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Thread: Car on Lease from Meezan Bank Issue

  1. #1
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    Default Car on Lease from Meezan Bank Issue

    AoA Friends
    Last Day i send query for Car lease on Meezan Bank, receive a call from Karachi head-office,
    My Salary is PKR.55,000 or mane advance PKR 800,000 and remaining 800,000 for 3 years kay liye select kiya but agent says k mri pay ki wja c mjy 70% ( its about 11lakh ) advance dyna hoga or installments 15,000 per months for 5years k lye krna hoge deal.
    He also said k mininum mjy 5 years k lye hi select krna hoga bcz mri pay kam ha
    Its really bad for me Iscy acha koi or bank ha jo mjy 3 years ki installment per dy sky mri pay k hisab c?
    Thanks


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    Check with Dubai Islamic Bank, Burj Bank and Bank Al Baraka.

    They have better offers in comparison to Meezan Bank.
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    Dubai islamic

    Bank islami

    Try these banks also to get quotations....

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    Quote Originally Posted by aliahmad8 View Post
    AoA Friends
    Last Day i send query for Car lease on Meezan Bank, receive a call from Karachi head-office,
    My Salary is PKR.55,000 or mane advance PKR 800,000 and remaining 800,000 for 3 years kay liye select kiya but agent says k mri pay ki wja c mjy 70% ( its about 11lakh ) advance dyna hoga or installments 15,000 per months for 5years k lye krna hoge deal.
    He also said k mininum mjy 5 years k lye hi select krna hoga bcz mri pay kam ha
    Its really bad for me Iscy acha koi or bank ha jo mjy 3 years ki installment per dy sky mri pay k hisab c?
    Thanks
    Banks normally don't allow more than 1/3 of pay in installments. SO in your case, you can't get more than 18,000 per month installment plan.

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    If you have 800k try to stretch it to 1 million and get a decent hatchback....financing will dent your salary and monthly expenses alot.

    Be realistic... rest its ur money and ur life...

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    Quote Originally Posted by chusmankhalid View Post
    If you have 800k try to stretch it to 1 million and get a decent hatchback....financing will dent your salary and monthly expenses alot.

    Be realistic... rest its ur money and ur life...

    Well said....

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    BTW which car you are going to lease out? Burj bank has better plan than meezan bank except that meezan takes lower down payment due to exclusion of advance insurance/takaful. Dubai islamic bank is costly as compared to burj bank.

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    Default

    Quote Originally Posted by aliahmad8 View Post
    AoA Friends
    Last Day i send query for Car lease on Meezan Bank, receive a call from Karachi head-office,
    My Salary is PKR.55,000 or mane advance PKR 800,000 and remaining 800,000 for 3 years kay liye select kiya but agent says k mri pay ki wja c mjy 70% ( its about 11lakh ) advance dyna hoga or installments 15,000 per months for 5years k lye krna hoge deal.
    He also said k mininum mjy 5 years k lye hi select krna hoga bcz mri pay kam ha
    Its really bad for me Iscy acha koi or bank ha jo mjy 3 years ki installment per dy sky mri pay k hisab c?
    Thanks
    A brotherly advice for you, If you want to pay installment of 30k then you must be Saving at least 50k per month, if you willing to pay installment of 15k then you should be saving at least 25k per month, it is for your safety and to limit the risk of non payment.

    Most of the bank has policy of Installment per month * 3 should not exceed monthly income of the buyer. If installment is 15000 , then 15000 * 3 = 45000/-, salary should be greater than 45k to get your case approved for installment.
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    try with albaraka bank.
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    it is better to buy a car that you can afford right now...

    Leasing should be discouraged imo.. and absolutely not recommended for average salaried individuals.
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    @ali454 dear what is average salary btw ??


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    As per the Meezan bank they have a point calculator... case approvals are based on those points earned by the individual... ur salaray, ur residence (rented, owned, company provided) childs, years in current job, total job period, permanent, employer category, education, any other lease or credit cards, club incomes, all things have different points on the basis of ur answers. Each section has different weightage and ur final score will tell them to approve ur case or not... even ur points will decide ur case approval from local branch, regional head ofc or from Karachi head ofc.
    On the basis of these points the ijara officers guides u to alter ur plans to increase ur points to take up ur case till approval....
    I hope u got my point.
    BTW m a doctor not a banker and not related to Meezan Bank by any sort. Just a experience coz i too have 2 vehicles on Ijara by Meezan.

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