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EBL Islamic Auto Finance

Islamic Auto Finance is now offered by EBL Islamic Banking! This Shariah-compliant, EMI-based term finance facility is designed for you to own your dream car. The financing is provided under a DMF (Diminishing Musharakah Finance) agreement fully compliant with Islamic Shariah principles. With EBL Islamic Auto Finance, it’s time to hit the road in style!

[Diminishing Musharakah Finance (DMF) is an Islamic financing method based on joint ownership, lease, and sale. In this arrangement, the bank and the client jointly acquire/purchase/construct an asset (e.g., home, car, equipment) with equal or unequal equity contributions. The bank leases its share of the asset to the client to use or avail the benefit of the asset. Alongside rental payments, the client gradually buys the bank’s share. After each payment, the client’s ownership increases while the bank’s share decreases. Eventually, the bank’s entire equity is diminished and transferred to the client and client becomes the sole owner of the asset.]

Features

Brand new, reconditioned and pre-owned car
BDT 3,50,000 to BDT 60,00,000 (conventional cars)
BDT 3,50,000 to BDT 80,00,000 (hybrid or electric cars)
Loan up to 60% of car value for conventional cars
Loan up to 80% of car value for hybrid or electric cars
Repayment tenor from 12 months to 72 months
Minimum age 22 years at the time of financing application
Maximum age 65 years/retirement age (whichever is earlier) for salaried and 65 years for Businessman/Landlords/Professional Segment at the time of financing maturity
One personal guarantee is required
No cash security is required
Competitive rate of rent
Advance/Partial prepayment is allowed after 6 months

Eligibility and other requirements

For salaried executives

Minimum net income required : BDT 50,000 per month
Length of experience : Minimum 2 years of experience, at least 6 months with present employer (Offer letter and release letter from previous employer to prove 2-year service experience)
Other requirements
- Letter of Introduction (LOI) as per EBL format
- Latest 3-month Pay Slip showing all breakdowns (if any)

For self-employed/professionals

Minimum net income required : BDT 50,000 per month
Length of experience : Minimum 2 years of practice in present profession (Certificate of professional degree and certificate of membership from professional body for proof of 2-year practice)
Other requirements: Income declaration

For businessmen

Minimum net income required : BDT 50,000 per month
Length of experience : Minimum 2 years of business experience
Other requirements
- Trade license copy (minimum 2-year and from inception)
- Certificate of Incorporation (for limited companies)
- Memorandum and Articles of Association, latest Schedule X and Form XII (for limited companies)
- Registered Partnership Deed (for partnership business)

For land owners

Minimum net income required : BDT 50,000 per month
Other requirements
- Rental Income generating property related documents – Valid Rental Deed, Title Deed, Mutation, Land Development Tax (Khajna), Building plan and approval copy.

Age:

Minimum : 22 Years
Maximum : 60 years (For Salaried), 65 Years (For Others)

Mandatory Documents for All Professionals

Clear photocopy of National ID Card
Clear and recent lab print photographs (2 copies)
Original Bank statement of last 12 months
Sanction letter of existing credit facilities along with original last 12 months repayment statement.
Copy of e-TIN Certificate and latest tax return acknowledgement copy
Properly filled up CIB undertaking and enquiry form as per NID
Valid price quotation of selected vehicle