Overview
Bank Alfalah Islamic Auto Finance helps you own your dream car through Shariah-compliant financing based on the Ijarah model. With no hidden charges, flexible tenures, and the option to choose both new and used cars, this solution ensures you enjoy convenience and peace of mind. Rentals start only after the delivery of your vehicle, making it an affordable and transparent choice.
What you get
- Withholding tax (WHT) to be borne by the bank.
- Shariah-compliant auto financing.
- Choice of new or used locally assembled cars.
- No upfront registration or takaful charges.
- Affordable monthly rentals with Residual Value (RV) option.
- Fast and simple processing.
Features & Offerings
Withholding Tax & Charges
- Withholding tax (WHT) to be borne by the bank.
- No upfront registration and takaful charges.
Flexible Tenure Options
- Up to 5 years for cars ≤ 1000 CC
- Up to 3 years for cars > 1000 CC
Affordable Rentals
Residual Value (RV) option available to lower monthly payments.
Quick Processing
Minimal documentation and speedy approvals.
Who Can Apply
Open for salaried, self-employed, pensioners, landlords, remittance holders, individuals with regular rental and agriculturist.
Pricing & Security Deposit
- Competitive Pricing.
- Minimum 30 % Security deposit.
Required Documents
Basic Documents:
- Duly filled application form
- Copy of CNIC/NICOP/POC/Smart ID
- Latest Two passport-size photographs
For Salaried Individuals:
- Latest salary slip / salary certificate
- Employment proof (minimum 3 months permanent or 6 months contractual)
- Last 6 months bank statement
- Minimum 1 year in current business
- Age Limit: Minimum 21 years and maximum 60 years for govt. employees
- Age Limit: Minimum 21 years and maximum 65 years for private sector
- Minimum income requirement Rs. 25,000/- per month for Salaried individuals
For Self-Employed / Businessmen / Professionals:
- Age Limit: Minimum 21 years and maximum 70 years
- Minimum 1 year in current business
- Business registration proof
- Tax returns (if applicable)
- Bank statement (last 12 months)
- Minimum income requirement Rs. 50,000/- per month for Self-employed businessmen or professionals.
For Pensioner, Landlords, Term deposit, Lien marked, Rental/Foreign Remittance:
- Age Limit: The maximum age limit will be aligned with that applicable to Self-Employed Businessmen (SEB)
- Pension slip / rental income proof / remittance record
- Bank statement (last 6–12 months)