Designed according to the principles of Shariah, Alfalah Car Ijarah is completely interest-free. Under this arrangement, the Bank will purchase a vehicle and give it to you for use for a specific period of time on monthly rental. You may buy the vehicle against your security deposit after completion of Ijarah tenure, upon payment of all due rentals, and thus you can become the sole owner with a clear title of the vehicle.
Features & Benefits
- Avail the financing of new, used and imported vehicle for personal use
- Multiple tenure options of 3 to 5 years
- Quick processing with minimum documentation
- No rentals before delivery of vehicle
- No upfront insurance charges
- No upfront registration charges
- Competitive profit rates and security deposit
- You are a Pakistani National Identity Card Holder
- You should be aged between 25 and 65 years of age, subject to maximum age of 65 years at maturity of finance.
- You must be in continuous employment (as a permanent employee) for 2 years or more
- Your gross monthly income should be three times of the monthly rentals.
(i) Copy of valid CNIC
(ii) Two passport size coloured Photographs of Applicant
(iii) Last six months bank statement
(iv) Signature verified from bank
(v) Copy of CNIC of references provided
(vi) Copy of driving licence
(i) Original or certified copy of latest Pay Slip
(ii) Employer Certificate providing information about Tenure, Designation and salary
(iii) Bank statement of account in which salary is being credited
(iv) Other income proof (If applicable)
(i) Last three years proof of business e.g. Tax Return, Bank Certificate, etc.
(ii) Copy of NTN certificate
(iii) Proprietorship Latter/Partnership Deed/Directorship evidence as the case may be
(iv) No Objection Certificate from other partners in case of partnership.
(v) Professional degree/certificate (for professionals)
(vi) Practice License/Professional Association Membership Certificate (for professionals)
Frequently Asked Questions
How does “Alfalah Car Ijarah” differ from other car financing and leasing schemes?
Alfalah Car Ijarah has been designed according to the principles of Shariah and is completely interest-free. Moreover, the Ijarah contract and other documentation also comply with Shariah Requirements. On the other hand, a conventional car financing scheme is actually a loan given by the financial institution and interest is charged on that loan. The lease contract under conventional car-financing scheme is
also not incompliance with Islamic Shariah and has Riba and other un-Islamic elements in it.
How much financing can I get?
Alfalah Car Ijarah gives you the flexibility of acquiring all new locally assembled cars up to 80% and imported cars equivalents to Rs. 4.0 million(term and conditions apply). This facility is also available for used cars provided the model of the car is not older than three years.
How can I pay?
You can pay in flexible, easy rentals over a period of 3, 4 or 5 years.
What is the insurance arrangement under this scheme?
Bank Alfalah Islamic Banking being the owner of the car and will be responsible for insurance of the car and for paying the insurance premium.
How much time does Bank Alfalah take in processing the lease?
After receiving the completed application form along with the required documents, your application will be processed in 3-4 business days.