In Pakistan, Meezan Bank provides an interest-free car loan. It is also known as Car Ijarah because the loan program is entirely supported through Islamic means. The Car loan offer is a financial assistance program for people who want to buy a car with a loan from any bank but do not want to pay back the money with interest.
How Car Ijarah Works?
Assume you want to buy a car through the meezan bank car ijarah program. In that case, first, you need to apply for a car loan from a bank. Meezan Bank will buy a car from the company for you with its own money and hand it over to you under a car rental agreement, which means you will have to pay installments over a period of 1 to 5 years.
Car Loan Offer of Meezan Bank 2022 Eligilbity Criteria
Before applying for a car loan, every applicant must meet a few criteria.
- You can only apply for cars that have been locally assembled or manufactured in Pakistan.
- Security deposit / Rent in advance: A minimum of 15% and a maximum of 50% of the vehicle’s cost
- You are not a bank defaulter or overdue customer.
- All Roshan Bank account holders are eligible as well.
- There are no processing fees.
- Installments bases on a monthly basis
- Your vehicle will be delivered to the applicant’s nominee / co-borrower (blood relative – father/mother, son/daughter, brother/sister, or spouse residing in Pakistan).
- If you are under the age of 70, you can apply for a car loan.
- Non-filers face an additional 4% tax.
Documents Required For Applying of Meezan Bank Car on Loan
Required documents for salaried persons
- Copy of CNIC
- 6 months salary bank statement
- Employment Certificate (In case of Employee)
- One passport size photograph
- name of HR representative with a valid email id
Required documents for businessman
- You have to provide valid business proof
- Provide last 6 month bank statement with embassy
- Your cnic copy
- If earing ramittance income, then need tp provide bank statement of ramittance
Meezan bank special offer for locally assembled and non commercial vehicles
Meezan bank car loan form
after reading the eligibility criteria for car loan from meezan bank, if you made up your mind then do not waste more time. for this purpose, initially you have to fill a form. to make things easy for you, here is link of car loan form.
Meezan bank car loan helpline
to collect information, visit your nearest Meezan Bank branch or feel free to call 111-331-331. You can also find more information online here.
Meezan bank car loan fatwa
Fatwa goes in favour of mean bank, as jamia dar al uloom issued a fatwa which in signed by mulana tariq jamel. here I’m providing the link of fatwa.
Meezan bank car loan calculator
meezan bank also providing a facility to calculate the instalment plan according to car you are buying. as we know that every car model has different price so the installment plan is also different as per net amount of vehicle.
click here to calculate the installment plan for car.