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Ameen Drive
UBL Ameen - Islamic Banking
"If you are an individual and wants to avail Sharia compliant car financing on the suitable terms and conditions, UBL Ameen Drive is the right choice for you."

UBL Ameen Drive-Islamic

UBL Ameen Drive-Islamic auto financing facility lets you get the car of your excellent choice and provides you with best possible financing solutions under Islamic mode of diminishing musharakah to make your dream car a reality with the most lucrative features.

How UBL Ameen Drive is Shariah Compliant?

  • Auto financing facility is based on a Diminishing Musharakah contract.
  • Under Diminishing Musharakah, you participate in joint ownership of the vehicle with the Bank.
  • Rental Payment starts after delivery of vehicle

Features & Benefits

Product Features Up to 1000 C.C Vehicle - ( Only Locally Assembled / Manufactured) Above 1000 C.C Vehicle - (Only Locally Assembled / Manufactured)
Choice of Vehicle Any Locally Assembled/Manufactured Car – New & Used. Any Locally Assembled/Manufactured Car – New & Used.
Processing Fee After apporval of case After apporval of case
Financing Period 1-7 years (Subject to Make of Vehicle) 1 – 5 Years
Debt Burden Ratio-DBR Maximum allowed 50% Maximum allowed 40%
Minimum Customer Share/Equity
  • New vehicle 15% - 30% (Subject to Make of Vehicle)
  • Used vehicle 20% - 30% (Subject to Make of Vehicle)
  • New vehicle 30%
  • Used vehicle 30%
Financing (Bank's Share)
  • Rs. 200,000/-
  • 1st Vehicle up to Rs. 8 Million
  • 2nd Vehicle Rs. 2 Million
  • Rs. 200,000/-
  • Up to Rs.3 Million.
Vehicle coverage from Islamic Takaful Choice of reputable Islamic Takaful Companies at competitive rates Choice of reputable Islamic Takaful Companies at competitive rates
Tracker device Maximum safety of your vehicle through Tracking Installation. Maximum safety of your vehicle through Tracking Installation.

Pricing

Floating Pricing (KIBOR Linked):

Customer Relationship Applicable Rate (p.a)
1-3 Years 4-5 Years 5-6 Years
Existing to Bank 1Y KIBOR 4.25% 1Y KIBOR 4.75% 1Y KIBOR 5.25%
New to Bank 1Y KIBOR 4.75% 1Y KIBOR 5.25% 1Y KIBOR 5.75%

*Re-priced annually, based on KIBOR One Year (Ask Side) Prevailing on last working day of the month prior to anniversary

Eligibility Criteria

Eligibility Criteria Up to 1000 C.C Vehicle - ( Only Locally Assembled / Manufactured) Above 1000 C.C Vehicle - (Only Locally Assembled / Manufactured)
Age Limits
  • 21 years at the time of financing
  • For Salaried 60 years at the time of maturity
  • For SEB/SEP 70 years at the time of maturity
  • 21 years at the time of financing
  • For Salaried 60 years at the time of maturity
  • For SEB/SEP 70 years at the time of maturity
Income
  • Salaried (Permanent) Rs. 35,000
  • Salaried (Contractual) Rs. 40,000
  • SEB / SEP Rs. 50,000
  • Salaried (Permanent) Rs. 35,000
  • Salaried (Contractual) Rs. 40,000
  • SEB / SEP Rs. 50,000

Category Wise Documentation?

Salaried Customers

  • Two recent photographs
  • Copy of CNIC
  • Employment Proof
  • Experience Letter
  • Bank statement of last 1 year

Self - Employed Professionals

  • Two recent photographs
  • Copy of CNIC
  • Acceptable proof of business
  • Bank statement of last 1 year
  • Registered or unregistered Partnership Deed

Early Purchase of Musharakah Units Pricing:

This pricing mechanism will be offered with 1% higher pricing as compared to normal which will allow customers to early purchase of Musharakah units before maturity of the facility without any increase in sales price.

Processing Charges:

1 Processing Charges Rs, 8,500/- + FED
2 Old Vehicle Evaluation Charges Rs. 5,000/- or at Actual

How to Apply for UBL Ameen Drive?

Visit nearest UBL Ameen Islamic Branch / Islamic Window and fill out application form available in the branch and attach the required documentation and submit.

click here to Apply Now!