Car Ijarah (lease) is Meezan Bank’s car financing product and is Pakistan’s first interest-free car financing. It is based on the Islamic financing mode of Ijarah (lease). This product is ideal for those who want to get interest free financial support to get a car.
Car Ijarah (lease) operates through a car rental agreement, under which the bank buys the car and Ijarah (leases) it to the customer for a period of 1 to 7 years, as agreed at the time of the agreement. Upon expiration of the Ijarah (lease), the vehicle will be sold for a token amount or given as a gift to the customer.
Meezan Bank Car Ijarah Benefits
1. Front Payment is lowest up
2. After Vehicle delivery, rental payment starts
3. Processing time is quick
4. Deposit of minimum security as low as fifteen percent (15%)
5. On purchase of vehicle, Meezan bank will bear W.H.T (With Holding Tax)
Meezan Bank Car Loan Eligibility Criteria
1. For Salaried Individuals (SI):
a) Permanent Employees: Must provide at least three (3) months certificates which show their current job status along with at least 2 years history of continuous employment.
b) Contract Based Employees: Must provide at least 6 months certificate which show their current job status along with at least 3 years history of continuous employment.
c) Net Take Home based Income: Must provide at least 2 times monthly rental certificate.
d) In case of taking other loans/ Schemes, all monthly based payments which include proposed Ijarah (lease) rental combined not to exceed fifty percent (50%) of net take home based income.
2. For Businessmen:
a) Minimum Experience: Must provide at least 2 years documentation which show their continuous involvement in current business or industry.
b) Position: Having a proprietor/partner or directors.
c) Net take home based income: Must provide the certificate of 2 times monthly rental.
d) In case of taking other loans/ Schemes, all monthly based payments which include proposed Ijarah (lease) rental combined not to exceed fifty percent (50%) of net take home based income.
Meezan Bank Car Loan Required Documents
1. For Salaried Individuals (SI):
a) Must provide at least the latest certificate of employment which includes the date of joining.
b) Must provide past six month statement of bank credited salary
c) Must provide one valid copy of nominee CNIC
d) Must provide HR representative name of employers along with mailing address.
e) Must provide a credit bureau report of the country.
2. For Businessman:
a) Must provide valid proof of business
b) Must provide past six month statement of bank which will be verified through embassy
c) Must provide one valid copy of nominee CNIC
d) Must provide a credit bureau report of the country.
Meezan Bank Car Ijarah Finance Scheme for Lien Based Financing
1. Minimum investment required in Islamic New Pakistan Certificate or balance in Roshan Digital Account is equal to 2 million (2M) or more.
2. At least 22 years should be the age limit of applicants.
3. If the applicant has availed of other financial facilities, all monthly payments, including the proposed rental rent, should not exceed fifty percent (50%) of the household income.
4. In case of PKR account, 100% equivalent of net financial assistance equivalent to Lane or Covenant will be marked on the applicant’s Roshan Digital Account or Islamic New Pakistan Certificate till the maturity of the car lease facility.
5. In the case of a foreign currency account, applicants’ Roshan digital accounts will be marked with 120% lanes equivalent to net financing.
6. To avail this facility, foreign, foreign currency account holders must open a separate PKR Roshan digital account.
Meezan Bank Car Ijarah Finance Scheme for Non Lien Based Financing
1. The age limit should be minimum to 25 years.
2. The maximum age of the applicant at maturity should not exceed 60 years.
3. Minimum working experience for salaried professionals 2 years permanent employment history.
4. If the applicant has availed of other financial facilities, all monthly payments, including the proposed rental rent, should not exceed 40% of the combined household income.
Meezan Bank Car Ijarah Finance Scheme Product Profit Rates
Meezan Bank Car Ijarah Finance Scheme Calculator
In order to know the interest rate/ markup rate and monthly based installment along with tenure, please visit the given below link: https://www.meezanbank.com/calculators/
Meezan Bank Car Ijarah Finance Scheme Apply Online
For Online Apply to Meezan Bank Car Ijarah Finance Scheme 2021, please visit the given below link: https://digitalservices.meezanbank.com/RDACarIjarah/
Meezan Bank Helpline
For further information, please call us on +92 21 111 331 331
For any queries or suggestion, please email at info@meezanbank.com / complaints@meezanbank.com
