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).
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Aitemaad Hamsafar NBP Auto Finance (NBP Car Finance) Basic Eligibility Criteria:
| Nature of Vehicle |
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| 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
Six (06) Months with NBP or Sixteen (16) Months overall experience
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.
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 |
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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 |
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| 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 |
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| 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 cancellation of Booking Vehicle, Charity amount would be PKR 10,000/- |
| Schedule of Charges (SOCs) |
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.