Meezan Bank Car Ijarah – Get Your Dream Car Today
Meezan Bank is providing an interest-free car loan facility in Pakistan. It is also known as car leasing because the loan program operates entirely under Islamic financing mode. The car loan offer is a financial aid program for those who want to buy a car with a loan from any bank but do not want to repay the money with any interest. You can buy locally made cars with a bank loan.
Suppose you have any doubts about understanding this concept. In this case, I will tell you in simple words that if you apply for a car loan from a bank, Meezan Bank will buy the car with its own money and give the applicant a car rental agreement, which means you have to pay installments over a period of 1 to 5 years.
Car Lease is a car financing product of Meezan Bank and is the first interest-free car financing in Pakistan. It is based on the Islamic financing mode of leasing. This product is ideal for those who want to get interest-free financing for locally manufactured/assembled vehicles.
The car lease operates through a lease agreement, under which the bank buys the car and leases it to the customer for a period of 1 to 5 years, as agreed upon 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.
Financing facility for locally assembled and fully built-up (CBU) vehicles
Security Deposit / Advance Rental: Minimum 15% of car price and maximum 50%
Both the data check and the ECIB should be clear and should not be the default / overdue time of case approval.
This feature is available to all bright digital account holders including foreign currency account holders.
No processing charges. Documentation and security perfection charges will actually have to be paid by the applicant at the time of payment of the case.
Monthly rent is to be paid through direct debit instruction from PKR Roshan Digital Account.
The vehicle will be provided to the applicant’s nominee / co-borrower (blood relative – father/mother, son/daughter, brother/sister, or spouse residing in Pakistan).
At the time of maturity of the lease, the maximum age of the authorized nominee / co-borrower should not be more than 70 years.
In the case of non-filer, 4% advance tax on the cost of the vehicle will be applicable at the time of distribution of the vehicle.
Visit Your Nearest Branch Of Meezan Bank For Further Information.