Summit Bank provides easy and convenient auto financing solution catering the needs of Shariah conscious users. It facilitates financing of new, imported and used vehicles at customer’s ease.
A unique mode of auto financing where usufruct (right to use the vehicle) is transferred to the customer for an agreed tenure on mutually agreed rentals. Ijarah vehicle remains in the ownership of the Bank and all liabilities relating to it are borne by the Bank. SMBL purchases the vehicle only on customer’s request through undertaking for Ijarah.


Facility Amount Minimum: Rs. 300,000/-
Maximum: Rs. 6,000,000/-
Tenure Minimum: 1 year

Maximum: 5 years

Security Deposit 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 0ne 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

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Last Updated 2023-05-26

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