Auto Finance

Taqwa has prepared many schemes for benefit of the general public, Auto Finance is also one of such schemes. Right from the day one of its commencement, Taqwa is striving to fulfill the needs of the people within the purview of Shari'a. This Auto Finance scheme is one of the steps in that direcon. The procedure of this scheme is to provide 70% of finance to someone who is in need of Auto Finance on the basis of 'Murabaha'. Every month, 1% profit and monthly principle amount will be collected from the customer on the amount provided under this financing scheme. To avail this finance, customer has to deposit 30% of the vehicle amount (ex showroom price) in advance in his/her account with Taqwa. Besides that, ₹500/- processing fee and ₹500/- documentaon fee will be also collected from the customer. The period of financing for motor bikes shall be minimum one (1) year and maximum two (2) years, whereas for cars it will be minimum one (1) year and maximum four (4) years.

• financing term 1 - 2 year maximum for two wheeler And 4 years for car.
• Profit rate is branch cost + 5 %.
• Down payment is 30%. * Processing fee is Rs 500/-.
• Documentation fee is minimum Rs. 500/- max 1% of the value.
• No hidden cost.All hidden benefits.
• Shari'a term is Murabaha.