Secured Personal Finance

Introduction

Dubai Islamic Bank offers another variant of Secured Personal Finance under the umbrella of Personal Finance. Details of Secured Personal Finance facility are as follows.

Secured Personal Finance

Ease your Dire Needs through Secured Personal Finance. Dubai Islamic Bank offers a Shari’a compliant “Secured Personal Finance” facility based on the Islamic Finance concept of “Shirkat-ul-Melk cum Ijarah” (Sale and Lease Back). This facility helps in catering to the immediate halal cash needs through Shariah compliant way like education, wedding, medical expenses and any other emergency needs.

Dubai Islamic Bank offers another variant of Secured Personal Finance under the umbrella of Personal Finance. Details of Secured Personal Finance facility are as follows.

How It Works

• The Customer (with requirement of funds for personal needs) will approach the Bank to avail Secured Personal Finance Facility against his/her vehicle.
• After evaluation, the bank will establish Shirkat-ul-Melk (partnership in ownership) in already owned vehicle of customer by purchasing its undivided share through APA (Asset Purchase Agreement).
• The bank after creating its ownership, immediately leases its shares in the vehicle to the customer through entering into an Ijarah agreement for a certain period.
• After maturity of Agreed lease Period, Bank sell its undivided share in the vehicle to the customer at a specified price through a separate sale/purchase agreement or transfer the ownership by executing a gift deed at its discretion.

Features

• Shari’a Compliant Way.
• Riba Free solution to your immediate cash needs like education, hospitalization, marriage etc.
• Financing limit from PKR 100,000 to PKR 7 Million (Terms & Conditions apply, Refer to FAQs, point 5).
• Flexible tenor from 12 months to 48 months.
• Financing up-to 70% of your car’s value.
• Co-applicant option is also applicable for spouse and blood relatives.
• Swift turnaround time and hassle-free processing of your application.
• Affordable and competitive equal monthly instalments.
• Salaried, SEP (Self-employed Professional) and SEB (Self-employed Businessman) can avail this facility.

Eligibility

Age Criteria

• Minimum Age = 21 years
• Maximum Age = 60 years*

*60 Years or retirement age; whichever is lower with maximum up to 65 Years. SEB/ SEP: 65 Years.

Who can apply for Secured Personal Finance Facility?

• Salaried Individual, Self-Employed Professional (SEP) and Self-Employed Businessman

In how many cities is this Facility Available?

• Currently the product is being offered in Karachi, Lahore, Islamabad, Rawalpindi, Faisalabad along with following cities.

Finance Limit

• Minimum Finance Amount – PKR 100,000
• Maximum Finance Amount – PKR 7,000,000*

*Aggregate Secured and Unsecured Finance (Credit Cards + Personal Finance) Size PKR 7,000,000 (industry + DIBPL)

Documents

Documents required at the time of application:

• Dully filled Application form
• Copy of CNIC
• Two recent passport size photographs
• All other relevant documents (Income documents, Bank Statement, Profession proof etc. as per customer category)
• Copy of documents related to the vehicle’s ownership

FAQs

What are the needs that can be fulfilled from Secured Personal Finance?

Secured Personal Finance facility is granted to the customers for meeting their immediate cash needs such as Education, Marriage, Medical Expenses or another emergency need in Shari’a compliant manner.

Is co-applicant’s option applicable for this facility?

Yes, co-applicant option is applicable for Secured Personal Finance. Same credit criteria of primary applicant’s would be followed in case of income clubbing. However, in case of co-applicant’s ownership then co-applicant’s maximum age should be 70 years at the time of maturity.

Who can apply for this facility as a co-applicant?

Spouse or Blood Relatives.

What is the specification of co-applicant?

Yes, same credit criteria of primary applicant’s would be followed in case of income clubbing. However, in case of co-applicant’s ownership then co-applicant’s maximum age should be 70 years at the time of maturity.

What is maximum limit of Secured Personal Finance facility?

DIBPL offers this facility ranging from Rs. 100,000 to Rs. 7 million*. The facility amount and the tenure for individual cases are based on the sole discretion of the Bank. *Aggregate Secured and Unsecured Finance (Credit Cards + Personal Finance) Size PKR 7,000,000 (industry + DIBPL).

What is the minimum and maximum tenure for Secured Personal Finance?

The minimum tenure for Secured Personal Finance is 12 months and the maximum tenure is 48 months.

What is the eligibility criteria for Secured Personal Finance facility?

Pakistani national & permanent resident of Pakistan.

• For Salaried Segment: Minimum 21 years and Maximum 60 years (or retirement age; whichever is lower with maximum up to 65 Years).

• SEB/ SEP: 65 Years.

What is the maximum age of vehicle that can be financed?

Maximum age of used/reconditioned vehicle at the time of maturity should not be more than 12 years.

What is the maximum financing tenure?

4 years is the maximum financing tenure available.

What is minimum Customer’s contribution is required for Secured Personal Finance?

30% of the car price is the minimum customer’s contribution required.

What is relationship of customer and DIBPL during the financing?

Customer and DIBPL become Partners.

Who can apply for Secured Personal Finance?

• Salaried individual,

• Self Employed Professional (SEP)

• Self Employed Businessman (SEB)

Which type of car can be financed for Secured Personal Finance?

• Used

• Reconditioned Cars

What is the current pricing mechanism for Secured Personal Finance?

It is a semi-annually adjustable profit rate and would vary as per movement of benchmark “KIBOR”. The Pricing is revised after every six (06) from the date of contract booking, which can change the rental amount.

When are the processing charges applied?

Processing Fee will be required to pay when the document/application is approved.