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HBL Car Ijarah

A financing facility that enables you to own your dream car with ease and flexibility.

Features

  • Financing limit between PKR 200,000 to PKR 5,000,000/-
  • Fixed monthly rentals till maturity
  • Repayment tenure ranging from 3 to 6 years
  • Takaful arrangement through leading business partners
  • Initiation of rentals only after delivery of vehicle

Criteria

Salaried individuals:

  • Applicant must be a Pakistani citizen
  • Applicant to be 22 years or more at the time of application and 59 years or less/ retirement age, whichever is lower at the time of maturity
  • Minimum monthly income to be PKR 20,000

Self-employed business persons/professionals:

  • Applicant must be a Pakistani citizen
  • Applicant to be 22 years or more at the time of application and 69 years or less/ retirement age, whichever is lower at the time of maturity
  • Minimum monthly income to be PKR 25,000

Salaried individuals to provide:

Ijarah
Conventional Lease
Ownership related rights and liabilities reside with the bank while usage related reside with the customer
No clear demarcation between rights and liabilities of customer and the bank
Rentals start after delivery of asset to customer
Installments may start prior to delivery of asset to customer
Asset is insured based on Takaful model
Asset is insured primarily on conventional insurance model
The customer allows bank to pay an amount to charity in case of late payment of rentals
A penalty is charged in case of late payment of rentals

Guiding Principle

Under this facility, the bank acquires the vehicle and then leases it to the customer against rentals for a fixed period.

Note: Terms and Conditions apply. Charges to be applied as per effective Islamic Schedule of Banking Charges (I-SOBC)

Important Documents

Key Fact Sheets ( HBL CarIjarah)- July 2017.pdf  
Size: 71 KB