Albaraka Bank Vehicle Finance Calculator
Al Baraka Bank (Pakistan) LTD is also known as ABPL. The bank is a result of the merger of Al Baraka Islamic Bank of Pakistan, the Al Baraka Islamic Bank Bahrain and the Emirates Global Islamic Bank of Pakistan. The merged entity started its operations in 2010. With more than 25000 professionals on board assets of more than PKR 113 billion, the bank is operating with its network around 185 branches in around 100 cities of Pakistan. The bank offers a wide range of Islamic financial services including Musharakah, ijarah, Islamic Exports Refinance, Murabaha and others. The bank also offers compliant deposit schemes to its customers and invest their funds along with a variety of ancillary services.
Al Baraka Bank Car Financing
The Al Baraka Carsaaz is a compliant product offered by the bank for personal use. The project helps the customers to choose a vehicle of their own choice with a complete peace of mind. The product is best for the one who is willing to buy his/her own car without compromising on the beliefs and values.
Eligibility Criteria of Al Baraka Bank Car Loan
A salaried person with minimum 2 years of experiences and at least 6 months with the current employer is eligible for the product if they have a minimum income of 30,000 PKR per month and is aged between 22 to 62 years. while for a self-employed person or a business person the requirement is to have minimum 3 years of continued practice of business and net income of 50,000 Pak rupee per month and if they are aged between 24 to 65 years, to avail the opportunity.
Features & Benefits of Al Baraka Bank Auto Loan
The core features of the product include; sharia’ah complaint, transaction mode that is diminishing the musharakah, a quick processing with affordable instalments, up upfront instalment before the vehicle is delivered and charges during the advance booking period. It also offers the product with a payable tenure of 12 to 84 months with minimum processing charges.