Pakwheels

MIB Bank Car Loan - MIB Car Financing Calculator

MCB Islamic Bank

Muslim Commercial Bank (MIB) - Financing Facility

Features and Benefits

Finance up to PKR 15 Million for New & Used Cars.
Finance Tenure from 1 to 7 years.
Option to purchase new, used, local as well as imported cars.
Finance up to 85% of vehicle value in case of new cars and up to 80% of vehicle value in case of used / imported cars.
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 locally assembled, used & imported cars.
0.5% lesser rate for MCB Islamic Branch KYC / referred cases.
Comprehensive motor vehicle Takaful coverage (including Total Loss & Theft scenarios).
Competitive Takaful rates.
Option to finance a second car.
Options for early buyout (early settlement) either partially (to reduce monthly installment) in ‘Diminishing Musharakah’ or in full in both ‘Ijarah’ and ‘Diminishing Musharakah’ (as per prevailing Schedule of Bank Charges).
Processing fee is payable only upon approval of finance (as per prevailing Schedule of Bank Charges).
Other charges (as per prevailing Schedule of Bank Charges).
Vehicle delivery through Bank’s approved authorized car dealers.

Required Documents

  • Copy of CNIC / SNIC / NICOP / POC.
  • 2 passport sized recent colored photographs.
  • Bank statement (6 months to 1 year).
  • Salary slip / proof of business or other documents.
  • For MCB Islamic Branch KYC / referred cases, waiver of business proof if Branch relationship is 12 months or more.

Eligibility

  • Minimum monthly net salary of PKR 40,000/- for Salaried Individuals and minimum monthly income requirement of PKR 50,000/- for Self-Employed Individuals.
  • Minimum Age Requirement: 25 years.
  • Maximum Age (at finance maturity): 60 years (Salaried) and 70 years (Self-Employed).
  • Employment / Business Length: Minimum 3 months employment (Salaried) and 1 year length of business (Self-employed).