Meezan bank car financing

Meezan Bank Car Ijarah

Meezan Bank offers Pakistan’s very first RIBA free (interest free) car financing scheme, based on Islamic “Ijarah” financing or leasing principle.

The Meezan Bank car financing scheme works under a rental car agreement – the bank purchases the vehicle and rents it out to interested individuals for 1-7 years. Once the car ijarah period is completed, the car is either sold to the individual at a token amount or gifted.   

Key Features of Meezan Bank Car Ijarah

Meezan bank car finance offers a number of exciting features:

• Super-quick processing time
• Rental payments start only after delivery
• The lowest upfront payment
• Vehicles installed with Tracker with no installation or monitoring cost
• Low 15% minimum security deposit (terms apply)
• Up to Rs. 400,000 accidental death coverage absolutely free
• W.H.T (Withholding Tax) to be borne by Meezan Bank after vehicle purchase

Eligibility Criteria for Meezan Bank Car Ijarah

The following two classes of individuals are eligible for Meezan Bank car finance scheme:

For Salaried Individuals

• Active and permanent employee for 3 months with minimum 2 years consistent employment history; or
• Active and contractual employee for 6 months with minimum 3 years consistent employment history
• Take-home/net salary of more than twice the monthly rent due (includes Takaful)
• Verifiable Spouse’s income clubbed up to 50%
• If interested in other loans, aggregated monthly payments inclusive of proposed Ijarah rental must not exceed 50% of take-home salary
• Data check and e-CIB must not indicate any defaults/current dues prior to case approval

For Businessmen

• Minimum 2 years consistent involvement in business
• Must hold position of Proprietor/Owner, Partner or Director (for the last two, percentage of holding/sharing shall be applied)
• Take-home/net income must be more than twice the monthly rental  (includes Takaful)
• Verifiable Spouse’s income clubbed up to 50%
• If interested in other loans, aggregated monthly payments inclusive of proposed Ijarah rental must not exceed 50% of take-home salary
• Data check and e-CIB must not indicate any defaults/current due prior to case approval

Meezan Bank Car Ijarah Variants

Meezan Bank Car financing offers the following Ijarah variants:

To Buy a New Car

Select from a range of manufacturers, and own a brand new car of your dreams.

To Buy a Used Car

Used and immaculately reconditioned cars, locally assembled as well as imported, with a low minimum security deposit of 15%.

To Buy an Imported Car

Brand new imported car under the Meezan Bank Car Ijarah scheme.

Documents Required for Meezan Bank Car Ijarah

Acquiring your dream car through Meezan Bank car financing is quick and simple:

• Car Ijarah Application Form (available at all branches) filled out and signed by the interested individual
• For salaried professionals: copy of most recent salary slip
• For businessmen: proof of business such as NTN, Tax Return, Association Letter or Bank Certificate which confirms proprietorship
• Copy of the latest 6 bank statements
• Most recent photograph
• Specimen signature in bank’s recommended format

You can also visit Mawazna car loan comparison service or meezan bank car ijarah calculator on this page to compare and apply for car finance products offered by Meezan Bank or any other banks.

Meezan Bank Car Ijarah (Car Financing)

The Car Ijarah, offered by Meezan Bank is first interest-free car financing product in Pakistan. The product is truly based on the Islamic Financing mode of the Ijarah or leasing and is the best option for the people who are looking to get an interest free financing to have their own car.

Eligibility Criteria for Meezan Bank Car Loan

For a salaried person, it is necessary to have minimum 3 months on the current job and with 2 years of continuous employment. A business person must have 2 years of continuous business with partnership or shares and income should be more than the per month rental. In both the cases the individual must have a clear e-CIB and data check, no overdue or default.

Features & Benefits of Meezan Bank Auto Loan

The Meezan car Ijarah offer lowest upfront payment and you will pay the rental payment after the delivery of the vehicle. It offers quick processing time; trackers will be installed with free monitoring and installation. Free health and death coverage for up to Rs 400,000 with security deposit low as 15%. The With Holding tax on vehicle buying will be paid by the bank and not by the customer.

Summary

Meezan Bank is an Islamic bank based in Karachi, Pakistan. The Bank commenced operations in 2002, as the first-ever Islamic commercial bank in Pakistan.

Car Financing Products

The bank’s Ijarah unit provides car financing based on the principles of Ijarah and is free of the element of interest.

Meezan Bank’s Car Ijarah is a car rental agreement, under which the Bank purchases the car and rents it out to the customer for a period of 3 to 5 years, agreed at the time of the contract. Upon completion of the lease period the customer gets ownership of the car against his initial security deposit.

The banks also offers residual car Ijarah which is the value of an asset at the conclusion of the lease term or the price at which a fixed asset is expected to be sold at the end of its useful life.

Based on the above definition, Meezan Bank Car Ijarah allows customers to afford luxury with economy, where the customer can enjoy the benefits of eased rental. A high residual value would result in a lower monthly lease.

Features and benefits

• Residual Value Ijaraah with Indus Motors
• Financing of new and used vehicles (local and imported)
• Low monthly rental
• Rental paid after delivery, not in advance
• Fastest processing and delivery
• Tracker option available
• Minimum security deposit as low as 10%
• All new, used, local, imported and luxury vehicles can be financed

Eligibility

You can enjoy the benefits of Car Ijarah if you:

• Are a salaried individual/ self-employed professional/businessman
• Have a net take home income exceeding three times your monthly rental
• Have two years working / professional / business experience
• Are working with your present employer for at least six months (for salaried individuals)

Required Documentation

• Leasing application form duly filled and signed by the applicant
• Copy of CNIC
• One recent passport sized photograph
• Any paid utility bill (Electric/Gas/Water) received at the residential address
• Original or certified copy of Recent Pay slip (for Salaried Individuals only)
• Last Six Month Bank Statement
• Specimen signature card duly signed & stamped by the bank
• Copy of Rental Agreement (if applicable)

Contact Details

Visit your nearest Meezan Bank branch or call 111-331-331. You can also find more information online here