Meezan Bank is providing an interest-free car loan facility in Pakistan. It is also known as car leasing as the loan program operates completely under Islamic financing mode. Car Loan Offer is a financial assistance program for those who want to buy a car by taking a loan from any bank but do not want to repay the money with any interest. You can buy a locally manufactured car by taking a loan from a bank.
Suppose you have any doubts about understanding this concept. In this case, I will tell you in simple words that if you apply for a car loan from a bank, Meezan Bank will buy the car with its own money and give the car rental agreement to the applicant, which means you will have to pay the installments. The payment has to be made over a period of 1 to 5 years.
Car Lease is the car financing product of Meezan Bank and the first interest-free car financing in Pakistan. It is based on the Islamic financing mode of the lease. This product is ideal for those who wish to obtain interest-free financing for locally manufactured/assembled vehicles.
A car lease operates through a lease agreement, whereby the bank buys the car and leases it to the customer for a period of 1 to 5 years, as agreed at the time of the agreement. At the end of the lease term, the vehicle will be sold for a token amount or given as a gift to the customer.
Financial facility for locally assembled and fully built-up (CBU) vehicles. Security Deposit / Advance Fare: Minimum 15% and maximum 50% of the cost of the car. Both Data Scrutiny and ECIB should be clear and there should be no default/overdue time of approval of the case. This facility is available to all Ujjwal digital account holders including Forex account holders. No processing fee. Documentation and Security Completion Fee will have to be actually paid by the applicant at the time of payment of the case.
Monthly rent is to be paid through direct debit instruction from PKR Roshan digital account. The vehicle will be provided to the applicant’s nominee/co-borrower (blood relative – father/mother, son/daughter, brother/sister, or spouse residing in Pakistan). The maximum age of the authorized nominee/co-borrower at the time of maturity of the lease should not exceed 70 years. In the case of non-filers, an advance tax of 4% will be applicable on the cost of the vehicle at the time of delivery of the vehicle.
For more details visit your nearest Meezan Bank branch.
