Faysal Islamic Bank offers car loan options for customers with attractive features. The bank promises quick approval. Faysal Bank can provide a car loan to finance the purchase of new or used vehicles, as well as imported vehicles. The vehicle and the SBP regulations will determine the length of the financing term. You have the option to pre-pay partial or partner on your car loan. You can reduce your outstanding loan amount whenever you have more money. This can help you calculate your debt service ratio. To get an estimate of the monthly cost for the car that you love, visit Faysal Islamic Bank’s website.
Pakistani consumer financing
Nearly two decades ago, the Pakistani banking industry entered consumer finance sectors like vehicle leasing and house financing. Due to the increasing public dependence on debt financing, they also entered credit cards and personal loans. The bank has almost entirely taken over the vehicle finance and housing finance sectors, rendering lease and housing finance companies unattractive to consumers. Faysal Islamic Bank is one of Pakistan’s most respected Islamic banks. It has developed its consumer products over the years in order to help consumers obtain vehicles, personal loans and housing finance.
Step 1: Visit Faysal Bank’s Website
Click on Personal Banking to visit Faysal Islamic Bank’s website. Select “Faysal finance” from the menu. The Faysal Islamic Bank car loan calculator is located at the bottom of this page. Click the calculator.
Step 2: Enter your total vehicle cost
Faysal Islamic Bank Pakistan car loan calculator will ask you for the total cost of your vehicle. To see your monthly payment, add on registration fees and freight charges. If you are looking to purchase a Toyota Yaris 1.3 then you can check the latest value on Toyota’s website. Add the freight charges and withholding taxes and you will get the total cost.
Step 3: Choose Your Status
Once you have entered your vehicle cost, the next menu will be about your status. You can choose whether you are self-employed, a businessman or a salaried person. You can select your status using the Faysal Islamic Bank car loan calculator drop-down menu and then move on to the next step.
Step 4: Select Tenure
Once you have chosen your status, you will be able to use the next drop-down menu entitled “Tenure in year”. You have the option to choose between a tenure of 1-7 years depending on your preference. Please note that vehicles with a minimum of 1000 CC cannot be financed for more than seven years, as per the regulations of SBP regarding consumer financing. Vehicles with more than 1000 CC cannot be financed for longer than 5 years. To find the right tenure for you, use the Faysal Islamic Bank car loan calculator
Step 5: Make a down payment
Next on the Faysal Islamic Bank car loan calculator for Pakistan is the downpayment. A down payment can be as low as 20% or as high as 88%. It is important to note that vehicles less than 1000 CC are not eligible for a minimum downpayment. Vehicles larger than 1000CC may require a 30 % down payment. Next, choose the amount that is most suitable for you.
Click on “Submit”.
After you have entered all values, click the submit button. The calculator will display the results. Calculation sheets will show you the vehicle’s value, your contribution, the first payment and the length of your tenure. A monthly repayment plan will be sent to you with the breakdown of your monthly installments, including rental and the takaful. You can edit any information by clicking on the “redo button” and then re-enter it.