BankIslami has launched a short-term auto finance offer for Inverex electric vehicles, providing customers with a 0% financing rate for a one-year tenor. The financing is available under a Shariah-compliant model and aims to support greater adoption of electric mobility through accessible and interest-free vehicle loans.
Under this limited-time offering, customers can avail financing of up to Rs. 2 million for Inverex EVs through BankIslami Auto Finance.
The tenor is fixed at one year, and the financing carries a Takaful rate of 1.25%. The program is structured by Islamic financing principles using the Diminishing Musharakah model. In this model, the vehicle is jointly owned by the bank and the customer, with ownership gradually transferred to the customer through scheduled payments.
The offer applies to brand-new Inverex electric vehicles. All vehicles financed through this plan must be equipped with a bank-approved tracker. Customers are also required to maintain Takaful coverage through one of BankIslami’s partnered providers. Financing is subject to equity contribution requirements, which typically range between 30% and 90% of the vehicle’s value, depending on applicant eligibility and risk profile.
Pakistani citizens aged 18 to 65 (for salaried individuals) or up to 70 (for self-employed professionals) are eligible to apply. Required documentation includes a valid CNIC, recent bank statements, proof of income (salary slips or business documents), and evidence of equity contribution. Applications are subject to credit evaluation and approval following the bank’s internal policies.
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