Are you interested to learn about Absa Islamic vehicle finance in South Africa? Then check out this article to learn.
This product ensures that you get the car of your dreams, whether for personal use or business, in a fully shariah-compliant manner.
We will show you the requirements to apply for this finance.
Table of Contents
Requirements For Islamic Vehicle Finance
Below are the requirements to apply for Islamic vehicle finance in South Africa:
- You should provide your south African ID or smart card
- Proof of address not older than 90 days
- Your latest salary slip
For the foreign residents and non-Absa clients, below are the requirements:
- You should have your work permit
- Provide a valid passport
- Letter of appointment or a payslip
- International driver’s license
- You should provide the last three months bank statements
These are the requirements to qualify for Absa Islamic vehicle finance in South Africa.
Absa Islamic Vehicle Finance
The shariah law using the concept of Ijaarah allows you to access a vehicle for a fixed period and price.
You enjoy 100% financing and tax benefits from this financing.
You get flexible payment options that reduce your monthly rental fee.
At the end of the lease, you can choose to purchase the vehicle at the agreed price or make the last installment to pass the ownership of the vehicle to you.
You can also continue to use the vehicle at a reduced or no rental fee after the end of the lease.
These are the features of the Absa vehicle finance in South Africa.
What Are The Add On
We will show you the added benefits that are not certified shariah compliant.
You have an option of an insurance cover Absa to protect you and the vehicle.
You have access to services like mechanical and electrical assistance home and roadside assistance for breakdowns.
You also get great deals on products and travel services with this product.
These are the benefits of the Islamic vehicle finance in South Africa.
How To Apply For Absa Islamic Vehicle Finance
First, you need to find the vehicle you want.
Next, agree with the bank on the profit rate, monthly repayment amount, and repayment period.
You will then get your vehicle once all the documents are signed.
This is how to apply for the Absa Islamic vehicle finance in South Africa.