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What is
leasing?
Leasing means payment of a sum each month in return for the use
of a vehicle or an asset instead of buying it outright.
Is leasing an Islamic instrument?
Yes leasing is an Islamic instrument. It has been approved
by Islamic ideology of Pakistan.
What is IRR?
IRR stands for Internal Rate of Return. The discount or
interest rate at which the net present value of an investment is
equal to zero.
What is rental?
The sum paid by a lessee at regular specified intervals
during the period of the agreement in return for use of leased
vehicle or an asset is called rental.
What is LKM or down payment?
LKM stands for lease key money. It is the down payment made
by the lessee to the lessor for the lease of vehicle or an
asset.
What is residual value?
It means the expected or pre-determined value of a leased
vehicle or an asset at the end of the lease contract.
What is lease term?
The period of time for which a lease agreement is written.
What is principal outstanding?
It means the amount still owed on the borrowed amount. This
doesn't count money you paid towards the interest.
What is rental outstanding?
That is the amount you still owe on the borrowed amount.
This does count money you paid towards the interest.
Do Askari Leasing Limited lease recondition or second-hand
cars?
Yes, Askari Leasing Limited does lease reconditioned and
second cars but these must not be older than three years.
Will the vehicle be insured?
Yes the vehicle will be insured and it is mandatory.
Can I arrange my own insurance?
Yes, the client can arrange his/her own insurance but the
insurance company must be approved by Askari Leasing Limited.
How long will it take to process the case?
If all documents are correct and complete, it will take 7 to
10 days to process the case.
What are floor vehicles?
Floor vehicles are the vehicles bought by ALL and available
for instant delivery.
Will the vehicle or asset be in my name?
In a lease transaction the asset is in the name of the
leasing company.
How the rentals will be collected?
The rentals will be collected through post-dated cheques.
What are postdated cheque?
Post-dated cheques are cheques given by the lessee with
future dates on. ALL presents these cheques every month to
collect monthly rentals.
Can a lease be terminated early?
Yes lease can be terminated early.
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