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HIRE Purchased PRODUCT DISCLOSURE SHEETPRODUCT DISCLOSURE SHEETLIKE PURCHASE Please read this Product Disclosure Sheet before you decide to take up the Hire Purchased. Be sure to also read the general

How to fill out hire purchase-i

How to fill out hire purchase-i

1. Gather all necessary documents required for the hire purchase-i application process.
2. Identify the goods or assets you wish to purchase using hire purchase-i.
3. Contact the financial institution or bank offering hire purchase-i services.
4. Submit your application along with the required documents.
5. Wait for the financial institution to review and approve your application.
6. Once approved, you will be provided with the hire purchase-i agreement.
7. Carefully read and understand the terms and conditions mentioned in the agreement.
8. Sign the agreement if you agree to the terms and conditions.
9. Make the required down payment as per the agreement.
10. Pay the monthly installments on time until the full amount is paid.
11. Once the full amount is paid, you will become the legal owner of the purchased goods or assets.

Who needs hire purchase-i?

1. Individuals who are in need of purchasing expensive goods or assets but do not have the full amount to pay upfront.
2. Businesses and entrepreneurs who require equipment or machinery for their operations.
3. Individuals or businesses looking for a flexible payment option with a fixed term.
4. People who want to avoid high-interest rates often associated with other financing methods.
5. Those who want to own the purchased goods or assets at the end of the payment period.

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What is hire purchase-i?

Hire purchase-i is a shariah-compliant financing arrangement where the bank buys an asset and then leases it to the customer for a fixed period with the option to purchase at the end of the term.

Who is required to file hire purchase-i?

The financial institution providing the hire purchase-i facility is required to file hire purchase-i.

How to fill out hire purchase-i?

Hire purchase-i can be filled out by providing details of the customer, asset being leased, lease term, and any other relevant information.

What is the purpose of hire purchase-i?

The purpose of hire purchase-i is to provide customers with a shariah-compliant financing option to acquire assets.

What information must be reported on hire purchase-i?

Information such as customer details, asset details, lease terms, and financing arrangements must be reported on hire purchase-i.