Barkat Auto Finance based on Diminishing Musharakah
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 Rs. 100,000 and minimum equity requirement of as low as 20%
- 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.
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