Overview
Bank Alfalah Islamic Auto Finance makes it easier for you to purchase a new or used car through a Shariah-compliant Ijarah structure. With no upfront registration or Takaful charges, flexible tenure options, and competitive pricing, this facility gives you convenience, affordability, and peace of mind. You pay rent only after receiving your vehicle, while ownership remains with the Bank until the end of the Ijarah term. At maturity, you can either purchase the vehicle or return it, making the process transparent and fair.
Features & Benefits
Shariah-Compliant Financing
Structured under Ijarah, ensuring complete compliance with Islamic principles.
No Upfront Charges
Bank bears withholding tax, registration, and Takaful charges, reducing your initial cost.
Pay After Delivery
You do not pay rentals until the vehicle is delivered.
Flexible Tenure
Finance new or used vehicles with up to 5 years for cars up to 1000 CC and up to 3 years for vehicles above 1000 CC.
Low Security Deposit
Affordable Rentals
Quick Processing
Choice of Vehicles
Eligibility Critetia
Nationality:
- All Pakistani nationals residing in Bank Alfalah Islamic branch cities
Minimum Income Requirement:
- Salaried individuals: PKR 25,000 per month.
- Self-employed professionals/businessmen: PKR 50,000 per month.
Age Requirements:
- Salaried (Government employees): 21–60 years.
- Salaried (Private sector): 21–65 years.
- Self-employed professionals/businessmen: 21–70 years
- Pensioners, landlords, deposit holders, rental/foreign remittance customers: Maximum age aligned with self-employed category.
• Employment/Business Tenure:
- Salaried (Permanent): At least 3 months of total employment.
- Salaried (Contractual): At least 6 months of total employment.
- Self-employed/business owners: At least 1 year in current business.
Apply Now
Applying is simple. Choose the option that suits you best and follow the instructions below.
Option 1: Apply Online
- Visit the RAPID Portal.
- Complete the digital application form.
- Upload the required documents.
- Submit your application for quick processing.
Option 2: Apply at a Branch
- Visit your nearest Bank Alfalah Islamic branch.
- Request the Islamic Auto Finance application form.
- Attach the required documents.
- Submit the form to a bank representative for processing.
Option 3: Apply via Email
- Download the application form (if available).
- Fill in all required details and sign the form.
- Scan the completed form and required documents.
- Email everything to: auto.ijarah@bankalfalah.com
Documents Required
- Completed application form with your signature.
- Copy of CNIC / NICOP / POC / Smart ID.
- Two recent passport-sized photographs.
- Proof of income:
- Salaried: salary slip and six months' bank statement.
- Self-employed: proof of business and bank statement.
- Others (foreign remittance, agriculturists, rental income): relevant income proof.
- Any additional documents requested by the Bank.
After Submission
Once your application is reviewed and approved, a Bank Alfalah Islamic representative will contact you to complete the process.
Note: Requirements or contact details may change. Please confirm with Bank Alfalah Islamic or your nearest branch before applying.