Summit Bank provides easy and convenient auto financing solution catering the needs of Shariah conscious users. If facilitates financing of new, imported and used vehicles at customer’s ease.
The transaction is structured on Diminishing Musharaka basis where vehicle is jointly owned by the customer and the Bank, and the customer undertakes to buy the proportionate share of the Bank through periodic installments. Customer enjoys usufruct of the vehicle hence pays rentals for the share of Bank’s ownership.
Features
| Facility Amount | Minimum: Rs. 300,000/-
Maximum: Rs. 6,000,000/- |
| Tenure | Minimum: 1 year
Maximum: 5 years |
| Customer’s Share | Minimum 15% of Car Value
(This percentage maybe changed by management from time to time as per its business / credit policy) |
| Debt Burden Ratio | Up to 50% |
| Vehicle Type | New & Old Passenger Vehicle |
| Takaful Coverage | At actual
(Takaful would be made mandatory from Bank’s authorized Takaful Company (to be built in 1st rental)) |
| Early Purchase Facility | 5% of the outstanding principal for 1st Year
3% of the outstanding principal after 1st Year |
| Processing Charges | Rs. 5,000/- + FED |
| Income Estimation Charges | At actual
(To be borne by customer) |
| Vehicle Valuation Charges | At actual
(To be borne by customer) |
| Legal Documentation Charges | At actual
(To be borne by customer) |
Basic Documents Required:
Two recent passport size photographs of Applicant
Copy of Applicant’s CNIC
Copy of latest paid PTCL landline bill of Residence / Business
Copy of NTN Certificate
Latest One year Bank Statement
Documentation as per Profession:
| Salaried: | Employment Certificate & Latest three months Salary Slip |
| Self Employed Businessman: | Proprietorship Declaration on Company’s Letterhead & Visiting Card Latest Two Years Tax Return |
| Self Employed Professional: | Copy of Professional Degree / Certificate Latest One Year Tax Return |
(Further documentation may be required at the time of case processing)
Who Can Apply
Individuals meeting the following criteria:
| Parameters | Salaried | Self Employed Businessman / Professional |
|---|---|---|
| Minimum Age | 21 Years | 23 Years |
| Maximum Age | 60 Years at Maturity | 65 Years at Maturity |
| Employment / Business Tenure | Minimum 6 Months | SEB: Minimum 2 years
SEP: Minimum 1 year |