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Sirat Auto Finance

HABIBMETRO SIRAT lets you drive your dream car with the convenience and flexibility of payments. With HABIBMETRO SIRAT Auto Finance, your car is just around the corner.

Features

  • Shariah compliant product
  • Applicable only on all new & used locally manufactured vehicles
  • Built-in Takaful and tracker through reputable companies
  • Vehicle will be on customer’s name with HPA to the bank
  • Co-applicant / income clubbing option
  • Early settlement option (no early payment charges after 2 years)
  • Competitive rental rates

Pricing/Rates

  • Fixed and floating rental rate options

Minimum Equity

  • 30%

Maximum Financing

  • Financing limits of up to PKR 3,000,000/- (Aggregate)

Processing Fee

  • As per prevailing SIRAT Schedule of Charges

Tenure

  • Up to 5 years

Eligibility Criteria

Length of Occupation

  • Minimum 6 months for Permanent Employees
  • Minimum 1 Year for Contractual Employees

Net Income

  • Minimum PKR 75,000/- Net take-home salary (Permanent – Salaried)
  • Minimum PKR 125,000/- Net take-home salary (Contractual – Salaried)
  • Minimum PKR 150,000/- 6 MOB average Balance (Self Employed Individuals)

Age Criteria

  • Minimum 21 Years to 65 Years at maturity for Salaried individuals
  • Minimum 21 Years to 70 years at maturity for Self-Employed individuals

Documentation

  • Duly filled application form
  • Copy of valid CNIC
  • Latest photographs
  • Proof of income
  • Proof of Employment / Business

FAQs

  • Is SIRAT Auto Finance Shariah Compliant?

HABIBMETRO SIRAT Auto Finance is Shariah compliant facility and operates on the principles of Diminishing Musharakah. This is a medium and long-term financing product in which the bank and the customer jointly purchase an asset and acquire joint ownership of it. The Bank rents out its portion of the asset to the client, who periodically purchases units of ownership in the asset from the Bank. After purchasing all units, the customer becomes the sole owner of the asset.

  • What do you mean by Auto Finance?

HABIBMETRO SIRAT Auto Finance allows you to bridge your financial needs and own your dream car instantly. Through HABIBMETRO SIRAT Auto Finance, you can drive now and pay later through flexible payment schedules and easy installments.

·        What is the maximum tenor offered?

HABIBMETRO SIRAT Auto Finance offers easy car installment plans with tenors up to 5 years.

·         What is the maximum financing amount?

HABIBMETRO SIRAT Auto Finance provides you financing of up to PKR 3 million (aggregate).

·         Which type of vehicles can be financed?

HABIBMETRO SIRAT Auto Finance offers financing of all new and used locally manufactured vehicles.

·         What is the pricing mechanism for SIRAT Auto finance?

HABIBMETRO SIRAT Auto Finance offers both fixed and floating rental rate options (floating rate linked with 1-Year benchmark rate).

·         How old must I be to apply for auto financing?

You must be at least 21 years old in order to apply for HABIBMETRO SIRAT Auto Finance.

·         Are there any charges for early purchase?

Yes, as per prevailing SIRAT Schedule of Charges.

How To Apply

To apply or get more details, visit your nearest HABIBMETRO SIRAT branch or call our 24/7 customer care center at 111-1-HABIB (42242).