Ameen LCV Financing is available for Small & Medium Enterprises (SME) for obtaining light commercial vehicle for business purpose on Shariah compliant mode of finance. It’s exclusively designed for business segment operating as Sole Proprietorship, Self-Employed, Partnerships working in Logistics/Transportation/Distribution etc. sector. Vehicle acquired through Ameen LCV Financing is intended for business purpose only.
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Customer Request Letter (Application Form, Islamic Transactional Documents/Agreements)
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Valid CNIC
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1 Photograph
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Financial statements
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1 Year latest bank statement
Terms & Conditions:
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Customer will be responsible for selecting the vehicle to be financed as an agent of bank.
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Customer will be responsible for the overall condition of the vehicle being financed. UBL Ameen will not be responsible for any defects detected in the vehicle after you have accepted delivery and have signed the Delivery Acceptance Form.
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UBL Ameen will only finance a specified portion of the vehicle's price. Registration, Capital Value Tax and any other related expenses are entirely your responsibility with the right of reimbursement of bank share.
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Customer will bear all external agency fees and charges with the right of reimbursement of bank share.
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Customer will put in all your contribution (equity) before disbursement of the finance amount by UBL Ameen.
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Customer will not fully or partially purchase the balance Musharakah outstanding units without the prior written consent of UBL Ameen. In case, UBL Ameen permits you to purchase additional Musharakah units or any remaining portion of the Musharakah units, UBL Ameen shall have the right to receive early Musharakah price which shall be determined by UBL Ameen as per schedule of Undertaking to Purchase.
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Bank Processing Charges and Vehicle Appraisal Charges are non-refundable.
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Please do not pay cash to any employee or representative of UBL Ameen for any charges or services or for any other purpose. All payments must be made via crossed cheques drawn in favor of UBL Ameen.
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UBL Ameen reserves the right to reject any financing application without assigning any reason.
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In case your cheque for Total Cash Outlay (TCO) described below is dishonored, UBL Ameen reserves the right to reject your application.
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For Processing Charges, you will be required to pay the following upfront:
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Application Processing & Documentation Fee
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First Year Takaful including Tracker charges
Click Here to view UBL Ameen LVC KFS
FAQs – Ameen Light Commercial Vehicle (ALCV)
What is LCV Financing?
It’s a financing facility to acquire Light Commercial Vehicle (LCV) jointly by the Bank and customer which enables you to utilize commercial vehicle for business purpose.
Who can apply for financing facility?
Small & Medium size business entities (SME) including Sole Proprietorship, Self-Employed can apply for the said facility.
What is the maximum amount I can apply for?
It depends on repaying capacity and business requirement, however max limit is Rs.10 Million (New Vehicle) for SME customers subject to SBP PR requirement.
Which types of vehicles are eligible for financing?
Following vehicles are eligible:
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New local assembled
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New Imported vehicle
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Used Local Registered
What types of vehicles are covered under LCV?
What types of vehicles are not covered?
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Heavy Duty Trucks
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Buses
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Coaches
Can I avail multiple financing facilities?
Yes, you can apply for multiple times.
How old vehicles are allowed under used vehicle?
Five years old from manufacturing date at the time of finance provided the maximum age of vehicle at the time maturity will be eight years old.
What would be the Mode of Repayment?
Mode of Repayment includes Account Debit Authority / Cashier Cheque / Cheque / Cash / Online Transfer, etc.
How can I get Shariah Compliant Financing?
You can visit any of our nearest Ameen branch or we may forward your request to our Consumer Sales team who will get in touch with you to discuss your requirements.
For more information, call us at (021) 111-825-888