ISLAMABAD: Kia has rolled out a new financing option for the Stonic in Pakistan, allowing eligible buyers to purchase the crossover through an Islamic financing plan with monthly installments starting at Rs. 66,469.
The offer has been introduced in collaboration with HBL Islamic CarFinance and provides a financing period of up to five years. The advertised financing rate under the plan is 11.99%, subject to the bank’s applicable terms and eligibility criteria.
Why the Stonic Qualifies for Five-Year Financing
The financing arrangement is available for vehicles with engine capacities of up to 1,000cc. Kia’s latest Stonic is equipped with a 998cc, 1.0-liter turbocharged GDi petrol engine, making it eligible for the five-year financing period under the stated criteria.
The Stonic is currently offered in Pakistan in two variants: Turbo X and Turbo S. Both versions come equipped with a 7-speed dual-clutch transmission.
The Stonic Turbo X is priced at Rs. 5.499 million, while the Turbo S carries a price tag of Rs. 5.899 million. Freight and insurance charges are not included in these prices.
How HBL Islamic Financing Works
HBL Islamic CarFinance follows a Diminishing Musharakah structure. Under this arrangement, the customer and bank jointly own the vehicle, with the customer gradually purchasing the bank’s share over the financing period.
According to HBL’s financing terms, customers can make a security deposit ranging from 30% to 50%, depending on the applicable arrangement.
The bank notes that monthly installment figures generated through its financing calculator are estimates and may change based on individual circumstances. Takaful charges are also not included in the displayed installment calculations.
Eligibility and Important Conditions
Applicants must be Pakistani citizens and meet HBL’s eligibility requirements. The stated minimum monthly income requirement is Rs. 35,000.
While the advertised installment starts at Rs. 66,469, the actual amount payable may vary depending on the security deposit, Takaful costs, applicant eligibility and other applicable terms and conditions.
