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	1-5 Years	1–3 Years
Debt Burden Ratio-DBR	Maximum allowed 50%	Maximum allowed 40%
Minimum Customer Share/Equity	New vehicle 30% Used vehicle 30%	New vehicle 30% Used vehicle 30%
Financing (Bank's Share)	Rs. 200,000/- Up to Rs.3 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)
Customer Relationship	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.

THINGS TO REMEMBER

Please do not make any cash payment with the application. The Bank will not be responsible for cash handed out to any person in connection with the application.
Once the financing has been disbursed and the asset has been made available for use, Installment will be due on first day of every month.
If you wish to settle your financing completely according to the financing agreement, please do so before 25th of the month.
UBL Ameen reserves the right to repossess your car in case of non-payment of two or more Installments.
UBL Ameen is not responsible for the booking of car either through manufacturer or dealer. Once the purchase order has been issued, it is the customer responsibility to purchase the vehicle from dealer/manufacturer for the booking.

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