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Islamic Apni Car Finance (DM-Consumer)
There’s nothing like a car of your own!
AL Habib Islamic Apni Car is an auto finance facility that lets you buy a car through Shariah-compliant mode of Diminishing Musharakah (DM). With affordable plans to suit your convenience, the facility is a quick and easy route to own a car. Enjoy the ride like never before.
The facility is based on Shirkat ul Milk. Under the facility, Bank and customer jointly own the vehicle. After assuming the ownership and possession of vehicle, bank rents outs its share of ownership to customer. Bank share of ownership is divided into units and customer undertakes to purchase the bank share of ownership, periodically.
Enjoy the exclusive benefits
Shariah compliant solution for auto financing
Financing available for Locally Manufacturer New & Used Vehicles
Financing up to 7 years (Financing for 6-7 years is only for locally manufacturer brand new KIA Picanto and Suzuki vehicles up to 1000cc)
Easy monthly installments
Easy documentation with hassle-free processing
Low and competitive rental payments
No rental payment before delivery of Car
Vehicle registration in your name
Early settlement/purchase option
No Pre-payment penalty
Partial payments allowed with no charges
Comprehensive Takaful coverage with Tracker option
Ijarah/DM facility for Corporate and SMEs also available
Free Personal Accident Takaful upto Rs. 500,000/-
Choice of reputable insurance companies at competitive rates
Free Internet Banking
Free E-Statement
Mobile Banking and SMS Alerts facility
Who can apply for Bank AL Habib Islamic ApniCar Auto Finance
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Pakistani Nationals
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Account holder of any Bank
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Salaried person, Businessman or Self-employed
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Individuals having other source of income i.e. Remittance, Rental, Pension or Investments may also apply if they maintain satisfactory account at Bank AL Habib
Visit your nearest branch
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Our highly trained executives will take care of your financing requirements
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The only thing you need to worry about is choosing the car and its colour
Documents Required
- Salaried Individual
- Two recent photographs
- Copy of Computerized / Smart National Identity Card (CNIC / SNIC)
- Proof of Permanent/Regular employee and 1 Year working experience
- Proof of 2 Years working experience for Contractual Employees
- Last 3 months salary slip/salary certificate
- Bank statement of last 6 months with reflection of salary credits
- Self - Employed Individual
- Two recent photographs
- Copy of Computerized / Smart National Identity Card (CNIC / SNIC)
- Acceptable proof of business
- Bank statement of last 6 months
Frequently Asked Questions
- Can I avail the ApniCar Auto Finance facility? Yes if you are:
- Pakistani National Citizen holding valid CNIC / SNIC
- Having satisfactory credit history
- Which cars can I apply this financing for? Following Categories are being offered in Bank AL Habib Car Financing:
- Brand new vehicle for personal use
- Used cars above 1000cc; not older than 5 years from the date of manufacturing
- Used cars up to 1000cc; not older than 3 years from the date of manufacturing
- What is the maximum finance I may avail?
Up to PKR 3,000,000/-.
- What is the tenor of the car financing?
The financing can be availed from 1-5 years. 6-7 years financing is allowable for brand new KIA and Suzuki vehicles up to 1000cc.
- How much initial down payment do I have to make?
- Minimum 15% for Brand New Vehicles up to 1000cc
- Minimum 20% for Used Vehicles up to 1000cc
- Minimum 30% for above 1000cc new/used Vehicles
- What would be my total up-front payment?
You have to pay equity in the vehicle price, processing fee, and first year’s Takaful premium.
- Who will arrange the takaful for the vehicle?
We have arrangements with various renowned Takaful companies which offer special rates for Bank AL Habib customers.
- How do I repay the Financing ?
You need to repay through Direct Debit Authority.
- Can I repay the car financing before the maturity?
Yes, you have the option to repay the financing at any time during the tenure of the financing.
- Is there an option to make partial payments?
Yes. Partial payments can be made twice a year without any fee(after every six months) with a minimum of PKR 50,000/-.
- How old can the used vehicle be for me to avail the finance facility?
The used car should not be older than 5 years from the date of manufacturing if it is above 1000cc. If the used vehicle is upto 1000cc, than it should not be older than 3 years from date of manufacturing.
- Who will evaluate the price of used cars?
The Bank arranges for the valuation through its panel of approved surveyors/valuators.
- What is the security of the financing?
The vehicle is the security, which will be hypothecated in favor of Bank AL Habib through Motor Registration Authority.
- What is the first step I need to take?
- Visit the nearest Bank AL Habib Islamic Branch
- Call our 24X7 Helpline
- Email at apnicar.islamic@bankalhabib.com