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Car Financing


Based on the Islamic finance concept of Murabaha ("Buying and Selling") we purchase the desired product from the seller and re-sell it to you at a predetermined and competitive price which includes bank's profit. The Car will be registered under the customer's name and the bank will take the car as collateral.

-          Financing period from 6 months to 36 months

-          Maximum financing limit of MVR300,000.00

 

Features & Benefits

-          100% Shari'ah compliant financing

-          Maximum financing limit of MVR300,000.00

-          Financing period from 6 months to 36 months.

-          A fully transparent transaction with no processing fees, no additional charges or hidden costs.

 

Eligibility

-         Maldivian with valid resident identification card

-         Age between 21 to 60 years

-         Living and working in Maldives

-         Have been in employment for the last 12 consecutive months with MIB accepted employers

-          In case of rental income, rent should be deposited to MIB designated account, for a minimum period of 6 months.

-          In case of salary transfer mode, salary should be deposited to MIB designated account for a minimum period of one year and under salary code.

-         Customer must provide 1 guarantor, preferably his/her relative.

-         Earning a minimum confirmed income of MVR6,000.00. Total average gross salary for the past six months should be a minimum of MVR10,000.00

-         Monthly payment and total deductions (including other banks) should not exceed 50% of the average gross salary/confirmed income.

 

Customer Payment Options

-      Salary deduction for customers undertaking employment at MIB accepted employers.

-      Salary transfer for those customers who have been transferring salary to MIB designated account for a minimum period of one year.

-      Direct debit for customers who receives rental income for minimum six months period. Verifying documents such as registration documents, bank statements, and rental agreements should be submitted.

 

REQUIRED DOCUMENTS:

-        Completely Filled Application Form

-        Copy of National Identity Card

-        Employment Letter stating the type of employment (Permanent/Contractual), date of commencement, history of salary deduction including basic salary, fixed allowances, variable allowances and deductions.

-        Last 06 month's Bank Statement

-        Last 06 month's Salary Slip

-        Quotation from the supplier

FOR RENTAL INCOME

-                 Rental agreements

-                 Copy of land title

-                 Last 6 month bank statement

 

Guarantor's Requirement

The Guarantor for this facility must be;

-        Maldivians with valid resident identification card

-        Aged between 21 to 60 years

-        Living and working in Maldives

-        Guarantor must be employed for the last 12 consecutive months with MIB accepted employer and earning a minimum average gross salary of MVR10,000.00

-        Guarantor preferably is related to Customer either by blood or marriage

 

 

And should provide the following documents

-         Copy of national identity card

-         Employment letter stating the type of employment (Permanent/Contractual), date of commencement, history of salary deduction including basic salary, fixed allowances, variable allowances and deductions.