Saadiq Auto Finance
A Shariah Compliant Auto Financing solution with flexible payment options and low Takaful rates
A Shariah Compliant Auto Financing solution with flexible payment options and low Takaful rates
free personal accidental coverage
takaful rates
Financing solution to help you buy your new car.
Avail financing to buy a used car.
Transfer your existing facility from of other banks to SCBPL.
Shariah compliant financing solution to help you buy imported car.
Minimum 15% of the car value is required as customer’s contribution.
Minimum 1 year and maximum 7 years.
Both fixed and variable options are offered.
5 years at the time of application and 7 years at the time of maturity of the facility.
Yes, you have the option to purchase the bank’s share and pay the amounts as per the prevailing SOC’s after six months of availing the finance facility. However, early settlement 5.5% / amount will be included in the purchase price amount. Further, in case of sales & lease back facility, early purchase cannot be done before one year of the execution of the transaction.
Customer has undertaken in the facility agreements to pay an amount as charity which will be paid for charitable purposes on customer’s behalf by the Bank as approved by the authorities and Shariah Board of the Bank.
Takaful is mandatory for all vehicles being financed under this facility. There is a panel of takaful companies offered from which the client can select the takaful provider.
Auto finance is based on the Islamic structure of “Diminishing Musharakah”. Diminishing Musharakah is a form of co-ownership in which the Bank and customer share the joint ownership of a tangible asset (e.g. car) in an agreed proportion. It is agreed that one of the co-owners (customer) will purchase, in periodic instalments, the share of the other co-owner (Bank) until the ownership of that tangible asset is completely transferred to the purchasing co-owner (customer). Furthermore, along with the purchase of share, the (purchasing) co-owner will also make agreed periodic payments (rent) for the usage of other co-owner’s share in the asset, till ownership of the asset is completely transferred to the customer.
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