Meezan Car Ijarah 2023 – Get Car Interest Free Installment
Meezan Car ijarah Pakistan’s first interest-free financing from Meezan Bank It is very useful and ideal for working people who want to get a car in installments Best and quality car from Meezan Bank About Time Payment Plan Provides complete information Under car leasing, you can get a car from the bank for a period of 2 to 5 years
Eligibility criteria of Roshan digital account holders
- You can choose a new or used car locally.
- monthly installments will be paid through direct transfer from the Roshan account.
- The vehicle will be given to the applicant’s brother’s father’s father’s father’s father’s life partner or partner in Pakistan.
- The age of the nominee should not exceed 70 years
- Applicants must be at least 25 years of age.
- The continuous employment history of at least two years in current employment for salaried individuals
- If the applicant has secured other financial facilities, the total monthly payments, including the proposed lease rent, should not exceed 40% of the net/take-home income.
You can also register in Benazir Kafalat Program 8750 New Update 2023
Profit rate of products
|Fixed Profit Rates|
|Financing Tenure||1 Year||2 Year||3 Year||4 Year||5 Year||6 Year||7 Year|
|For Lien Based||7.25%||8.25%||8.50%||9.00%||9.25%||9.35%||9.50%|
|For Non Lien Based||16.08%||15.38%||14.77%||14.27%||14.17%||14.21%||14.23%|
|Above mentioned rates can be revised based on Deposit and PKRV rate at time of disbursement|
|Variable Profit Rates|
|For Lien Based||*SBP Floor + 1.0% (*Currently SBP floor is 8.75%)|
|For Non Lien Based||1 Year KIBOR + 1.0%|
Rates of takaful
|Tracker||Value Added Services|
|EFU||1.99%||Accidental death Coverage up to PKR 2.5 Million|
|3.50%||– Accidental death Coverage up to PKR 2.5 Million– Health insurance plan up to 20.00% of vehicle or PKR 500,000 whichever is less– Online Medical consultancy– Travel Takaful Plan up to USD 50,000|
Documents required Salaried persons
- Latest employment certificate with date of joining
- Bank certificate of last six months credited salary
- Copy of CNIC of the nominee
- Name of employer’s HR representative with a mailing address
- Report of Credit Bureau of Stay Country
Documents required businessman
- Valid business proof of businessman
- Embassy-certified bank statements for the last six months
- Copy of CNIC of a nominee
- Report of Credit Bureau of Stay Country
- In the case of remittance income, the last six months’ bank statement of the sender will be required.
Eligibility for Car Ijarah of salaried person
- 3 months in current job with a minimum 2 years continuous employment history of permanent employees.
- 6 months in current job with a minimum 3 years continuous employment history of Contractual employees.
- Net take home income In excess of 2 times the monthly rental.
- Booth data check & e-cube should be clear and must be noted current default/order at the time of case improvement
- In case of other loans, all monthly payments including the proposed lease rent shall not exceed 40% of the aggregate net / take-home income.
Eligibility for Car Ijarah of Businessman
- Minimum experience of 2 years continuous involvement in current business or industry.
- Percentage of sharing/holding in case of partner or director will be applicable.
- Net take-home income more than 2 times of monthly rent (including takaful)
- Spouse’s clubbed verifiable income to the extent of 50%.
- In case of other loans, all monthly payments including the proposed lease rent should not exceed 40% of the aggregate net/take-home income.
- Booth data check & e-cube should be transparent and must be noted the current default/order at the time of case improvement.
Special offer for all new locally assembled and non-commercial vehicles
- Vehicles for residual value lease: All new and locally assembled.
- Facility tenure 1 to 5 years
- ADVANCE HIRE/SECURITY DEPOSIT Minimum 30% of vehicle price (for locally assembled vehicles only)
- Maximum 50% of vehicle value
- Residual Value (RV) 1 year – 60%
- 2 years – 60%
- 3 years – 50%
- 4 years – 50%
- 5 years – 40%
- Above – Front Rs.2,500/- plus FED
- Document charges in original
- Monthly rent is payable by post-dated check or debit instruction.
- The aggregate limit of auto financing availed by a person from all banks/DFIs, in aggregate shall not exceed Rs. 3,000,000/- at any time.
- 30% security deposit with RV value up to 5 years will be applicable on local car manufacturers or locally assembled vehicles.
How to get a car through ijarah?
- Application form fully filled and signed by the applicant
- Copy of recent payslip/certificate for salaried persons.
- Business proof for businessmen such as bank certificate confirming ownership, NTN, business association letter or tax return, etc.
- Required copy of last six months’ bank statement
- A recent photo.
- Sample signature card preferably in the format prescribed by the bank.