Meezan Bank is now offering a new car loan scheme for the citizens of Pakistan. This is Pakistan’s 1st noninterest called “Interest-free loan” for Meeezan Bank car finance plan, based on the Islamic principle of “Ijara” for financing or leasing. Meezan Bank Car Loan Calculator Features/Eligibility criteria how to submit Mezan Bank Car scheme application form and what documents are required for this program.
Meezan Bank Car Loan has been launched under (Mezzan Bank auto finance program) being operated under a car rental agreement. The bank of Meeezan just buys the car & leases it to the willing and interested individuals for the time period of 1 to 7 years. What are the Key Features of Meezan Bank Car Loan Calculator Meezan Bank Car Ijarah?
What are Key Features of Meezan Bank Car Loan Calculator Meezan Bank Car Ijarah
- Ultra-fast processing time
- Rental payments start only after handover
- Lowest down payment
- Low Minimum Deposit 15% (conditions apply)
- Up to Rs. Totally FREE 400,000 Accidental Death Cover for Meezan Bank Car Loan
- (Withholding tax) borne by Mezzan Bank after purchasing the car
Eligibility Criteria for Meezan Bank Car Loan
- An active and permanent employee for 3 months with a stable employment history of at least 2 years; or
- An active and contracted employee for 6 months with a fixed employment history of at least 3 years
- Having the home/net salary of more than twice the monthly rent due (including the takaful)
- Verifiable spouse income aggregated up to 50%
- If you are interested in Meezan Bank Car Loan, the combined monthly installments including the suggested Ijarah rent should not exceed 50% of the salary taken from the home
- Examination of statements and e-CIB should not indicate any delinquency / ongoing dues prior to case approval
Meezan Bank Car Ijarah Documents Required
- Car rental application form (available in all branches) filled out and signed by the concerned person
- For salaried employees: copy of the latest salary slip to get Meezan Bank Car Loan.
- For Entrepreneurs: Proof of business such as NTN, tax return, association letter or bank certificate confirming ownership
- A copy of the last six bank statements
- latest photo of Meezan Bank Car Loan
- Signature form in the format recommended by the bank
- You can also visit Meezan Bank Car Loan Comparison Service or Mezzan Car Rental Calculator on this page to compare and apply for car finance products offered by Mezzan or any other bank.