Faysal Car Finance (Cash Out)
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.
ELIGIBILITY CRITERIA
| Length of Service (Min) | 1 |
| Min Income (Monthly) | 5 |
| Salary Transfer | yes |
| Max Loan Amount | 5,000 |
| Loan Tenor (Max) | 2 Year |
| Employment Sector | private sector |
| Income Type | Salaried |
| Profit Rate (APR) | 5% |
| Processing Fees | PKR 2,000 |
City
Bakshshapur
DOCUMENTS REQUIRED
- 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.
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Faysal Bank Limited Faysal Car Finance
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