Faysal Islami Car Finance Calculator 2026
Faysal Islami Car Finance is Islamic car finance based on Diminishing Musharakah, for new and used locally made cars. It is one of the few products with a lower rate on used cars. The calculator shows your monthly payment at today's KIBOR for your profile, and what you need on day one.
- Checked against Faysal Bank sources, October 2026
- Rates updated 29 October 2026
- 1 year KIBOR 12.81%
Registration, token tax and any withholding tax are extra.
Faysal Bank Islami Car Finance at a glance
| Structure | Diminishing Musharakah: Faysal and you co own the car and you buy Faysal's share each month. |
|---|---|
| Profit rate | Salaried and professionals: KIBOR + 4.5% new, + 3.5% used. Business people: + 6.5% new, + 5.5% used. Reset every 12 months. |
| Today's rate | With 1 year KIBOR at 12.81%, about 17.31% for a salaried buyer of a new car. |
| Financing | Up to 70% of the car's value and no more than Rs 30 lakh. |
| Tenure | Up to 5 years for cars up to 1000cc, up to 3 years above 1000cc. |
| Used cars | Up to 9 years old when you apply and no more than 12 years old at the end of the financing. |
| Processing fee | Rs 12,000 once your case is approved. |
| Late payment | Rs 1,000 per late installment, given to charity and not kept by the bank. |
How Faysal Islami Car Finance works
Faysal Bank and you buy the car together. Faysal rents its share to you, and every month your payment covers that rent plus the purchase of some of Faysal's share. When you have bought all of it, the car is fully yours and Faysal gives you the NOC and clearance letter to remove its name from the registration.
No rent is charged until the car is delivered, so dealer delays do not cost you. Takaful cover and a tracker are part of the package. If you pay late, Faysal asks for Rs 1,000 per installment as charity, which it does not keep as income.
Faysal also offers residual value plans for new Suzuki, Honda, KIA and some other makes, where a part of the price is left to the end to lower the monthly payment, and rent only plans where you pay only the rent for the first one or two years.
Faysal car finance rates in 2026
Faysal prices on 1 year KIBOR, fixed on the day you apply and reset every 12 months. Salaried customers and self employed professionals pay KIBOR plus 4.5% on a new car and plus 3.5% on a used car. Business people pay plus 6.5% on a new car and plus 5.5% on a used one.
With 1 year KIBOR at 12.81% and the SBP policy rate at 12.00%, a salaried buyer of a new car would pay about 17.31% in the first year. The used car rate is a full percent lower, which is unusual and makes Faysal worth checking if you are buying a good used car.
Down payment, tenure and limits
Faysal finances up to 70% of the car's value, so you need at least 30% of your own money, more for some makes and models. Under SBP rules the financing is limited to 5 years for cars up to 1000cc and 3 years above that, and the total car finance you can have from all banks is Rs 30 lakh.
Used cars can be up to 9 years old when you apply and must be no older than 12 years when the financing ends, which means an older car will be limited to a shorter term.
Who is eligible
Salaried applicants on a permanent job need at least Rs 30,000 a month, and contract employees Rs 50,000. You need 12 months in your current job, or 2 years of continuous work with 6 months in the current job, and must finish by 65. Self employed applicants need at least Rs 40,000 a month and a year in their current business, and can be up to 70 at the end. Rental income, remittances, pensions and deposits with Faysal can also be counted. Your total loan payments must stay within 40% of net income.
Documents Faysal asks for
- Clear copy of your CNIC and your latest utility bill
- Salaried: latest salary slip, employment certificate and 3 months of bank statements showing salary, stamped by your bank
- Self employed: proof of at least one year of business such as NTN, and 6 months of stamped bank statements
- Professionals: your degree and current professional membership
Worked example
Here is what a new Rs 30 lakh car above 1000cc with 30% down over 3 years, for a salaried buyer looks like at 17.31% a year, using the same maths as the calculator above.
| Car price | Rs 3,000,000 |
|---|---|
| Your security deposit (30%) | Rs 900,000 |
| Amount financed | Rs 2,100,000 |
| Monthly rental | Rs 75,195 for 36 months |
| Total profit | Rs 607,024 |
| Processing fee, once approved | Rs 12,000 |
| Takaful, first year (estimate) | Rs 60,000 |
| Salary needed (40% rule) | Rs 187,988 a month |
Over the full term you would pay Rs 2,707,024 in total, of which Rs 607,024 is profit to the bank.
Frequently asked questions
Is Faysal car finance Islamic?
Yes. Faysal Islami Car Finance is based on Diminishing Musharakah, where Faysal and you co own the car and you buy Faysal's share over time while paying rent on it.
What is the Faysal Bank car finance rate today?
For salaried customers it is 1 year KIBOR plus 4.5% on a new car and plus 3.5% on a used car. With KIBOR at 12.81%, the new car rate is about 17.31%.
How old can a used car be for Faysal financing?
Up to 9 years old when you apply, and no more than 12 years old when the financing ends.
What is the Faysal car finance processing fee?
Rs 12,000, charged once your case is approved.
When do installments start?
Only after the car is delivered. Faysal does not charge rent while you wait for delivery.
What is the minimum salary for Faysal car finance?
Rs 30,000 a month for permanent employees, Rs 50,000 for contract employees and Rs 40,000 for self employed applicants.
Sources
- Faysal Bank: Faysal Islami Car Finance
- Business Recorder: SBP rules on car financing tenure, down payment and the Rs 30 lakh limit
LoanHissab is not linked to Faysal Bank. We checked these details against the sources above in October 2026. Rates, fees and rules change often and your offer depends on your own profile, so always confirm the final terms with Faysal Bank before you sign. Found something out of date? Tell us and we will fix it.