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Corporate_service AL-MIRAAJ

TERMS AND CONDITIONS FOR AL-MIRAAJ

The aim of the company (Al-Miraaj) is to provide people with dispute settlement through physical assets in the form of cash, car, or inventory (commercial property).

Thank you for selecting [Al-Miraaj] for your financing needs. Please read these terms and conditions thoroughly before applying for or using any of our financing products or services. By applying for or accepting financing related to assets in the form of cash, car, inventory, and commercial property, you agree to these Terms and Conditions, which form a legally binding agreement between you ("the borrower" or "you") and [Al-Miraaj] ("we," "our," or "the lender"). If you do not agree to these conditions, please do not proceed with your application or use our services.

  • 1. Definitions.

  • Assets in the form of cash, car, inventory, and commercial property refer to financing provided to a borrower with the agreement that it will be repaid with interest. Borrower: Any person or company who seeks or accepts financing from us. Lender: [Al-Miraaj], the company that provides the financing services. Interest Rate: The rate at which interest is charged on the financed amount, as specified in the agreement. Repayment Schedule: A structured plan that outlines the repayment amounts and dates. Default: Failure to make required payments or follow the agreement terms. Collateral: Assets committed by the borrower to secure the financing.
  • 2. Amendments.

    [Al-Miraaj] has the right to modify or change these Terms and Conditions at any moment. Any modifications will be conveyed to the borrower through email or other agreed-upon channels. Continued use of financing services following such changes signifies acceptance of the updated terms. Specific SOPs: Subscription changes to R. 1650/- only. Only the subscriber will be entered. Sergen will be responsible for 10% of total assets, including cash, property, and vehicles in inventory. Settlement may take months or longer, depending on both parties' responsibility to sell the inventory provided. All TAN and GSTs will be levied on both parties. If a case is found to be fraudulent, it will be permanently suspended, and the involved subscriber(s) will be compared at the end. The company may utilize the subscribers' funds for minimal fees as necessary.
  • 3. Eligibility Criteria.

  • To qualify for financing from [Al-Miraaj], the borrower must meet the following criteria: Be a resident of Pakistan. Be at least 18 years old. Have a valid Computerised National Identity Card (CNIC). Maintain a genuine and operational bank account in Pakistan. Provide proof of income or employment, if applicable. Meet any other conditions specified in the agreement. The application will be rejected if it does not meet these conditions.
  • 4. Application Process.
  • Borrowers must complete and submit an application form with correct and complete information. False or misleading information may result in cancellation of the financing or legal action. Following submission, [Al-Miraaj] reserves the right to check all information provided by the borrower, including income, employment, and credit history. The lender reserves the right to decline any application without providing a reason. Following submission, [Al Miraaj] reserves the right to check all information given by the borrower, including income, employment, and credit history. The lender reserves the right to decline any application without providing a reason.
  • 5. Financing Amount and Disbursement.

  • The amount will be established depending on the borrower's application, creditworthiness, and lender evaluation. Once accepted, the funds related to the assets will be transferred to the borrower's bank account within the agreed-upon timeframe. The borrower will be notified of the disbursement via email, SMS, or other agreed-upon communication channels.
  • 6. Interest Rates and Charges.

  • The interest rate for financing will be established in the agreement. It might be constant or variable, depending on the terms. Interest on the outstanding principal amount will be calculated and applied according to the agreed-upon timetable. The borrower agrees to pay all relevant service costs, late payment fees, and processing fees outlined in the agreement.
  • 7. Repayment Terms

  • The repayment schedule, including amounts, due dates, and payment method, will be specified in the agreement. The borrower is accountable for making timely payments according to the repayment schedule. Payments may be made by bank transfer, cheque, or any other means permitted by the lender. Early repayment may be permitted, subject to any prepayment penalties or conditions set forth in the agreement.
  • 8. Late Payment and Default

  • If the borrower fails to make a scheduled payment, the lender maintains the right to charge a late payment fee as indicated in the agreement. If the borrower fails to make payments for a set length of time, [Al-Miraaj] may take legal action to reclaim the outstanding amount, interest, and any related expenses. The borrower accepts that in the event of default, [Al-Miraaj] may report the default to credit agencies and other relevant authorities, which may negatively impact the borrower's credit score.
  • 9. Collateral and Security.

  • For secured financing, the borrower must submit collateral to secure the assets in the form of cash, car, inventory, and commercial property. The collateral's description and value will be agreed upon and included in the agreement. In the event of default, [Al-Miraaj] reserves the right to take or sell the collateral in order to recover the outstanding balance, interest, and fees.
  • 10. Restructuring and Extension.

  • If the borrower is unable to meet the repayment plan due to unforeseen circumstances, he or she may request a restructuring or extension. [Al-Miraaj] has the exclusive power to approve such a request, and new terms, such as modifications to the interest rate, repayment schedule, and fees, may be imposed.
  • 11. Termination or Cancellation

  • The borrower may request that the agreement be terminated before the full amount is disbursed. Any cancellation after disbursement will result in early repayment penalties, as specified in the agreement. [Al-Miraaj] has the right to terminate the arrangement at any time if the borrower is discovered to have submitted false information, participated in fraudulent activities, or violated any of the terms of the agreement.
  • 12. Privacy & Data Protection

  • [Al-Miraaj] is committed to protecting the borrower's personal information in accordance with Pakistani data protection legislation. Personal information gathered throughout the application process will only be used to process the financing and manage the borrower’s account. Borrowers consent to sharing personal and financial information with third parties such as credit bureaus, banks, and legal authorities for processing, credit evaluation, and compliance.
  • 13. Borrower Obligations

  • Borrowers agree to provide accurate and truthful information during the application process. Make timely repayments as specified in the agreement. Notify [Al-Miraaj] of any changes in contact information or financial circumstances that may affect the ability to repay the financing. Use the funds strictly for the stated purpose and not for illegal actions.
  • 14. Lenders' Obligations

  • [Al-Miraaj] will promptly disburse the funds following approval and completion of all applicable processes. The lender shall communicate all applicable fees, charges, interest rates, and repayment terms in a clear and transparent manner. The lender will take all reasonable precautions to protect the borrower's personal and financial information.
  • 15. Limitations of Liability

  • [Al-Miraaj] shall not be accountable for any losses, damages, or liabilities suffered by the borrower as a result of delayed fund release, technical issues, or events beyond the lender's control. The borrower bears complete responsibility for any financial or legal consequences arising from misuse of the financing or failing to meet repayment obligations.
  • 16. Dispute Resolution.

  • In the event of a dispute between the borrower and [Al-Miraaj], both parties undertake to first try to resolve the issue through amicable negotiation. If the dispute cannot be settled peacefully, either party may refer it to arbitration under the Arbitration Act of Pakistan or take legal action in the relevant court of law.
  • 17. Governing Law

  • These Terms and Conditions are regulated by Pakistani laws. Any legal action or dispute arising from or in connection with these terms will be heard exclusively in Pakistani courts.

  • 18. Contact Information

  • If you have any questions or concerns regarding these Terms and Conditions,
    Please contact us at: [Al Miraaj]
    Address: [Lahore, Pakistan]
    Phone: [+123 456 789]
    Email: [info@al-miraaj.com]
    By applying for or accepting a application from [Al-Miraaj], you acknowledge that you have read, understood, and agreed to these Terms and Conditions.

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