Pakistan’s First Riba-free Vehicle Funding
What exactly is Meezan Automobile Ijarah?
Automobile Ijarah is Meezan Bank’s vehicle funding product and it is Pakistan’s first Interest-free automobile funding. It really is in line with the financing that is islamic of Ijarah (leasing). The product is fantastic for people who need to get financing that is interest-free acquiring a car or truck.
Vehicle Ijarah works through an automobile agreement that is rental under that your Bank acquisitions the automobile and rents it off to the client for a time period of 1 to 7 years, consented at the time of the agreement. Upon conclusion associated with the Ijarah period, the automobile is supposed to be offered at a token quantity or gifted into the consumer.
Cheapest At The Start Re Payment
Rental Re Payment starts after Vehicle Delivery
Quick Processing Time
Tracker should be set up in most automobiles free from monitoring and installation price
Totally Free accidental death coverage of upto Rs. 400,000
Minimal safety deposit as little as 15%*
Meezan Bank will keep W.H. T (With Holding Tax) on purchase of car
That is Entitled To Vehicle Ijarah?
- Permanent workers: a couple of months in present task with the very least 24 months constant employment history
- Contractual workers: a few months in present task with the very least 36 months employment history that is continuous.
- Web get hold of income: In excess of two times the monthly rental (inclusive of takaful)
- Spouse’s income that is verifiable Clubbed to a level of 50%.
- In case there is other loans, all monthly premiums including proposed Ijarah rental combined to not surpass 50% of web / get hold of earnings
- Both data check & e-CIB must be clear and should never have current default / overdue during the time of situation approval
- Minimal experience: a couple of years involvement that is continuous present company / industry
- Position: Proprietor, partner or manager (in case there is partner or director, portion of sharing / holding will be used)
- 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 to not ever go beyond 50% of web / get hold of earnings
- Both data check & e-CIB ought to be clear and must not have default that is current overdue during the time of instance approval
Terms & Conditions:
- Restricted colors can be found.
- Restricted stock available. Avail now while shares final.
- The applying process will be commenced after receipt of most needed documents.
- Once the application is authorized client shall have to spend the actual quantity of protection Deposit prior to the disbursement of Ijarah center.
- Client is needed to spend processing fees ( Non-refundable) during the right period of publishing application along side necessary papers.
- Meezan Bank reserves the rights to reject any application without assigning any explanation.
- Asset: All brand brand new locally assembled automobiles costing as much as Rs. 8 million
- Role of Meezan Bank: to acquire a automobile and lease it into the consumer under an Ijarah contract
- Ownership (title): Ownership lies with Meezan Bank Limited
- Amount of facility: 1-5 Years
- Mode of re payment: Through post dated cheques or debit that is direct. In the event of Direct Debit Instruction six cheques that are additional additionally be acquired.
- Takaful: All cars under Meezan Bank automobile Ijarah is supposed to be included in our authorized Takaful /Insurance organizations
- Tracker: Tracker (both installation & yearly monitoring fees) become set up in most cars.
Original Selling Points
- Pakistan’s completely that is first Automobile Financing Scheme
- Cheapest per rent month
- Priority delivery for all Indus variants (50%)
- Lowest processing fees
- Cheapest at the start payment
- First rent after one thirty days of distribution
- Option of Takaful
- Complimentary acc (with installation & yearly monitoring costs)
- Competitive Service
Res In A ijarah that is regular model the consumer need not spend hardly any money towards the Bank for acquiring the automobile upon conclusion associated with the Ijarah duration.
Into the Residual Value Ijarah model, the month-to-month rentals are considerably less than the standard Ijarah model because here the consumer agrees to pay for a particular sum to your Bank for acquiring the automobile upon conclusion associated with the Ijarah duration. The client comes with the choice that as opposed to spending the lender and acquiring the automobile upon conclusion for the Ijarah duration, they can just get back the vehicle to the Bank.
This model allows the consumer to have a motor automobile on notably paid down leasing. Consumer may also, based on their monthly payment that is rental, obtain a much higher-value automobile than they can under the regular Ijarah model.
Special Offer – for several new locally put together & noncommercial cars
The customer will have an option to buy the vehicle on the agreed purchase price as mentioned in the Terminal-value schedule forming part of the Ijarah documents if the customer wishes to terminate the Agreement before the agreed period. The purchase cost takes into account 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 Ijarah payment and period of most rentals, consumer may have a choice to buy a vehicle.
Used Car Funding
Meezan Bank also finances utilized automobiles through automobile Ijarah!
As well as renting of the latest vehicles, Meezan Bank additionally gives the unique possibility of leasing second-hand, both locally put together and brought in automobiles. This particular feature is created specifically being an option that is highly economical. The car that is used center is created available at a minimum-security deposit as little as 15%.