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Faysal Car Finance

Drive your Dream Car Today

Faysal Islamic Car Finance is based on the principles of Diminishing Musharakah. This is a medium and long term financing product, where the 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.

Features & Benefits

  • Fast and Hassle-free application process
  • Flexibility in selection of cars (Assembled/Manufactured)
  • Facility against brand new as well as used vehicle
  • Financing amount up to 70% of the value of vehicle
  • Flexible Financing Tenure
    Maximum 5 Years (Vehicles up to 1000 CC)
    Maximum 3 Years (Vehicles above 1000 CC)
  • Partial Pre-payment facility available
  • Co-Partner facility available
  • Early settlement option
  • Takaful coverage from reputable Takaful Companies on FBL Panel
  • Tracker will be installed in vehicles for maximum safety.
  • Installments start after vehicle delivery
  • No processing fee until financing approval
  • Up to 9-year old vehicle can be financed
  • Property rental Income can be considered as primary income or additional to the basic income

Residual Value 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.

Documents Required

  • Application Form properly filled and signed by customer
  • Current Salary Slip
  • Clear and Visible Copy of CNIC
  • 2 Recent Photograph (passport size)
  • SBP undertaking properly filled and signed by customer
  • 6 Month’s Bank Statement, Where Salary Credits (Original / stamped & signed by bank)
  • Employment Certificate
  • Copy of Latest Utility Bill

  • Application Form properly filled and signed by customer
  • One-year Business Proof (Copy of NTN or Any Authentic Business proof)
  • Clear and Visible Copy of CNIC
  • 2 Recent Photograph (passport size)
  • SBP undertaking properly filled and signed by customer
  • 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

Eligibility Criteria:

  • Citizen Ship: Pakistani
  • Income:
    Salaried: Minimum PKR 30,000
    Contractual: Minimum PKR 50,000
    SEB/SEP: Minimum PKR 40,000
  • Age Limit: Salaried (Min 21 Years and Max 65 Years at the time maturity)
    SEB/SEP (Min 21 Year and Max 70 Years at the time of maturity)
Faysal Islamic Car Finance Calculator
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Our hotline is available 24X7

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Nearest ATM & Branch

ATM - Engro Polymer & Chemicals Ltd. Plant Site EZ/I/P-II-I Eastern Zone, Bin Qasim

Branch - Engro Polymer & Chemicals Ltd. Plant Site EZ/I/P-II-I Eastern Zone, Bin Qasim

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https://www.vudols.com/

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