ISLAMIC BANKING AND FINANCE
SONERI BANK
Soneri Bank Limited was incorporated in Pakistan on 28 September 1991 as a
public limited company under the Companies Ordinance, 1984. Its registered
office is situated at Rupali House 241-242, Upper Mall Scheme, Anand Road,
Lahore, Punjab and its shares are quoted on Pakistan Stock Exchange Limited
(formerly Karachi stock exchange limited). The Bank is engaged in banking
services as described in the Banking Companies Ordinance, 1962 and operates
with 288 branches including 16 Islamic banking branches (2015: 266 branches
including 16 Islamic banking branches) in Pakistan.
ISLAMIC BANKING-SONERI BANK LIMITED
Objective based on Sharia compliance:
No matter what your business needs, our Shariah compliant financial solutions will
ensure that you are on the right path of prosperity.
Introduction:
Soneri Bank Mustaqeem Islamic banking offers Car Ijarah facility up to
Rs. 2,000,000/-, repayable in 5 years in equal monthly installments. Option of used
and reconditioned car are also available.
Procedure:
General Documentation required:
Filled Soneri Car Ijarah Application Form in all respect
Copy of valid CNIC/SNIC/NICOP/POC
Two passport size photographs
Filled basic borrower fact sheet
Filled Annexure CF-1 Undertaking
Quotation of Vehicle from Motor Company’s Authorized Dealer
For Salaried Individuals:
Employment certificate mentioning date of joining and employment status*
Last salary slip/salary certificate*
Last 6 months bank statement of salary account *
For Businessmen and Self-employed Professionals:
Last 12 months bank statement*
For Agriculturists
Last 12 months bank statement*
Copy of Agriculture Land document
For Rental Income
Last 12 months bank statement
Any documentary evidence showing rental income in the form of tenancy
agreement/ evidence for ownership of the rented property and latest PT-10 (if
applicable)
Debt Burden
Monthly repayments not to exceed 40% of the net take home salary/income or 40%
of declared monthly income (considering other financing facilities availed from
other Banks/DFI)
Takaful of Cars / Motor Vehicles
Vehicle will be comprehensively covered/insured with any of the Takaful
Companies listed on the approved panel of bank.
Benefits:
Fast and hassle-free application processing
Zero processing fee on declined application
Security Deposit is required once facility is approved
Option of Used and Reconditioned Car is also available
Early Settlement option
FAQs:
1. What is the minimum employment requirement for Salaried Individuals?
Minimum 1 year in current employment or 2 years of continuous employment with permanent status.
2. What is the minimum length of business requirement?
1 year.
3. What is the maximum age requirement?
Applicant’s age is not more than 60 years at the time of facility maturity for salaried and 65 years for
businessman/self-employed/agriculturist/rental income.
4. What is minimum income requirement?
Rs. 35,000/-
5. Is co-applicant facility allowed?
No.
6. Can Non-resident Pakistani’s apply for Car Finance?
No.
7. What is the minimum-Security Deposit requirement?
20% for brand new local assembled car
40% for used/imported reconditioned car
8. Can I make Partial Payments?
No
9. Can I settle my finance early?
Yes, you can early settle your finance any time.
10. Is there any late payment charges?
Yes, late payment charges will be used for Charitable purpose.
Terms & conditions:
Purpose of Finance
Ijarah of brand new unregistered locally manufactured/assembled car for
personal use.
Ijarah of used/reconditioned cars of not more than 3 years old from
manufacturing date with maximum Ijarah Facility of Rs.2 million or 60% of quick
sales value (whichever is lower)
Eligible Persons
Salaried Persons
Self Employed Professionals
Business Persons
Agriculturists
Rental Income Individuals
Processing Fee
As per Islamic Schedule of Charges
