فارسی | Tuesday17 October 2017
 

Sale by Installments
Sale by installments means to assign the goods to a third party for a fixed amount, in such a way that the total or part of the said amount is repaid in equal or unequal installments on certain due dates.
This kind of contract is used in: Sale by Installments in housing sector, raw materials, spare parts and tools and equipments, transportation means, durable consumer goods, manufacturing tools and machineries and foundations.
 
Sale by Installments in Housing Sector
According to the principles of non-usury banking Law, the bank can sell in installments low price residential units, which have been constructed directly or through allocating banking credit facilities, upon receiving written requests and undertaking of the applicants, for the purpose of developing housing sector.
 
Sale by Installments to purchase raw materials, spare parts and tools and equipments
In order to provide the capital flow of the manufacturing units (whether these units belong to individuals or legal entities) and upon receiving the applicants' written request and undertaking, the bank can purchase raw materials, spare parts, tools and equipments and other necessities of these applicants and sell them by installments to the applicants.
 
Sale by Installments to purchase manufacturing tools, transportation means, durable consumer goods and foundations
In order to develop sectors such as Industry and Mine, Agriculture and Service, the bank can purchase movables, based on the applicants' request and commitments and sell them by installments against securities.
 
1) Required documents for sales by installments in commercial sector

A) Individuals
·        The copy of the applicant's ID card
·        The copy of the applicant's National card
·        The copy of the business license or membership card in related syndicate
·        The copy of the valid title deeds or key-money or leasing contract of the workplace
·        Performa invoice of the related goods for the total amount of the written request
·        The copies of the title deeds (collaterals), incase the credit facilities are allocated against landed properties as collateral
·        The full copy of title deeds of movable and immovable properties, the company's stocks, partnership papers and etc.
 
B) Legal Entities
·        The copy of the company's Articles of association, memorandum of association, notices in official gazettes, regarding the establishment of the company, and latest changes in the Articles of association and managers and the copy of their ID and National Cards
·        The copy of the business license
·        The copy of the National ID card
·        The copy of the valid title deeds or key-money or leasing contract of the company
·        Performa invoice of the related goods for the total amount of the written request (if necessary)
·        The copy of the title deeds (collaterals), incase the facility is granted against landed properties as collateral
·        The full copy of title deeds of movable and immovable properties, the company's stocks, partnership papers and etc.
·        The company's latest balance sheet of the two previous years of its operation
 
2) Required documents for sale by installments in housing sector
·        The written request of the applicant
·        The copy of the applicant's ID card
·        The copy of the applicant's National card
·        The copy of title deeds, completion certificate and the building permit
·        The applicant's employment certificate on the date of allocating the credit facility, indicating the applicant's wage and if necessary the written undertaking to pay in installment out of his wage
·        The copy of the purchase contract
·        The copy of the seller's ID card