up to 500 K, which makes the future loss secure.
There is a minimum down payment is required.
it provides the easiest repayment options.
NIB auto financing provides the innovative product features.
This financing is one of the fastest approval rates in Pakistan.
Irrespective of whether you want to have a new car or a used one NIB provides loan which is easy to take and return.
There is some fixed and variable markup rate available.
Hassel free documentation and easy processing is available.
The life insurance provided is up to 500 K, which makes the future loss secure.
There is a minimum down payment is required.
Top 5 Banks for Car Financing in Pakistan 2016
Getting a car of your own choice with in a limited time was not an easy task. If you are looking for Car Financing in Pakistan so here different banks provide various services in order to make your dreams come true. In Pakistan there are various banks which provide services without any onerous process. You can get financing for your car through an easy way. Here are some details of the car financing provided by different banks, which their specific characteristics.
1. HBL Car Loan
As like many of the other banks, Habib Bank Limited provides its services through its service of HBL Car Loan financing. It helps many of the customers to get a car of their own choice. It does not create complicated process of transactions, however it is a simple and hassle free process, which is satisfactorily backed by supervision and choice. It has the following features.
- It is provided irrespective of your choice, whether you want to have a new car or you want to have in as used car.
- In order to secure any kind of lose, insurance is provided which provides you peace of mind and security all the time, and you are free of any kind of loses.
- This is a long term agreement you can return up to duration of seven years.
- It finances up to 85% for the car of your own choice.
- It provides services twenty four hours, the service is provided to entertain your queries any time.
- The eligibility criteria is as low as if you are a salaried person and you earn 20 K per month, you will be provided the service.
2. Dubai Islamic Bank Auto Finance
Dubai Islamic Bank provides the auto finance facility at a reliable approach. It helps you to get a car as early as you want to have it. It has the following features due to which it is preferred over the others.
- This operates according to the Sharia compliant manner.
- It provides up to an amount of five hundred thousand for your car financing.
- Its services are Islamic product. It provides free and the hassle free processing of applications.
- It provides whether you buy a new car or a used car.
- The facility of advance booking and ready delivery is also available.
3. Alfalah Car Financing
Alfalah Car Financing has the following features.
- You can repay the amount up to five years
- This financing is provided irrespective of whether you are buying a new car or an old one.
- There is a flexibility of down payment.
- If you wish to replace car you purchased at the first end and are willing to change it you can.
- It does not require any hassle to fulfill your requirements. It is easy and feasible.
4. Mezan Bank Car Ijarah
Mezan bank with its due dedication also provides financing solutions to many of the aspect for their customers, which is known as car Ijarah, it is unique to car leasing facilities provided by other banks. Which has the following features:
- Until the contract ends lessor of the asset has the ownership.
- This agreements binds the lessor to have rights and liabilities over the assets according to shariah law, however the usage of the asset lie with the user.
- In case of the theft of the asset, the leasing company continues to charge the lease rent until the insurance claim is settled.
- There is permissibility of the penalty for the late payment of the amount according to Islamic Shariah.
5. NIB Bank Fastest Car Loans
NIB auto financing has the following features, which is thus proffered by many of the customers.
It is one of the fastest car loans in Pakistan.
it provides the easiest repayment options.
NIB auto financing provides the innovative product features.
This financing is one of the fastest approval rates in Pakistan.
Irrespective of whether you want to have a new car or a used one NIB provides loan which is easy to take and return.
There is some fixed and variable markup rate available.
Hassel free documentation and easy processing is available.
The life insurance provided is up to 500 K, which makes the future loss secure.
There is a minimum down payment is required.
it provides the easiest repayment options.
NIB auto financing provides the innovative product features.
This financing is one of the fastest approval rates in Pakistan.
Irrespective of whether you want to have a new car or a used one NIB provides loan which is easy to take and return.
There is some fixed and variable markup rate available.
Hassel free documentation and easy processing is available.
The life insurance provided is up to 500 K, which makes the future loss secure.
There is a minimum down payment is required.
What is Meezan Car Ijarah?
Car Ijarah is Meezan Bank’s car financing product and is Pakistan’s first Interest-free car financing. It is based on the Islamic financing mode of Ijarah (leasing). This product is ideal for individuals who want to get interest-free financing for acquiring a car.
Car Ijarah works through a car rental agreement, under which the Bank purchases the car and rents it out to the customer for a period of 1 to 5 years, agreed at the time of the contract. Upon completion of the Ijarah period, the vehicle will be sold at a token amount or gifted to the customer.
Key Features
Lowest Up Front Payment
Rental Payment starts after Vehicle Delivery
Quick Processing Time
Tracker will be installed in all vehicles free of installation and monitoring cost
Free accidental death coverage of upto Rs. 400,000
Minimum security deposit as low as 10%*
Meezan Bank will bear W.H.T (With Holding Tax) on purchase of vehicle
Who is Eligible for Car Ijarah?
Salaried Professionals
- Permanent employees : 3 months in current job with a minimum 2 years continuous employment history
- Contractual employees : 6 months in current job with a minimum 3 years continuous employment history.
- Net take home income : In excess of 2 times the monthly rental (inclusive of takaful)
- Spouse’s verifiable income : Clubbed to an extent of 50%.
- In case of other loans, all monthly payments including proposed Ijarah rental combined not to exceed 50% of net / take home income
- Both data check & e-CIB should be clear and must not have current default / overdue at the time of case approval
Businessmen
- Minimum experience : 2 years continuous involvement in current business / industry
- Position : Proprietor, partner or director (In case of partner or director, percentage of sharing / holding will be applied)
- Net take home income : In excess of 2 times the monthly rental (inclusive of takaful)
- Spouse’s verifiable income : Clubbed to an extent of 50%.
- In case of other loans, all monthly payments including proposed Ijarah rental combined not to exceed 50% of net / take home income
- Both data check & e-CIB should be clear and must not have current default / overdue at the time of case approval
Residual Value Ijarah
(For new cars only)
In a regular Ijarah model, the customer does not have to pay any money to the Bank for acquiring the car upon completion of the Ijarah period.
In the Residual Value Ijarah model, the monthly rentals are significantly lower than the regular Ijarah model because here the customer agrees to pay a certain sum to the Bank for acquiring the car upon completion of the Ijarah period. The customer also has the option that instead of paying the Bank and acquiring the car upon completion of the Ijarah period, he can simply return the car to the Bank.
This model enables the customer to take a car on significantly reduced rental. Customer can also, depending on his monthly rental payment ability, get a much higher-value car than he can under the regular Ijarah model.
Special Offer - Residual Value Ijarah with Pak Suzuki Motors
| Vehicles | For Residual Value Ijarah: Suzuki Mehran, Cultus, Swift, Bolan and Wagon-R |
| Period of facility | 3, 4 & 5 years |
| Advance Rent /Security deposit | Minimum 10% of cost of the vehicle Maximum 70% of the cost of the vehicle |
| Residual value (RV) | 3 Years - 5% to 55% 4 Years - 5% to 50% 5 Years - 5% to 50% |
| Processing charges | Rs. 3,000/- |
| Free Accidental Death Coverage | Upto Rs. 400,000/- |
| Rentals frequency | Monthly Rentals payable through post dated cheques or debit instruction |
Premature Termination
If the customer wishes to terminate the Agreement before the agreed period, the customer will have an option to buy the vehicle on the agreed purchase price as mentioned in the Terminal-value schedule forming part of the Ijarah documents. The purchase price takes into consideration the following amounts:
- The principal outstanding as determined by the amortization schedule of the Ijarah contract.
- Residual value amount.
Maturity of RV Ijarah
Upon completion of the Ijarah period and payment of all rentals, Meezan Bank will make the following offers to the customer:
- Purchase Option: Customer will have the option to purchase the vehicle from Meezan Bank at a pre-agreed Residual Value.
- Return Option:Customer will have an option to return the vehicle to Meezan Bank
Car Ijarah Products
- New Car
Choose from a range of new models and be on your way to owning the vehicle of your dreams. - Used Car
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%. - Imported Car
Car Ijarah is not just available for new and used car financing but also for imported varieties of cars.
Special Offers
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Used Car Financing
Meezan Bank also finances Used Vehicles through Car Ijarah!
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%.
How is Car Ijarah Shariah-compliant?
Car Ijarah, designed under the supervision of Meezan Banks Shariah Supervisory Board, is unique to car leasing facilities provided by other banks.
Rights & liabilities of Owner v/s User
An Islamic Ijarah is an asset-based contract, i.e. the Lessor should have ownership of the asset during the period of the contract. Under Islamic Shariah, all ownership related rights and liabilities should lie with the owner while all usage-related rights and liabilities should lie with the user.A conventional lease contract does not distinguish between the nature of these liabilities and places all liabilities on the user of the asset, which is contradictory to Islamic Shariah. Under Ijarah, all ownership-related risks lie with the Bank while all usage related risks lie with the user, thus making the Lessor the true owner of the asset and making the income generated through the contract permissible (Halal) for the Bank.
Continuation of lease rentals in case of total loss or theft of vehicle
If the leased vehicle is stolen or completely destroyed, the conventional leasing company continues charging the lease rent till the settlement of the Insurance claim. Under the Islamic system, rent is consideration for usage of the leased asset, and if the asset has been stolen or destroyed, the concept of rental becomes void. As such, in the above-mentioned eventualities, Meezan bank does not charge the lease rental.
Takaful instead of Insurance
Legally (in accordance to Pakistan’s Law and Regulations), it is required for all leasing entities to insure the leased assets. As such, Meezan Bank insures its leased assets. Meezan Bank insures its assets through Takaful only, which is the Islamic product for insurance.
Permissibility for Penalty of Late Payment of Rent under Islamic Shariah
In most contemporary financial leases, an extra monetary amount is charged, in their income, if the rent is not paid on time. This extra amount is the considered as Riba and is Haram. Under Ijarah, the Lessee may be asked to undertake, that if he fails to pay rent on its due date, he will pay certain amount to a charity, which will be administered through the Islamic Bank. For this purpose the bank maintains a charity fund where such amounts may be credited and disbursed for charitable purpose.
How to get a car through Car Ijarah
To apply for Meezan Bank’s Car Ijarah, fill out a customer application form (available at any Branch), attach the required documents and get your financing approved in minimal working time.
Required Documents
- Application form duly filled and signed by the applicant
- Copy of recent pay slip/certificate showing – For Salaried individuals.
- Business Proof - such as bank certificate confirming proprietorship, NTN, business Association letter or tax return etc. is required - For businessman.
- Copy of last six months bank statements
- One recent photograph.
- Specimen Signature card preferably on bank’s prescribed format
List of Best Banks in Pakistan for Car Leasing
Banks are providing commodities to people so as to make their lives much better. There are number of banks in Pakistan that are providing their services to help you out in time of need. These banks are the ones that have made their name over time. The best five banks according to us are:
- HBL:
- HBL has a facility to provide you with the insurance which is very good for those who are at loss of any kind. It is one way to secure your future.
- Eh leased amount is returnable up to seven years duration which quite a long time but for low earners the perfect way to settle themselves.
- HBL finances person leasing car up to 85% of your own choice.
- The eligibility criteria of the bank is very low, if you earn 20,000PKR per month even then you are eligible to apply unlike many other banks.
- For the low income earners HBL is best choice for leasing the car.
List of Best Banks in Pakistan for Car Leasing
- Dubai Islamic bank:
- This bank is where you will be able to lease by Sharia compliant manner.
- DIB finances you with five hundred thousand so that you may get your own car.
- The bank is providing you with the facility of advance booking and also ready delivery.
- Alfalah:
- When you lease car from Alfalah it is very good because you may repay the amount of lease up to five years
- Flexibility or making your own choice of down payment is provided to you.
- The leased car can be changed with the new one in the same amount paid anytime, this way you may enjoy different cars and they all will be yours.
- Meezan bank:
- Until the contract of the leased car ends the owner has complete ownership of the asset.
- The agreements done according to Shariah law binds the person leasing car to the conditions and liabilities.
- In case you have faced theft of car, Meezan Bank continues to charge lease rent from you until insurance claim gets settled.
- According to Islamic Shariah the penalty of late payment is put in the person.
- NIB bank:
- NIB is one of those banks that have proven it to be one of those that give fastest approval rates around Pakistan.
- You may lease used or new car as per your requirement.
- Life insurance that is provided to you by NIB is up to 500,000PKR.
- Minimum down payment for the lease of car is required which is also based on your choice of payment schedule.
You may opt for the best bank for car leasing according to your choice and needs.
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