Dubai Islamic Bank Car Loan
Dubai Islamic Bank Pakistan (DIBP) stands out as a pioneer in Shariah-compliant banking, offering car finance solutions that integrate Islamic traditions with modern technology. Here’s everything you need to know about the Dubai Islamic Bank Car Finance Scheme:
Key Features and Benefits
- Shariah-Compliant Model
- Based on the Musharaka cum Ijarah model, ensuring full compliance with Islamic principles.
- Suitable for both new and used local vehicles.
- Flexible Financing Options
- Tenure: 1 to 5 years.
- Financing amount: PKR 100,000 to PKR 3,000,000.
- Up to 70% of the car’s value financed, depending on customer needs.
- Lowest Insurance/Takaful Rates
- DIBP guarantees the most competitive rates for insurance/takaful compared to other banks in Pakistan.
- No Pre-Delivery Installments
- For advance bookings, customers don’t pay monthly rentals until the car is delivered.
- Additional Benefits
- All financed cars come equipped with a tracking device.
- Income clubbing option available for co-applicants.
- Competitive and affordable monthly rentals.
Dubai Islamic Bank Car Loan Calculator
DIBP provides a Car Loan Calculator, available on platforms like PakWheels.com.
- Input Details: Car type (new/used), make, model, city, loan tenure, and down payment.
- Output: Initial deposit, estimated monthly payments, and yearly payment plan.
This tool helps users compare various options by adjusting parameters to choose the most suitable plan.
Eligibility Criteria
For Salaried Individuals
- Age: 22 to 65 years.
- Minimum monthly income: PKR 55,000.
- Employment length: Minimum 6 months.
For Self-Employed Professionals/Businesspersons
- Age: 22 to 70 years.
- Minimum monthly income: PKR 55,000.
- Business length: Minimum 1 year.
General Requirements
- Pakistani citizenship.
- Minimum financing: PKR 100,000.
- Maximum financing: PKR 3,000,000.
Required Documents
For Salaried Individuals
- CNIC/NICOP/POC (copy).
- 2 passport-size photographs.
- Latest pay slip or salary certificate.
- Bank statement for the last 6 months.
- Duly filled loan application form.
For Businesspersons & Self-Employed Professionals
- CNIC/NICOP/POC (copy).
- 2 passport-size photographs.
- Bank statement for the last 6 months.
- Proof of profession or business:
- Proprietorship letter.
- NTN certificate.
- Tax returns for the last 2 years.
- Professional degree and valid membership (for professionals).
For Business Entities (Proprietors, Partnerships, Companies)
- Declaration of proprietorship.
- Certified partnership deed or Memorandum & Articles of Association.
- Tax returns and assessment orders for the last 2 years.
- Latest utility bill.
Why Choose Dubai Islamic Bank for Car Financing?
Dubai Islamic Bank is a trusted name in Islamic banking with a reputation for providing:
- Competitive rates.
- Shariah-compliant financial products.
- Customer-centric services tailored to individual needs.
Whether you’re looking for new or used car financing, DIBP’s car finance scheme offers a seamless and compliant way to achieve your goals.
Start your journey with Dubai Islamic Bank today and enjoy a hassle-free Islamic car financing experience!
FAQs About Dubai Islamic Bank Car Loan
1. What is Dubai Islamic Bank Car Finance based on?
The car finance scheme is based on the Musharaka cum Ijarah model, ensuring full compliance with Islamic principles.
2. What types of vehicles can I finance through DIBP?
You can finance both new and used local vehicles through Dubai Islamic Bank’s car finance scheme.
3. What is the maximum amount I can finance?
The maximum financing amount is PKR 3,000,000, while the minimum is PKR 100,000.
4. How much of the car’s value can DIBP finance?
Dubai Islamic Bank can finance up to 70% of the car’s value, depending on customer requirements.
5. What are the loan tenure options?
The loan tenure ranges from 1 to 5 years.
6. Does DIBP charge monthly rentals before the car’s delivery?
No, for advance bookings, customers do not pay monthly rentals until the car is delivered.
7. Are there any added benefits with DIBP car finance?
Yes, benefits include:
- Guaranteed lowest insurance/takaful rates.
- Tracking devices installed in all financed cars.
- Income clubbing option for co-applicants.
8. What are the eligibility criteria for Dubai Islamic Bank Car Finance?
Eligibility depends on your employment status:
- Salaried Individuals: Minimum income of PKR 55,000 and age between 22-65 years.
- Self-Employed Professionals/Businesspersons: Minimum income of PKR 55,000 and age between 22-70 years.
9. What documents are required to apply?
Required documents include:
- CNIC/NICOP/POC.
- Latest pay slip or salary certificate for salaried individuals.
- Bank statements for the last 6 months.
- Proof of business or professional qualifications for self-employed individuals.
10. Can I calculate my monthly payments before applying?
Yes, you can use the DIBP Car Loan Calculator available online to estimate monthly payments and compare different financing plans.
Conclusion
Dubai Islamic Bank Car Finance offers a seamless, Shariah-compliant solution for individuals seeking to purchase new or used vehicles. With competitive financing options, guaranteed lowest takaful rates, and flexible tenures, DIBP is a top choice for Islamic car financing in Pakistan.
Its user-friendly application process, innovative tools like the Car Loan Calculator, and customer-centric benefits such as no pre-delivery installments make DIBP an excellent choice for car buyers. Whether you’re salaried or self-employed, Dubai Islamic Bank provides a tailored solution to make your dream car a reality.
