Auto Finance |
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BisB facilitates the path of acquiring a Sharia’a compliant finance to possess the car that you desire.
Whether a new or a used vehicle, BisB’s flexible auto finance helps you stay in the lead. |
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| What are the features of BisB's Auto Finance? |
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- Maximum Tenor: 7 Years
- Salary Transfer: Optional
- Minimum down payment:
- 10% for finance tenors of 6 & 7 years without salary transfer.
- Otherwise Optional
- Maximum DSR (Debt Existing Ratio): The total debts of the customer including all installments, new installment and 5% of the credit card and over draft limits, should not
- exceed 50% of the monthly income for individuals with salaries of BD3000 per month or less.
- exceed 60% of the monthly income for individuals with salaries above BD3000 per month.
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| What are the special features of BisB's Auto Finance? |
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- Own a new or used car through a long payment period.
- Competitive profit rates and fees.
- Transfer of salary optional.
- Profit amounts are fixed throughout the finance tenor.
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| Am I eligible for BisB's Auto Finance? |
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The general criteria required for being eligible for the Auto finance offered by BisB are as follows:
- Minimum monthly salary of BD200.
- Above 21 year at the time of application and 60 at the maturity of the finance.
- Minimum work experience of 4 months.
- Minimum work experience of 1 year, if self employed.
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| What documents do I require to apply for BisB's Auto Finance? |
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a. Employed: If you are an employee of an organization or institution, you will require the following documents:
- Copy of valid Smart Card.
- Copy of valid driving license or passport.
- Payslip for 3 months.
- Most recent salary certificate.
- Bank statement for 3 months.
- Signed CRB (Benefit) form.
- Completed and Signed finance application form.
- Original quotation under the name of BISB
b. Self-Employed: If you are self employed, you will require the following documents:
- Copy of valid Smart Card.
- Copy of valid driving license or passport.
- Bank statement for 6 months.
- Copy of the memorandum and article of association.
- Signed CRB (Benefit) form.
- Completed and signed finance application form with authorized signatures.
- Original quotation under the name of the Bank.
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| What is the Islamic structure of the product? |
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| Murabaha, which is an Islamic financing instrument where the bank purchases the vehicle. After obtaining ownership of the vehicle, it is sold to the end user on a monthly installment basis. The selling price will be the total cost of the vehicle plus a profit margin that is declared to the customer by the Bank. |
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