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.
