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HBL Car Ijarah

HBL Car Ijarah allows you to get your dream car with ease and flexibility.

Features

• Choose any type of car -New, used, imported or domestically manufactured
• Repay within a flexible time period - From 3 to 6 years
• Receive financing up to 85% of car price for your preferred car

Benefits

• Fixed monthly rentals
• Initiation of rentals only after delivery of vehicle
• No registration charges
• No takaful charges
• No Withholding Tax

Underlying Islamic Mode for Car Ijarah

Ijarah: Ijarah means 'to give something on rent'. In Ijarah, the asset is in the ownership of the Bank and the Bank transfers to the customer the right to use the vehicle in exchange for a rental.

Difference between Ijarah and Conventional Lease

IjarahConventional Lease
Ownership related rights and liabilities reside with the bank while usage related reside with the customerNo clear demarcation between rights and liabilities of customer and the bank
Rentals start after delivery of asset to customerInstallments may start prior to delivery of asset to customer
Asset is insured based on Takaful modelAsset is insured primarily on conventional insurance model
The customer allows bank to pay an amount to charity in case of late payment of rentalsA penalty is charged in case of late payment of rentals


Eligibility

Salaried Individuals:
• Applicant must be a Pakistani citizen
• Applicant to be 22 years or more at the time of application and 60 years or less 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 70 years or less at the time of maturity
• Minimum monthly income to be PKR 25,000


How to Apply

Salaried Individuals to Provide:
• Original copy of CNIC along with verified copy
• Two recent passport size photographs
• Latest original salary slip and personal bank statement for last three months

Self-Employed Business Persons/Professionals to Provide:
 • Original copy of CNIC along with verified copy
• Two recent passport size photographs
• Bank statement for last 6 months and bank letter confirming details of account
• Proof of business

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

Important Documents

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