MIB Bank Car Loan - MIB Car Financing Calculator

Features and Benefits

1. Finance up to PKR 3 Million for New & Used Local Cars
2. Finance Tenure from 1 to 5 years
3. Option to Purchase New or Used Local Cars
4. Finance up to 30% of vehicle value in case of New and Used Local Cars
5. Equal Monthly Installment (Diminishing Musharakah) / Equal Monthly Rental (Ijarah) MCB Islamic offers Competitive Variable Rate pricing i.e. KIBOR + Fixed Spread (Ranging from 3.5% – 7.0%) for New and Used Locally Assembled Cars
6. Comprehensive Motor Vehicle Takaful Coverage (including Total Loss & Theft Scenarios)
7. Competitive Takaful rates Option to Finance a Second Car
8. Options for Early Buyout (Early Settlement) either partially (to Reduce Monthly Installment) in ‘Diminishing Musharakah’ or Full in Both ‘Ijarah’ and ‘Diminishing Musharakah’ (as per prevailing Schedule of Bank Charges)
9. Processing Fee is Payable only upon Approval of Finance (as per prevailing Schedule of Bank Charges)
10. Vehicle delivery through Bank’s Approved Authorized Car Dealers

Required Documents

SALARIED 

1. Copy of CNIC / NICOP / POC 2
2. recent passport size photographs
3. Latest pay slip / salary certificate from employer
4. Bank statement for the last 6 months
5. Duly filled loan application form BUSINESSMAN AND SELF-EMPLOYED

PROFESSIONAL 

1. Copy of CNIC / NICOP / POC
2. 2 recent passport size photographs
3. Bank statement for the last 6 months
4. Proof of profession or business Proprietorship letter NTN certificate
5. Tax Returns of 2 years PROFESSIONAL DEGREE

VALID MEMBERSHIP OF APPLICABLE PROFESSIONAL BODY (FOR SEP ONLY) 

1. Duly filled loan application form Proprietors
2. Partnership Concerns or Limited Company Copy of CNIC / NICOP / POC
3. 2 recent passport size photographs
4. Declaration of proprietorship
5. Certified Partnership Deed
6. Memorandum & Article of Association
7. Form A & 29
8. Company Profile Bank statement for the last 6 months
9. Tax Returns and Assessment Order for the last 2 years
10. Copy of latest utility bill Duly filed application form

Eligibility

1. Pakistani Citizenship
2. Minimum Monthly Net Salary / Monthly Income Requirement: PKR 80,000 Minimum
3. Age Requirement: 22 years* Maximum Age (at loan maturity): 65 years (salaried) and 70 (Self-Employed)
4. Employment/Business Length: Minimum 6 Months
5. Employment (Salaried)* / 1 Year Business (Self-Employed).*