Meezan Bank provides a Bike Ijarah financing scheme. Bike Ijarah is Pakistan’s first Raba-free motorcycle financing facility based on the Islamic financing mode of lease. It is ideal for those who want to get interest free financial support for a motorcycle.
Motorcycle Ijarah (lease) operates through a motorcycle rental agreement, under which the bank buys the vehicle and leases it to the customer for a period of 1 to 3 years, as agreed at the time of the agreement. Upon expiration of the lease, the vehicle will be sold for a token amount or given as a gift to the customer.
Meezan Bank Bike Ijarah Scheme Benefits
1. Two time free periodic maintenance
2. Low monthly based rental
3. Rental after delivery of bike
4. Fast processing procedure as well as delivery
5. Availability of Takaful
6. Ijarah is the mode of financing
7. The registration of bike will be insured in the favor of Meezan Bank its physical possession is given to the customer
8. Offers of best products i.e. Suzuki, Yamaha etc.
9. Availability of tenure facility which would be 1, 2, & 3 years
10. Advance rental is at least 15% of the cost of the bike up to 50% of the cost of the bike.
Meezan Bank Bike Ijarah Scheme Eligibility Criteria
1. Citizenship: Must be a citizen of Pakistan.
2. Age Limit: For Salaried Individuals, the age limit will be at least 20 to 60 years at maturity.For Self Employed Business/Self Employed Profession, the age limit will be at least 20 to 65 years at maturity.
3. Minimum Income Required: For Salaried Individuals, the grosssalary will be 25,000 per month and for SEP, the monthly income must be at least 40,000 as well as businessmen.
4. Debt Burden Ratio: For SI, SEP and SEB the net monthly income must be 35%.
5. Down Payment: At least 15% of cost of the bike up to 50% of cost of the bike.
6. Tenor: 1, 2 and 3 years.
7. Cheque Return Charges: The charges of cheque return would be levied as per the schedule of bank’s charges.
8. Takaful Coverage: The coverage takaful would be as per the policy of the company.
Meezan Bank Bike Ijarah Scheme Required Documents
1. For General Requirements:
a) One valid copy of applicant’s CNIC
b) One recent passport size photograph of the applicant
c) One valid copy of driving license
d) Certificate of financing declaration
e) Signature of verification form
2. For Salaried Individuals:
a) One original and certified copy of the statement of the bank at least past 6 months
b) Must provide original and certified copy of payment slip
c) Must provide the certificate of employer which include tenor and designation
3. For SEP/SEB:
a) Must provide one original and certified copy of statement of bank at least past 12 months
b) Must provide documentation proof of business at least past 2 years along with a tax return certificate and any other documents.
Meezan Bank Bike Calculator
In order to know interest rate/ markup rate, tenure period along with installment, please visit the given below link: https://www.meezanbank.com/bike-ijarah-calculator/
Meezan Bank Bike Ijarah Online Apply
In order to apply for Meezan Bank bike Ijarah, please visit the given link below and fulfill the application form with required documents and submit it to the nearest Meezan Bank branch.
Meezan Bank Helpline
For further information, please call us on +92 21 111 331 331