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Auto

     
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.
 

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

 

 
   
What are the features of BisB's Auto Finance?  
  • 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.
 
   
What are the special features of BisB's Auto Finance?  
  • 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.
 
   
Am I eligible for BisB's Auto Finance?  
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.
 
   
What documents do I require to apply for BisB's Auto Finance?  
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.
 
   
What is the Islamic policy behind this product?  
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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