If you love the idea of owning your own car and having your own freedom then why not turn it into a reality and apply for Dubai Islamic auto finance which is an islamic loan product?
Opting to take out a car loan will enable you to choose a vehicle you want and open your mind to new experiences while being behind the wheel. However, choosing Auto Finance is all about having an understanding of what it offers and what criteria you have to meet in order to be accepted. The following sections provide a high level review of the Dubai Islamic Bank Auto Loan product.
Dubai Islamic Bank Auto Finance – What is Offered
Dubai Islamic Auto Finance aims to provide you with a finance solution that enables you to purchase your vehicle quickly and efficiently while remaining compliant with Sharia. It uses the Musharaka cum Ijara model to provide you with finance for your vehicle.
Key Elements You Need to Know about the Finance Aspect
This finance comes with low Takaful Rates and when compared to other banks, they are the cheapest around, however, it is always worth carrying out a simple comparison.
The great thing about this finance is that it requires no payment advance booking which means that monthly repayments are not made until you have received the vehicle, despite having the finance agreed beforehand.
Additioanl Reading: Owning Your Private Car through Bank Alfalah Car Loan
The monthly rentals remain competitive and they follow industry standards, which means that you can benefit from affordable monthly payments. They will provide finance of up to 85% of the car value with a minimum finance of Rs. 100,000 and a maximum of RS. 5,000,000.
Sharia Compliant and Flexible
The Auto Finance on offer here is Shari’a compliant and is structured under the tenets of Islam & Shari’a compliance for all Riba free transactions.
For anyone who requires Dubai Islamic Bank Auto Finance, it is important that the options are flexible because that provides borrowers with the ability to make informed decisions. Therefore, borrowers can purchase new, used and imported vehicle ensuring that you can choose almost any vehicle you require. The flexibility of this product goes further because the payment plans can be spread over a maximum of 7 years, which means that you can choose a tenure option that works best for you.
Sometimes a new vehicle or nearly new vehicle is not affordable for many but borrowers can purchase vehicles that are up to 9 years old. This makes it an even more affordable option for many.
Eligibility to Get Auto Finance
The Dubai Islamic Bank Auto Finance is available for those who are salaried, self-employed professional and self-employed businessman. The minimum age for application is 21 although the maximum age for salaried is 60 years old while it is 65 years old for both self-employed options.
Loanees will have to have a minimum monthly net income of Rs. 25,000 and those who are salaried will need to have been in employment for at least three months. Self-employed professionals will need 3 months of work behind them and self-employed businessman will be required to have 12 months.
What is the Current Pricing Mechanism?
The rate is an adjustable profit rate that can change both annually or semi-annually depending on the benchmark KIBOR. Every six or twelve months, the pricing is revised from the date of contract booking but this depends on the renewal option that has been selected, this can then have an effect on the rental cost.
Always Remember to Compare through Mawazna.com
There are many different Auto Finance plans available from different providers in Pakistan including Islamic Financing. This highlights the importance of using the comparison service available from Mawazna.com. This enables you to make an informed decision and ensures that you have Auto Finance that suits your needs.
“Mawazna Karein Apne Liye, Apno key Liye”
Disclaimer: During the writing, Team Mawazna puts every single effort to provide the upto date information. The above information was captured at the time of writing in Sep. 2018. However the provider banks may change the product information, charges and offers at any time without any notice therefore it is advised to validate the information with the Provider bank before applying for a certain card.