Aitemaad Hamsafar NBP Auto Finance – NBP Car Finance – Auto Finance Calculator

by Zaryyab Salman
Aitemaad Hamsafar NBP Auto Finance - NBP Car Finance - Auto Finance Calculator

Aitemaad Hamsafar NBP Auto Finance (NBP  Car Finance) Auto Finance Calculator. Aitemaad Hamsafar Auto Finance is structured on the basis of Shariah compliant mode ‘Diminishing Musharakah (DM)’. (Diminish mean ‘Reduce’ and Musharakah mean ‘Partnership’).

Diminishing Musharakah (DM) is that form of partnership wherein Customer and Bank contributes their fund for purchasing the vehicle(s). After taking possession of purchased vehicle(s), Customer pays rental and simultaneously purchases the share of Bank gradually through Installment Payments until Customer becomes 100% owner of the purchased vehicle(s).

Read More: Pak Suzuki Management Trainee Program 2018

Aitemaad Hamsafar NBP Auto Finance (NBP Car Finance) Basic Eligibility Criteria:

Nature of Vehicle
  1. New Vehicle (Unregistered locally manufactured/assembled)
  2. New Imported Vehicle (Unregistered)*
    (*) unregistered imported vehicle should not be more than 4 years old from the date of import.
Financing Tenure 2, 3, 4 & 5 Years
Financing Limit Upto PKR 10 million (Maximum)
Age of Customer 23 Year (Minimum) to 55 Year (Maximum) at the time of case login
Nationality Resident Pakistani having valid CNIC
Net Monthly Income PKR 50,000/- (Minimum)
e-CIB / Data Check Latest clear e-CIB and data check of the applicant
Customer’s Share as Equity 15% (Minimum) to 50% (Maximum)
Debt Burden Ratio (DBR) 50% of Net Monthly Income (Maximum)
Target Market
  • NBP Staff members
  • Government Institutions & Armed Forces Employees
  • Other salaried individuals working in Well Reputed & Known Companies

NBP Staff

  • Permanent

Six (06) Months with NBP or Sixteen (16) Months overall  experience

  • Contractual

Six (06) Months with NBP or Two (02) Year overall experience

Length of occupation Other Government Institutions, Armed Forces & Individuals working in Well reputed and known Companies – Salaried Segment.

  1. Permanent

Twelve (12) Months over all experience

2. Contractual

Twelve (12) Months with Current Employer or Eighteen (18) Months over all experience

Note: AHAF facility can be offered maximum up to the remaining period of Service in the same organization.

Application Form Download Application Form
Branches Cities Abbottabad, Attock, Bagh, Bahawalnagar, Bahawalpur, Batagram, Bhakkar, Bhring, Bunner, Chakwal, Chiniot, Chitral, D.G.Khan, D.I.Khan, Dadu, Dir, Faisalabad, Gilgit, Agency, Gujranwala, Gujrat, Hafizabad, Hangu, Haripur, Hyderabad, Islamabad, Jacobabad, Jhang, Jhelum, Karachi, Kasur, Khanewal, Khyber, Agency, Kotli, Lahore, Leiah, Lodhran, Malakand, Agency, Mansehra, Mardan, Mianwali, Mirpur, Mirpur, Khas, Mohmand, Agency, Multan, Muzaffarabad, Muzaffargarh, Narowal, Nawabshah, Nowshera, Okara, Pak Pattan, Peshawar, Quetta, Rahim, Yar, Khan, Rawalpindi, Sahiwal, Sanghar, Sargodha, Sheikhupura, Sialkot, Sukkur, Swabi, Swat, Vehari, Ziarat

Security/ Collateral required

  • Vehicle to be registered in the name of :he Customer with HPA mark in the favor of NBP.
  • Comprehensive Takaful of the vehicle from Bank’s approved TakafLI Companies.
  • Personal Guarantee (PG) of Customer.

Other terms & conditions

Registration Cost Registration Cost will be paid by the Bank and recovered upfront from the Customer as advance rental of first month at the time of signing the Payment Agreement.
Takaful Cost (including tracker) The first annual Takaful (including tracker) contribution will be paid by Bank and recovered upfront from the Customer 35 advance rental of first month at the time of signing the Payment Agreement and for succeeding years, Bank will pay and recover all Takaful (including tracker) charges in the monthly rentals/payments.
Basis for regular pricing/ rental 6 Month KIBOR + 2.5% Spread + Takaful
Payment Method
  • Equal Monthly Installment (EMI)
  • If the financing is made on and between the 1st and the 10th of the month then the Installment will become due on the 5th of the next i month and If the financing is made on and between the 11th and 20th of the month, it will become due on the 15th of the next month and If the financing is made on and between the 21st and 31st of the month, it will become due on the 25th of the next 1 month.
Payment Monthly
Rental Calculations {(‘Outstanding Musharakah Unit i.e. Bank’s share’) <multiplied by > (KIBOR Rate) <multiplied by> (No. of days in a month)} <divided by> 365+Spread+Takaful (if any) + Registration Cost (if any) + Advance Period Profit (if any)}
Rental Revision Semi-Annual basis
Risk Rating Score 40% Creditworthiness (Minimum)
Early Settlement/ Buyout Price Aggregate Buyout Price would be 5% above the Outstanding Musharakah Units (as per Undertaking To Sell Musharakah Units)
Legal Documentation
  • Musharakah Agreement
  • Payment Agreement
  • Letter of Undertaking to Purchase Musharakah Units
  • Letter of Undertaking to Sell Musharakah Units
  • Authority & Permission to Take Possession of Musharakah Vehicle
  • Any such other documents which the Bank may require in relation to the Hamsafar Financing Facility
Number of Vehicle(s) There is no restriction on number of vehicles. In this regard, DBR 50% and Risk Rating / Scorecard 40% must be maintained by the Customer for availing one or more than one vehicle (as a Special case).
Non-checking Account Customer will open a non-checking account with NBP Aitemaad — Islamic Banking Branch prior to disbursement of financing facility and will be responsible to deposit equity share and monthly installment in the said account.
 Charity Payment Customer will pay charity amount in the following scenarios:

  • In case of overdue in installment payment, per day charity will be
    computed at 24% per annum on the outstanding installment(s).

In case of cancellation of Booking Vehicle, Charity amount would be PKR 10,000/-

Schedule of Charges (SOCs)
  • Processing Fee (non —refundable) of each login case would be PKR 2,000/-
  • Documentation Charges would be at Actual
  • Valuation Charges would be at Actual for imported vehicle(s)
  • Repossession Charges would be at Actual

Cheque Dishonored I Return Charges would be PKR 250/-.

Aitemaad Hamsafar Auto Finance Calculator

Documents Required

  • Application Form duly filled and signed by the Customer
  • Copy of valid CNIC of Customer
  • Copy of letter of appointment
  • Copy of renewal of contract (if any)
  • Copy of latest Salary Slip/ Certificate not to be more than one (01) month old at the time of case login
  • Two (02) recent Passport size colored Photos
  • Copy of three (03) months paid utility bills
  • Copy of recently paid credit card bill (if any)
  • Copy of valid Driving License
  • Original last six (06) months Bank Statement wherein Income is being credited.
  • Undertaking by the Customer about existing exposure from the “Entire Banking Sector” i.e. CF-1.
  • NOC of settled loan with other banks (if it’s still reflecting in eCIB)
  • Direct Debit Authority
  • Customer will submit six (06) PDCs of installment amount for first six (06) months period and for subsequent period; Customer will submit PDCs at the time of every rental revision.
  • Additional documentation required from NBP Employees:
  • Liability Statement
  • Verification of Educational Documents- PMW, HRM & Administration Group
  • Non Involvement Certificate – IDW, Human Resource Management Group

Note: Additional documents may be required by the Bank.

You may also like

Leave a Comment