Faysal Bank’s Islamic Car Financing introduces an ethical dimension to the journey, going beyond mere financing. It adheres to Islamic principles, employing the Diminishing Musharakah model for transparency and integrity, ensuring a medium to long-term automotive financing experience.
In this financing product, the Faysal Bank and the customer jointly purchase an asset and create joint ownership in the asset. The Bank rent out its share in the asset to the customer while the customer periodically purchases units of ownership in the asset from the Bank. After purchase of all the units, the customer becomes the sole owner of the asset.
Why Choose Faysal Bank’s Islamic Car Financing
Ethical Approach:
Faysal Islamic Car Finance redefines automotive financing through alignment with Islamic principles. The Diminishing Musharakah model ensures a fair partnership, offering an ethical path to realizing your automotive dream.
Features and Benefits:
Freedom of Choice:
Choose between new or used vehicles, locally or internationally assembled, for a personalized experience. With financing available for up to 70% of the vehicle’s value, explore a wide range of automotive options.
Residual Value Option:
The Residual Value module allows you to acquire a superior car at the end of the contract, providing lower monthly installments and the option to switch vehicles at the end of the financing period.
Specific Rental Plan:
With the 1 and 2-year rental plan, initial financing years become more accessible, allowing you to pay only the rental installment and enjoy your vehicle without excessive financial worries.
Payment Flexibility:
Faysal Islamic Car Finance stands out for its payment flexibility. With plans ranging from 2 to 5 years, choose a schedule that aligns perfectly with your financial capabilities.
Tracker for Maximum Security:
To ensure maximum security, all cars financed by Faysal Bank are equipped with trackers, providing peace of mind as you navigate the roads.
Documents Required
To start your financing process, provide essential documents. For salaried individuals, include a filled and signed application form, proof of current salary, clear copy of CNIC, two recent photographs, SBP commitment, bank statement of the last 6 months, employment certificate, and a copy of the latest utility bill.
Business owners or self-employed individuals will need to provide a filled and signed application form, one-year commercial proof, clear copy of CNIC, two recent photographs, SBP commitment, bank statement of the last 6 months, professional degree and valid affiliation with the relevant professional body (applicable only for SEP), and a copy of the latest utility bill.
Eligibility Criteria
Faysal Islamic Car Finance is available for Pakistani citizens with a minimum income of PKR 30,000 for salaried individuals, PKR 50,000 for contractors, and PKR 40,000 for SEB/SEP. The age limit is 21 to 65 years for salaried individuals and 21 to 70 years for SEB/SEP.
Author’s Opinion
Your journey towards the dream car is just a click away. Discover Faysal Bank’s Islamic Car Financing and turn your automotive dream into reality. Click now to explore and initiate an automotive journey with ethics, flexibility, and security.