Bank AL Habib has introduced an Islamic financing facility for customers looking to purchase two-wheelers in Pakistan. The facility covers brand-new, locally manufactured motorcycles, scooters and scooties through monthly installment plans.
Customers interested in buying a Scooty can choose financing options based on the vehicle’s brand and repayment period. The bank is offering different financing tenures for Chinese and Japanese brands.
Japanese Scooty Financing Available for Up to Four Years
Under the facility, Japanese brands can be financed for a period ranging from one to four years.
Chinese brands are available with financing tenures between one and three years. This means customers purchasing an eligible Japanese Scooty can spread their payments over a longer period.
Bank AL Habib has set the maximum financing amount at Rs. 300,000. The actual financing terms will depend on the selected vehicle and applicable bank requirements.
Fixed and Variable Pricing Options
Customers can choose between fixed and variable pricing structures under the financing facility.
For Chinese brands, the variable pricing rate is one-year KIBOR plus 2.5%.The fixed pricing option for Chinese brands is one-year KIBOR plus 4.5%.
Different rates apply to Japanese brands. The variable rate for Japanese brands is one-year KIBOR plus 3.5%.
Meanwhile, the fixed pricing rate is one-year KIBOR plus 5.5%. Customers should review the applicable pricing structure before selecting their preferred financing option.
No Early or Partial Payment Fee
Bank AL Habib says the facility comes with quick processing and minimal documentation. Another feature is the absence of charges for early or partial payments.
This gives customers greater flexibility if they want to reduce their outstanding financing before the scheduled completion date.
The facility also includes a spouse co-borrower option. A spouse can apply as a co-borrower with a female applicant, subject to the bank’s applicable requirements.
Financing Limit Set at Rs. 300,000
The maximum financing available under the scheme is Rs. 300,000. Customers considering a Scooty should therefore check whether their preferred model falls within the financing limit.
Monthly payments can vary depending on the financed amount, tenure and selected pricing option. The applicable KIBOR rate can also affect financing costs under the relevant pricing structure.
Interested customers should review the latest eligibility requirements and financing terms directly with Bank AL Habib before applying.
In other news read more about: Bank Al Habib Scooty Finance
The new facility provides another financing option for buyers seeking a locally manufactured two-wheeler without making the entire payment upfront.
