Meezan

Meezan Bank Car Financing

http://www.meezanbank.com

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