MCB Islamic Bank Car Finance
MICAR benefits and features of Shariah-compliant financing for used and new vehicles for personal use are as follows.
Features and Benefits
Car Type
Car financing option available for new and used locally assembled/manufactured vehicles
Diminishing Musharakah
Equal monthly instalment option available
Ijarah
Equal monthly rental option available
Financing Amount
Financing available for 70% value of the vehicle (not exceeding PKR 3 million)
Easy Processing
Only applicable upon approval of finance (as per bank charges)
Financing Tenure
Up to 5 years (up to 1000 cc engine capacity), Up to 3 years (above 1000 cc engine capacity)
Vehicle Age
Car financing is available for up to 9-year old vehicle
Termination Chargers
No termination charges on car replacement
Takaful Coverage
Competitive financing and takaful rates offered
Early settlement
Option for an early buyout or partial buyout available
Tracker
Tracker installation is mandatory for all vehicles
Car Loan Calculator
Popular Car Financed with MCB Islamic Bank
With a nationwide network of branches, MCB Islamic Bank Limited (the "Bank"), a fully owned subsidiary of MCB Bank Limited, began operating in 2015. The mission of MCB Islamic Bank Limited is to be the customer's first option for Shari'ah-compliant financial services and to conduct all business activities with the utmost commitment and conviction. Thank God, the Bank is being run under the guidance of a Shari'ah Board presided over by eminent Islamic scholar Professor Mufti Munib-Ur-Rehman to offer consumers value-added banking solutions that comply with Shari'ah. The Bank is committed to fostering long-lasting connections and providing a positive customer experience across the Corporate, Commercial, SME, Consumer, Agriculture, and Micro sectors. For both personal and corporate purposes, the Bank provides a comprehensive choice of Riba-free and Shari'ah-compliant goods.