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HBL Islamic CarFinance

A Musharakah based facility enabling you to get the car of your dreams. C​lick here for ​calculation​​​ ​​​
 


Key Features

  • Financing limit between PKR 200,000 to PKR 5,000,000/-
  • Finance new, used or imported vehicle for personal use
  • Payment tenure ranging from 1 to 7 years (5 years for used car)
  • Takaful arrangement through leading business partners on HBL panel
  • Initiation of rentals only after delivery of vehicle to the customer
  • Quick processing with minimum documentation
  • Option for partial payment
  • Option for early termination of facility

Criteria


Salaried individuals:

  • Applicant must be a Pakistani citizen
  • For booking cases, minimum age to be 22 years and maximum 59 years or retirement age whichever is lower (at maturity)
  • For ready/used car cases, minimum age to be 22 years and maximum 60 years or retirement age whichever is lower (at maturity)
  • Minimum monthly income to be PKR 20,000

Self-employed business persons/professionals to provide:

  • Applicant must be a Pakistani citizen
  • For booking cases, minimum age to be 22 years and maximum 69 years (at maturity)
  • For ready/used car cases, minimum age to be 22 years and maximum 70 years (at maturity)
  • Minimum monthly income to be PKR 25,000

How to apply


Salaried individuals to provide:

  • Original copy of CNIC along with verified copy
  • Two recent passport size photographs
  • Latest original salary slip and personal bank statement for last three months
  • Other document as per bank policy

Self-employed business persons/professionals to provide:

  • Original copy of CNIC along with verified copy
  • Two recent passport size photographs
  • Bank statement for last 6 months, signed and stamped by Branch Manager and bank letter confirming detail of account
  • Proof of business
  • Other documents as per bank policy

Guiding principle

HBL Islamic CarFinance is based on the concept of Diminishing Musharakah. Under this arrangement, bank and customer become joint owners in a vehicle with an agreed investment ratio. Bank’s ownership share of the vehicle is divided into units which customer purchases periodically to ultimately become complete owner of the vehicle. Till the complete ownership, customer pays agreed rentals for using bank’s share in the vehicle.


Terms and conditions apply
Fees and charges tobe applicable as per islamic Schedule of Bank Charges (I-SOBC).