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Pakistan’s First Riba-free Vehicle Funding

What exactly is Meezan Automobile Ijarah?

Automobile Ijarah is Meezan Bank’s vehicle funding item and it is Pakistan’s first car financing that is interest-free. It really is on the basis of the Islamic financing mode of Ijarah (renting). This system is perfect for people who would like to get financing that is interest-free acquiring an automobile.

Vehicle Ijarah works through a vehicle agreement that is rental under that your Bank acquisitions the automobile and rents it off to the consumer for a time period of 1 to 7 years, consented during the time of the agreement. Upon completion for the Ijarah duration, the car are going to be offered at a token quantity or gifted to your client.

Key Features

Cheapest At The Start Payment

Rental Re Payment starts after Vehicle Delivery

Quick Processing Time

Tracker will undoubtedly be set up in every cars free from monitoring and installation price

Totally totally totally Free accidental death protection of upto Rs. 400,000

Minimal safety deposit as little as 15%*

Meezan Bank will bear W.H. T (With Holding Tax) on purchase of car

That is Entitled To Automobile Ijarah?

Salaried Specialists

  • Permanent employees: a couple of months in present job with the absolute minimum 24 months employment history that is continuous
  • Contractual workers: a few months in present task with the absolute minimum three years employment history that is continuous.
  • Internet get hold of income: more than two times the rental that is monthlyinclusive of takaful)
  • Spouse’s income that is verifiable Clubbed to a degree of 50%.
  • In the event of other loans, all monthly obligations including proposed Ijarah rental combined never to go beyond 50% of net / take home earnings
  • Both data check & e-CIB ought to be clear and should never have default that is current overdue at the time of situation approval

Entrepreneurs

  • Minimal experience: a couple of years involvement that is continuous present company / industry
  • Position: Proprietor, partner or manager (in case there is partner or manager, portion of sharing holding that is be employed)
  • Internet get hold of income: more than two times the month-to-month rental (inclusive of takaful)
  • Spouse’s verifiable income: 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 must be clear and should never have default that is current overdue during the time of situation approval

Terms & Conditions:

  • Restricted colors can be found.
  • Restricted stock available. Avail now while stocks final.
  • The applying process will be commenced after receipt of most needed papers.
  • Once the application is authorized client will have to pay the quantity of safety Deposit ahead of the disbursement of Ijarah center.
  • Consumer is needed to spend processing fees ( Non-refundable) during the right period of publishing application along side necessary documents.
  • Meezan Bank reserves the rights to reject any application without assigning any explanation.

Normal Ijarah

Basic Features

  • Asset: All new locally put together automobiles costing as much as Rs. 8 million
  • Part of Meezan Bank: to buy a automobile and hire it to your client under an Ijarah contract
  • Ownership (title): Ownership lies with Meezan Bank Limited
  • Period of facility: 1-5 Years
  • Mode of re re payment: Through wachovia installment loans post dated cheques or debit that is direct. In the event of Direct Debit Instruction six extra cheques will be acquired.
  • Takaful: All automobiles under Meezan Bank automobile Ijarah would be included in our approved/Insurance that is takaful
  • Tracker: Tracker (both installation & yearly monitoring fees) become set up in most cars.

Original Selling Points

  • Pakistan’s first completely Shariah-compliant Automobile Financing Scheme
  • Cheapest per rent month
  • Priority delivery for all Indus variants (50%)
  • Cheapest processing fees
  • Cheapest at the start payment
  • First rent after one of delivery month
  • Option of Takaful
  • Complimentary acc (with installation & yearly monitoring costs)
  • Competitive Service

Res In a normal ijarah model, the consumer does not have to pay hardly any money to your Bank for acquiring the vehicle upon conclusion regarding 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 consumer has also the choice that in place of having to pay the lender and acquiring the motor vehicle upon conclusion regarding the Ijarah duration, he is able to just get back the automobile to your Bank.

This model allows the client to have a motor vehicle on notably paid down leasing. Client also can, according to their month-to-month leasing payment capability, get yourself a much higher-value vehicle than they can beneath the regular Ijarah model.

Special Offer – for many new locally put together & noncommercial automobiles

Premature Termination

If the client wants to terminate the contract prior to the agreed duration, the client could have an alternative buying the car in the agreed price as stated when you look at the Terminal-value routine developing an element of the Ijarah papers. The purchase price takes under consideration the following quantities:

  • The main outstanding as based on the amortization routine of this Ijarah agreement.
  • Residual value amount.

Maturity of RV Ijarah

Upon conclusion regarding the Ijarah payment and period of all of the rentals, customer may have an alternative to buy a car or truck.

Car Funding

Meezan Bank also finances utilized cars through automobile Ijarah!

Both locally assembled and imported vehicles in addition to leasing of new cars, Meezan Bank also provides the unique opportunity of leasing second hand. This particular feature is created specifically as being an option that is highly economical. The car that is used facility is created offered by a minimum-security deposit as little as 15%.