Meezan Car Ijarah 2023

Table of Contents

Meezan Bank New car installment plan 2023

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 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.

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 rates at the 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
1.99%
Adamjee	1.99%	–
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 statement for the last six months
Copy of CNIC of the 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 a current job with a minimum of 2 years continuous employment history of permanent employees.
6 months in a current job with a minimum of 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 the current default/order at the time of case improvement
In the 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)
Spouses clubbed verifiable income to the extent of 50%.
In the 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 clear 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.
A 30% security deposit with an RV value of up to 5 years will be applicable to local car manufacturers or locally assembled vehicles.

How to get a car through Ijarah?

Required documents

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.

Documents required for new car ijarah

Car lease application form (available on all branches)
For salaried professionals: Copy of recent pay slip
For traders: Business such as NTN, tax returns, association letter or bank certificate that confirms ownership
Copy of the latest 6 bank statements
A recent picture
Sample signature in the bank’s recommended format

You can also go to this page to compare and apply car finance products offered by a balance bank or any other banks.

Meezan Car Ijarah 2023-24 new update