MCB Islamic Bank / Increase in Installment + principal units are decreasing

MCB Islamic Bank Reviews & Complaints

By: Fazeel Ahmed

Contact information:
MCB Islamic Bank Karachi


I am writing to express my dissatisfaction with my installment payment for the car financing agreement. My reference number is 809DMEM00012240, account number is 8091003845480001, and my car number is BK-1**5.

I am a diligent student who acquired this car through financing, with the vehicle registered under my mother’s name. I pay installment every month on time without any delay. I am a little bit frustrated regarding the increasing in Installment and decreasing in principal units. I have seen my first plan where my principal unit is different and after every 6 month my principal units are decreasing. I can understand that the installment is increasing due to the KIBOR rate but I cannot understand why my principal units are changing? If I pay you more then why are you decreasing the principal units? Do you want to earn more haram?

First of all, I don’t want a 5 years plan, I only want a 2 or 3 years plan, but your MIB agent guided me quite wrong and after getting the car your agents didn’t even reply properly. They just wanted to accomplish their target by hiding important details and gol gol batein kr k.

I have paid to MIB more than 8 lac in the duration of 1.5 years, but my principal units only covered 3 lac.

I won’t pay the installment from next month and I want to pay off my car or pay partial payment of my car, but I won’t pay you 58k something. I can’t afford it.

Please provide me with the process of pay off and how much amount I need to pay. Also provide me the partial payment amount as well. and I want to decrease my installment plan from 5 years to 3 years if I do partial payment.

Agr aap agree nahi kartay toh qasam se ghari ko aag laga dunga lekin 58k kabhi nahi pay karunga. That’s the only solution I can provide you because I am paying my installment on time, didn’t say anything since 1.5 years but now I am fed up.

Thank you for your time and consideration.

Fazeel Ahmed

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