Faysal Islamic Bank offers car loans for consumers with highly attractive features. The bank promises a quick approval process. You can avail of a car loan from Faysal bank for procuring old, new, locally assembled, and imported vehicles. The financing tenure ranges from 1 to 7 years depending on the vehicle and SBP regulations. The car loan also has the option of partial pre-payment and co-partner. The former allows you to reduce your outstanding loan whenever you have extra money. The latter can facilitate you when it comes to calculating your debt service ratio. You can go to Faysal bank’s website and use the Faysal Islamic bank car loan calculator to get an idea of what you will have to pay every month for the car you love.
The Pakistani banking sector stepped into consumer financing sectors such as house financing and vehicle lease almost two decades ago. They also ventured into credit cards and personal loans due to ever-increasing public reliance on debt financing. Banks have almost completely taken over the housing finance and vehicle finance sector, making lease and housing finance companies look unattractive to consumers. Faysal Islamic bank is one of the most prestigious Islamic banks in Pakistan and has tailored its consumer products over the years to facilitate consumers in procuring vehicles, personal loans, and housing finance.
Visit Faysal Islamic bank’s website and click on personal banking. From the menu of personal banking select “Faysal car finance”. At the bottom of the page, you will find the link to the Faysal Islamic bank car loan calculator. Click on the calculator.
The first information you have to enter in the Faysal Islamic bank car loan calculator in Pakistan is the total cost of the vehicle you want to finance. Total cost includes invoice value, freight charges, withholding tax, insurance premium and you can even add registration charges just to see what your total monthly installment would like. For instance, you want to procure a Toyota Yaris 1.3, check its latest value from Toyota’s website, add the freight charges and withholding tax and you will have the total cost of your vehicle.
After you have entered the vehicle cost, the next menu is about your status. whether you are a self-employed professional, a businessman, or a salaried individual. Select your status from the drop-down menu of the Faysal Islamic bank car loan calculator and move to the next step.
After you have selected your status, you can use the next drag-down menu titled “Tenure in Year”. You can select the tenure from 1 to 7 years, depending on your preferences. Please note that as per SBP’s regulations about consumer financing, only vehicles that are 1000 CC or lower can be financed for a maximum period of seven years. Vehicles that are above 1000 CC can be financed only for a maximum tenure of 5 years. Use the Faysal Islamic bank car loan calculator to select the tenure that suits you.
The next menu in the Faysal Islamic bank car loan calculator in Pakistan is the down payment. You can make a down payment as low as 20 % and as high as 80 %. However, it should be noted that as per the state bank of Pakistan’s regulations for vehicle financing, only vehicles that are 1000 CC or smaller can have a minimum down payment of 20 % while vehicles larger than 1000 CC can have a minimum down payment of 30 %. Select the down payment that suits you and move to the final step.
Once you have entered all the values click on the submit button. The calculator will provide you with the results. The calculation sheet will include the value of the vehicle, your contribution, your first payment, and your tenure. You will also be provided with a monthly repayment schedule with a complete break-up of your monthly installment including rental and the takaful amount. If you want to change any information, you can click on the “redo” button and re-enter all information.
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