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
