Meezan Bank Launches 36-Month Installment Plan for All Bikes

The rising cost of cars and fuel has increased the demand for bikes. Meezan Bank Limited has chosen to take advantage of this by offering “Apni Bike,” a 36-month installment plan for every bike in Pakistan.

The scheme is reportedly offered for one, two, and three years. However, the longest possible payment term for Chinese motorcycles—other than those made by Honda, Suzuki, or Yamaha—is two years.

Customers may also put down as little as 15% or as much as 50% toward the bike’s cost. The bank from the applicants will also levy a processing fee of Rs. 1,800.

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However, a specific customer group is the only one who can use the service. The following conditions must be met:

  • The offer is open to adult Pakistani nationals who are also permanent residents of the nation.
  • The age range for applicants must be 20 to 65.
  • Minimum gross salaries of Rs. 45,000 for employees, Rs. 75,000 for independent contractors, and Rs. 100,000 for businesspeople.
  • If there is debt, the debt to net income ratio shouldn’t be higher than 40%.
  • Applicants must have a debit card from Meezan Bank.

Buyers of 250cc motorcycles must meet the following criteria:

  • Minimum gross salaries of Rs. 150,000 for those in employment and Rs. 200,000 for those in self-employment and business.
  • Customers may put down as little as 30% or as much as 50% of the bike’s cost.
  • If there is debt, the ratio shouldn’t exceed 40% of net income.

The company’s official website includes a detailed description of the remaining provisions. Meezan Bank will probably encourage more bike sales with this offer and attract more applications for its own debit card.

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