Faysal Islami Car Finance 2026: Eligibility & Installment Guide

If you want to buy a car on installments through an Islamic financing plan, Faysal Islami car finance is one option for eligible customers in Pakistan. Faysal Bank uses a Diminishing Musharakah structure for this facility. The bank and customer jointly own the vehicle, while the customer gradually buys the bank’s share over the financing period.

In 2026, Faysal Bank offers financing of up to 70% of the vehicle’s value, subject to a maximum financing limit of PKR 3 million. This means customers generally need to pay at least 30% of the car’s value as their initial equity contribution. The required contribution can be higher for some vehicle makes and models.

How Faysal Islami Car Finance Works

Faysal Islami auto finance works differently from a conventional car loan. The bank and customer jointly own the vehicle under a Shariah-compliant Diminishing Musharakah structure.

The customer pays rent for the bank’s share and also gradually purchases that share through the agreed payments. As the customer buys more units, the bank’s ownership in the car decreases.

Once the customer purchases all of the bank’s share, the vehicle becomes fully owned by the customer. This structure makes the facility an option for people looking for Islamic car finance in Pakistan without using a conventional interest-based car loan.

Read more: How to Transfer a Bank Leased Car in Pakistan

Faysal Islami Car Finance Eligibility 2026

To qualify for Faysal Islami car finance, applicants must meet Faysal Bank’s income, age and employment requirements. The facility is available to eligible Pakistani citizens.

For salaried applicants, Faysal Bank lists a minimum monthly income of PKR 30,000 for permanent employees and PKR 50,000 for contractual employees. Applicants must be at least 21 years old and must not exceed 65 years at the time of maturity.

Employment history also matters. Applicants generally need 12 months in their current job, or two years of continuous employment with at least six months in their current position. Meeting the basic criteria does not guarantee approval, as the bank may also assess the applicant’s financial position and repayment capacity.

Self-employed business owners and professionals can apply with a minimum monthly income of PKR 40,000. They must be at least 21 years old, while the maximum age is 70 years at maturity. Faysal Bank also generally requires at least one year of experience in the current business or industry.

Meeting the income and age requirements does not guarantee approval. The bank may also review existing loans, monthly financial commitments, repayment capacity and its internal credit assessment before making a decision.

Down Payment and Financing Limit

Under the standard Faysal car financing structure, the bank can finance up to 70% of the vehicle’s value, with a maximum financing limit of PKR 3 million. Buyers generally need to pay at least 30% of the car’s value as their initial equity contribution. Some vehicles may require a higher contribution.

For example, if an eligible car costs PKR 4 million, 70% would be PKR 2.8 million. The customer would need to arrange the remaining PKR 1.2 million as equity, before other applicable costs.

The final financing amount depends on the vehicle, its value and the bank’s assessment of the applicant.

Faysal Car Installment and Tenure

The Faysal car installment depends on the car’s price, engine capacity, down payment, financed amount and selected tenure. For vehicles up to 1,000cc, Faysal Bank lists a maximum financing period of five years. For vehicles above 1,000cc, the available tenure is generally one to three years.

The applicable rental rate is linked to KIBOR. Faysal Bank states that the rate is set according to KIBOR on the application date and may change on the anniversary based on the prevailing rate.

Because of these factors, your monthly installment can vary over the financing period. Any online estimate should only be used as a guide. The bank will confirm the actual installment and applicable rate after assessing your application.

Read more: Documents Required for Bank Lease Car in Pakistan

Documents Required for Faysal Islami Auto Finance

Before applying for Faysal Islami auto finance, make sure your documents are ready. Salaried applicants generally need a copy of their CNIC, recent photographs, latest salary slip, six months of bank statements showing salary credits, an employment certificate and a recent utility bill.

Self-employed applicants need their CNIC copies, recent photographs, proof of business such as an NTN or other acceptable document, and six months of bank statements. Professionals may also need to provide relevant qualifications or membership documents, where applicable.

The bank may request additional documents during the application and verification process.

FAQ

Is Faysal Islami car finance Shariah-compliant?

Yes. Faysal Bank structures its Islamic auto finance facility on Diminishing Musharakah, where the bank and customer jointly own the vehicle. The customer gradually purchases the bank’s share until they become the sole owner.

What is the maximum Faysal car financing amount?

Faysal Bank currently lists a maximum financing amount of PKR 3 million, subject to the bank’s eligibility and approval requirements.

What is the minimum down payment?

Customers generally need to contribute at least 30% of the vehicle’s value as initial equity. The required contribution may be higher for certain makes and models.

Can I finance a used car?

Yes. Faysal Bank provides financing options for used vehicles. However, the applicable rate, vehicle valuation and other requirements can vary based on the car and applicant.

Is Burraq required for Faysal car finance?

No. Burraq is Faysal Bank’s digital account service. It is separate from the bank’s auto financing facility. You should check the specific application requirements for Faysal Islami Car Finance when applying.