Islamabad, June 5, 2025: If you’re considering purchasing a vehicle in Pakistan, several financial institutions are now providing adaptable car loan. These options come with either constant or adjustable profit rates and transparent terms, making it more convenient to own a new or secondhand car.
Among the prominent names, Bank AL Habib and Dubai Islamic Bank stand out by offering user-friendly procedures and attractive features.
Bank AL Habib – “Apni Car” Plan
Bank AL Habib’s “Apni Car” scheme covers both brand-new and pre-owned locally assembled cars. Vehicles up to 1000cc are eligible for financing terms of up to five years. Larger vehicles can be financed for a maximum of three years.
The bank allows customers to opt between constant or flexible profit rates. It also supports partial or early settlements, giving applicants more flexibility in managing their repayments.
Eligibility Criteria:
- Must be a Pakistani national aged between 23 and 60 years (up to 65 years for self-employed persons)
- Should maintain a bank account
- Must show evidence of consistent income (e.g., salary slips, rental earnings, or foreign remittance documents)
Dubai Islamic Bank – Shariah-Approved, Fixed-Rate Auto Financing
Dubai Islamic Bank provides a fixed markup of 14.7% for both new and used vehicles, valid for loan durations ranging from one to three years. Financing is offered up to 70% of the vehicle’s value, with loan amounts ranging from Rs. 150,000 to Rs. 3 million.
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This facility adheres strictly to Islamic banking principles and includes flexible terms:
- Cars up to 9 years old can be financed
- Loan terms range between 1 and 5 years
- Joint income option available for co-applicants
- No advance payments required before vehicle delivery in booking cases
Who Can Apply:
- Monthly income must be at least Rs. 25,000
- Salaried employees need at least 3 months of job history
- Self-employed professionals should have 6 months; business owners need a minimum of 12 months in operation
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Required Documents:
- CNIC photocopy
- Two recent passport-sized photos
- Most recent salary slip or business verification
- Six months of bank statements
- Co-applicant documents (if applying jointly)
Both banks are delivering easy and accommodating options for car loan. Whether you prefer low markup rates, Islamic-compliant terms, or quick approval with minimal paperwork, Bank AL Habib and Dubai Islamic Bank offer solid avenues to get your next car.
