MCB Islamic Bank has launched a special financing offer for the Hyundai Tucson, allowing customers to secure the vehicle under more favorable terms until June 30, 2025. The offer is part of the bank’s MiCar financing program and applies to both individual and fleet purchases.
Reduced Monthly Rental and Profit Rate
Under the revised plan, customers can access the Hyundai Tucson with a monthly rental of Rs. 101,482, calculated based on a three-year financing period for the Tucson Smart FWD variant. This represents a substantial reduction from the bank’s standard rental for similar vehicles, which is Rs. 106,625 per month.
The financing is offered at a revised profit rate of KIBOR + 1%, compared to the standard rate of KIBOR + 4.5% available for other models. Over a three-year term, this adjustment results in a total rental savings of Rs. 206,736.
| Category | Standard Offering for Other Vehicles | Discounted Offering for Hyundai Tucson | Savings |
|---|---|---|---|
| Profit / Rent Rate | KIBOR + 4.5% | KIBOR + 1% | – |
| Takaful Rate | 1.99% | 1.00% | PKR 299,448 |
| Standard Rental / Month | PKR 106,625 | PKR 101,482 | PKR 206,736 |
| Total Saving in 3 Years | – | – | PKR 506,184 |
The offer also features a reduced Takaful rate of 1.00%, down from the standard 1.99%. Combined with the discounted rent, the total savings over three years reach Rs. 506,184, excluding the Takaful premium.
These figures apply to both the Tucson Smart FWD and Tucson Signature AWD variants, subject to customer eligibility and financing terms.
Application Process and Availability
Customers may finance the vehicle for a maximum period of three years. The bank has confirmed that priority processing and expedited delivery will be provided for approved applications submitted during the offer window. Fleet financing options are also available under the same terms.
Interested individuals can apply through MCB Islamic Bank branches or authorized Hyundai dealerships. Terms and conditions apply, and all financing calculations are exclusive of insurance costs.
If it’s Islamic what is the purpose of KIBOR? And how can the rent of 12 million be 100000?
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Down payment
Monthly rent
No down payment requirement is mentioned neither the full price of the car. KIBOR rate is also not mentioned