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Own your dream car. Islamic Auto Financing by BisB
The Auto Finance allows customers to finance the purchase of new or second hand cars through Islamic Shari’a compliant contracts. |
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What are the benefits of BisB Auto Finance?
- Up to 7 months grace period
- Free 1 year insurance
- Free window tint
- 1% cash-back on finance amount
- Free Fuel
- Free Tejoori Account
- Free Car Polish
Download the Registration Form
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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 self employed individuals
- Otherwise Optional
- Processing Fees: BD100
- Life Insurance:
- 1-3 years - BD0.300 per thousand per month
- 4-5 years - BD0.320 per thousand per month
- 6-7 years - BD0.340 per thousand per month
- Maximum DSR (Debt Service 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 (not more than 3 years old), through a repayment period of up to 7 years (5 years for used cars).
- Competitive profit rates.
- Transfer of salary as a payment is 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:
- Applicant must have a minimum monthly salary of BD200.
- Applicant must be more than 21 of age at the time of application and 60 of age at the maturity of the finance.
- Applicant must have a minimum work experience of 4 months.
- Applicant must have a 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 CPR.
- Copy of valid driving license or passport.
- Payslip for 3 months.
- Most recent salary certificate.
- Bank statement for 3 months.
- Signed CRB (Benefit) form.
- Filled finance application form with appropriate signatures.
- Original quotation under the name of the Bank
b. Self-Employed: If you are self employed, you will require the following documents:
- Copy of valid CPR.
- Copy of valid driving license or passport.
- Bank statement for 6 months.
- Copy of the memorandum and article of association.
- Signed CRB (Benefit) form.
- Filled finance application form with authorized signatures.
- Original quotation under the name of the Bank.
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| What is the Islamic policy behind this 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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