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Pakistan’s First Riba-free Vehicle Funding

What exactly is Meezan Car Ijarah?

Automobile Ijarah is Meezan Bank’s vehicle funding item and it is Pakistan’s first Interest-free automobile funding. It really is in line with the Islamic financing mode of Ijarah (renting). This system is perfect for individuals who need to get interest-free funding for acquiring a vehicle.

Vehicle Ijarah works through a car or truck agreement that is rental under that the Bank acquisitions the vehicle and rents it down to the consumer for a time period of 1 to 7 years, consented during the time of the agreement. The vehicle will be sold at a token amount or gifted to the customer upon completion of the Ijarah period.

Key Features

Cheapest At The Start Re Re Payment

Rental Re Payment starts after Vehicle Delivery

Quick Processing Time

Tracker may be set up in most automobiles free from monitoring and installation expense

Free accidental death protection of upto Rs. 400,000

Minimal protection deposit as little as 15%*

Meezan Bank will keep W.H. T (With Holding Tax) on purchase of vehicle

That is Entitled To Vehicle Ijarah?

Salaried Experts

  • Permanent workers: three months in present task with at least two years constant employment history
  • Contractual employees: a few months in present work with at least three years constant work history.
  • Internet get hold of income: more than two times the rental that is monthlyinclusive of takaful)
  • Spouse’s income that is verifiable Clubbed to an level of 50%.
  • All monthly payments including proposed Ijarah rental combined not to exceed 50% of net / take home income in case of other loans
  • Both data check & e-CIB should always be clear and should never have current standard / overdue during one hour installment loans the time of instance approval

Entrepreneurs

  • Minimal experience: 24 months constant participation in present company / industry
  • Position: Proprietor, partner or manager (in the event of partner or manager, percentage of sharing / holding will be used)
  • Web get hold of income: more than two times the month-to-month rental (inclusive of takaful)
  • Spouse’s income that is verifiable Clubbed to a degree of 50%.
  • All monthly payments including proposed Ijarah rental combined not to exceed 50% of net / take home income in case of other loans
  • Both data check & e-CIB should really be clear and should never have default that is current overdue at the time of instance approval

Terms & Conditions:

  • Restricted colors can be found.
  • Restricted stock available. Avail now while shares final.
  • The applying procedure will be commenced after receipt of most needed papers.
  • If the application is authorized consumer shall have to pay the actual quantity of safety Deposit ahead of the disbursement of Ijarah center.
  • Consumer is needed to spend processing costs ( Non-refundable) during the right time of publishing application along side necessary papers.
  • Meezan Bank reserves the rights to reject any application without assigning any reason.

Normal Ijarah

Fundamental Features

  • Asset: All brand brand brand new locally put together automobiles costing as much as Rs. 8 million
  • Part of Meezan Bank: to shop for an automobile and hire it towards the client under an Ijarah contract
  • Ownership (title): Ownership lies with Meezan Bank Limited
  • Amount of facility: 1-5 Years
  • Mode of re re payment: Through post dated cheques or debit that is direct. In the event of Direct Debit Instruction six additional cheques will additionally be acquired.
  • Takaful: All cars under Meezan Bank automobile Ijarah is going to be included in our authorized Takaful /Insurance organizations
  • Tracker: Tracker (both installation & yearly monitoring fees) become set up in most automobiles.

Original Selling Points

  • Pakistan’s completely that is first Automobile Financing Scheme
  • Cheapest per rent month
  • Priority delivery for all Indus variants (50%)
  • Cheapest processing costs
  • Cheapest in advance payment
  • First rent after one month of distribution
  • Option of Takaful
  • Complimentary acc (with installation & yearly monitoring costs)
  • Competitive Service

Res In a typical ijarah model, the client need not pay hardly any money to your Bank for acquiring the automobile upon conclusion for the Ijarah duration.

The monthly rentals are significantly lower than the regular Ijarah model because here the customer agrees to pay a certain sum to the Bank for acquiring the car upon completion of the Ijarah period in the Residual Value Ijarah model. The client even offers the choice that in place of having to pay the financial institution and acquiring the motor vehicle upon conclusion associated with Ijarah duration, he is able to merely get back the automobile to your Bank.

This model allows the client to just take automobile on somewhat paid down rental. Client also can, based on their month-to-month payment that is rental, get yourself a much higher-value automobile than they can beneath the regular Ijarah model.

Special Offer – for many brand brand new locally put together & noncommercial cars

Premature Termination

If the client wants to end the Agreement prior to the agreed duration, the client could have an alternative buying the automobile from the agreed price as previously mentioned when you look at the Terminal-value routine developing area of the Ijarah papers. The purchase cost takes under consideration the following quantities:

  • The key outstanding as dependant on the amortization routine associated with the Ijarah agreement.
  • Residual value amount.

Maturity of RV Ijarah

Upon conclusion associated with the Ijarah duration and repayment of most rentals, consumer could have a solution to buy a car or truck.

Car Funding

Meezan Bank also finances vehicles that are used vehicle Ijarah!

As well as renting of the latest vehicles, Meezan Bank additionally supplies the unique possibility of leasing second-hand, both locally put together and brought in automobiles. This feature is specifically made as being a very economical choice. The car that is used center is created offered at a minimum-security deposit as little as 15%.

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