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Faysal Islami
Car Finance

Banking that adapts to you

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Category

Drive your Dream Car Today

Embark on a journey of endless possibilities with Faysal Auto Finance, where you take the wheel of your dream car purchase. Tailor your payment plan to suit your preferences and smoothly cruise toward automotive bliss with unparalleled confidence and ease. Your perfect ride is just a few steps away – seize the opportunity, and let Faysal Auto Finance turn your aspirations into a thrilling reality!

Vehicle Cost

Rs1,000,000

and repay in

Years1

Equity in percentage

30%

Segment

Residual Value %

  • Up to 1000 cc – Max 5 years of financing
  • Above 1000 cc – Max 3 years of financing

No.

Rent

Principal

Installment Amount

Outstanding Principal

Installment is subject to change on every 12 months as per prevailing KIBOR rates

Features

  • No processing fee until financing approval
  • Customer’s ownership increases with every installment paid.
  • Up to 9-year old vehicle can be financed (Age of vehicle at maturity should be 12 years)
  • Rental will not be charged till delivery of vehicle.
  • Financing for all locally manufactured new & used vehicles.
  • Financing amount up to 70% on the value of vehicle (Maximum Financing PKR 3 Mln)
  • Flexible Financing Tenure:
    • Maximum 5 Years (Vehicles up to 1000 CC)
    • Maximum 3 years (Vehicles above 1000 CC)
  • Early settlement & Partial Pre-payment facility
  • Co-Partner facility available
  • Takaful coverage
  • Installed Tracker for maximum safety in vehicles.

Eligbility Criteria

  • Citizenship: Pakistani
  • Salaried Employee:
    • Income: Permanent: Minimum PKR 30,000/- per month
    • Contractual: Minimum PKR 50,000 /- per month
    • Age: Minimum 21 Years and Maximum 65 Years at the time of maturity.
    • Employment Tenure: 12 months current OR 2 years continuous with 6 months current.
  • Self Employed Businessman /Professional:
    • Income: Minimum PKR. 40,000 per month
    • Age: Minimum 21 Year and Maximum 70 Years at the time of maturity
    • Employment Tenure: Min 1 year in current business/industry.
  • Other income sources:
    • rental Income*, foreign Remittance, Sukuk, term deposit (only lien based), pension income (consideration based on documentary evidence)
      * Property rental Income can be considered as primary income or additional to the basic income

Product Variants

Residual Value (RV) Financing:

In Residual Value module enables the customer to take a car on significantly lower monthly installment, because here the customer agrees to pay the bank a certain price for the acquisition of the car upon completion of financing period. Depending on their repayment capacity, the customer can also get a much higher valued car than they can get under the regular financing module. This scheme is available for the selected new local assembled vehicles manufacturer i.e., Suzuki, Indus, Honda, KIA, and Master.

Please find the Residual Value grid.

RESIDUAL VALUE GRID

Tenure

Max Residual Value % Allowed

1 year

Maximum 50%

2 years

Maximum 40%

3 years

Maximum 35%

4 years

Maximum 30%

5 years

Maximum 25%

1 & 2 Year rent only plan

Under this plan/option the customer pays Rental portion only, of this installment for 1st year in one-year plan and 1st and 2nd year of the financing tenure in the two year rent only plan. It provides relief to the customers in installment in 1st and 2nd year so that the customer is not overburdened.

Pricing

Auto Finance - Standard Pricing

Segment

Salaried / Self Employed Professional

Self Employed Business

New Car

K + 4.5%

K + 6.5%

Used Car

K + 3.5%

K + 5.5%


Disclaimer: Financing to be offered on KIBOR rate as on application login date & is subject to change on anniversary as per prevailing KIBOR rates in the market.


How it Works

Faysal Islamic Car Auto Finance, which follows the principle of Diminishing Musharakah, offers you hassle free, transparent and Shariah-compliant financing. Where both the bank and the customer jointly invest in acquiring an asset, such as a vehicle, creating shared ownership. The bank rents out its shares to you, and as you progressively purchase units of ownership, you move closer to becoming the sole owner of the asset. This unique method aligns with Islamic finance principles, providing you with a clear and accessible path to owning your dream vehicle.

Documents Required

Salaried Account
  • Clear and Visible Copy of CNIC
  • Latest Salary Slip
  • 3 Month’s Bank Statement, Where Salary Credits (Original / stamped & signed by bank)
  • Employment Certificate
  • Copy of Latest Utility Bill
Self Employed Business / Professional Account
  • Clear and Visible Copy of CNIC
  • One-year Business Proof (Copy of NTN or Any Authentic Business proof)
  • 6 Month’s Bank Statement (Original / stamped & signed by bank)
  • Professional Degree and valid membership of applicable professional body (for SEP Only)
  • Copy of Latest Utility Bill

Frequently Asked Questions (FAQ's)

FBL Islamic Auto Finance is based on Diminishing Musharakah a form of financing based on joint ownership in asset(s) or tangible property in which any of the joint owners undertakes/promises to buy the ownership share of the other joint owner(s) gradually until the ownership of the joint asset or property is completely transferred to the purchasing joint owner.

Processing fee of Rs. 12,000/- will be applicable once the case is approved.

Maximum financing limit: Rs. 3,000,000/-

For vehicles above 1000cc, 1 to 3 years.

For vehicles below 1000cc, 1 to 5 years.

Minimum 30% or higher according to specific make and model.

Salaried – Minimum 21 Years and Maximum 65 Years at the time of maturity

Self Employed Businessmen / Professional – Minimum 21 Year and Maximum 70 Years at the time of maturity.

The maximum Debt Burden Ratio of the Customer should not exceed 40% of the net income.

The word Takaful from the Arabic verb Kafala, which means to guarantee; to help; to take care of one’s needs. Takaful is a system of Islamic insurance based on the principle of Ta’awun (mutual assistance) and Tabarru (voluntary contribution), where risk is shared collectively by a group of participants, who by paying contributions to a common fund, agree to jointly guarantee themselves against loss or damage to any one of them as defined in the pact.

The vehicle will be registered in the name of the Customer with HPA (Hire Purchase Agreement) mark in favor of FBL.

The monthly installments will commence from the date on which the vehicle is delivered to the Customer.

As Bank and the Customer have joint ownership of the vehicle, therefore, both are liable to bear all kinds of loss or damage to the vehicle as per their ownership ratio unless the loss occurred due to the negligence of either party.

Residents of Pakistan who are salaried or self-employed businessmen or professionals based on their verifiable income/ business, or deposit-based relationship with FBL.

Financing for all locally manufactured new & used vehicles

Through Direct payment authority letter to FBL, cash payment, online payment, through ATM.

PKR 1000/- is charged per late payment as charity. . The charity is utilized by Bank for charitable purposes and is not included in the income of the bank.

The standard time for case approval is 6 working days from the date of submission of completely filled application form and furnishing all required documents.

Vehicle can be repossession in case of non-payment of the monthly installment(s).

In monthly installment customer purchases units from Bank through monthly installment payment, thereby increasing customer share and decreasing Bank share. Upon maturity the customer becomes solely owner of the vehicle by purchasing all units in monthly installments, the customer(s) will be issued a No Objection Certificate (NOC) along with a clearance letter by FBL for removal of HPA (Hire Purchase Agreement).

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