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MCB Islamic Bank

Muslim Commercial Bank (MIB) - Financing Facility

Features and Benefits

  • Finance up to PKR 3 Million for New & Used Local Cars
  • Finance Tenure from 1 to 5 years
  • Option to Purchase New or Used Local Cars
  • Finance up to 30% of vehicle value in case of New and Used Local Cars
  • Equal Monthly Installment (Diminishing Musharakah) / Equal Monthly Rental (Ijarah) MCB Islamic offers Competitive Variable Rate pricing i.e. KIBOR + Fixed Spread (Ranging from 3.5% – 7.0%) for New and Used Locally Assembled Cars
  • Comprehensive Motor Vehicle Takaful Coverage (including Total Loss & Theft Scenarios)
  • Competitive Takaful rates Option to Finance a Second Car
  • Options for Early Buyout (Early Settlement) either partially (to Reduce Monthly Installment) in ‘Diminishing Musharakah’ or Full in Both ‘Ijarah’ and ‘Diminishing Musharakah’ (as per prevailing Schedule of Bank Charges)
  • Processing Fee is Payable only upon Approval of Finance (as per prevailing Schedule of Bank Charges)
  • Vehicle delivery through Bank’s Approved Authorized Car Dealers

Required Documents

  • SALARIED 
  • Copy of CNIC / NICOP / POC 2
  • recent passport size photographs
  • Latest pay slip / salary certificate from employer
  • Bank statement for the last 6 months
  • Duly filled loan application form BUSINESSMAN AND SELF-EMPLOYED
  • PROFESSIONAL 
  • Copy of CNIC / NICOP / POC
  • 2 recent passport size photographs
  • Bank statement for the last 6 months
  • Proof of profession or business Proprietorship letter NTN certificate
  • Tax Returns of 2 years PROFESSIONAL DEGREE
  • VALID MEMBERSHIP OF APPLICABLE PROFESSIONAL BODY (FOR SEP ONLY) 
  • Duly filled loan application form Proprietors
  • Partnership Concerns or Limited Company Copy of CNIC / NICOP / POC
  • 2 recent passport size photographs
  • Declaration of proprietorship
  • Certified Partnership Deed
  • Memorandum & Article of Association
  • Form A & 29
  • Company Profile Bank statement for the last 6 months
  • Tax Returns and Assessment Order for the last 2 years
  • Copy of latest utility bill Duly filed application form

Eligibility

  • Pakistani Citizenship
  • Minimum Monthly Net Salary / Monthly Income Requirement: PKR 80,000 Minimum
  • Age Requirement: 22 years* Maximum Age (at loan maturity): 65 years (salaried) and 70 (Self-Employed)
  • Employment/Business Length: Minimum 6 Months
  • Employment (Salaried)* / 1 Year Business (Self-Employed).*