Can I purchase vehicle or any product in EMI? For example: If the cost of product is 5000₹ then by opting EMI will have to pay ₹5200 or more. Is EMI permissible in Islam?
بسم الله الرحمن الرحيم
(Fatwa: 1299/973/SN=01/1440)
If you directly deal with the dealer and shopkeeper with no bank or finance company involved in between then it is lawful as per the Shariah to buy any vehicle or goods on installment provided the total price and duration of payment is fixed in the initial meeting of transaction.
Allah knows Best!
Darul Ifta,
Darul Uloom Deoband