Meezan Bank Loan Apni Bike Financing 2023
Pakistan’s first Musawamah-based Motorcycle Financing Facility
Meezan Apni Bike offers you the chance to purchase a motorcycle, based on the Islamic financing mode of Musawamah. In Musawammah financing seller does not disclose the price paid to create or obtain the goods. It is ideal for individuals who wish to avail Shariah-compliant bike financing on easy monthly installments in addition to a number of other features.
Meezan Apni Bike Financing works on the Shariah-compliant mode of Musawammah, under which the Bank purchases the vehicle from the market and sells it to the customer, on mutually agreed easy monthly installments, payable over the selected tenure of the facility.
Key Features & Benefits
Mode of Financing: Musawammah
Ownership: The ownership is transferred to the customer immediately after signing delivery order by customer
Product Offering: All Honda, Suzuki, Yamaha, Super Power & Other Motorcycle variants
Facility Tenure: The scheme is available for 1, 2 & 3 years
Down Payment: Minimum 15% of cost of the vehicle and Maximum 50% of cost of the vehicle
Facility Available in: Karachi, Lahore, Faisalabad, Peshawar, Rawalpindi, Islamabad and other cities
Processing and / Documentation Charges: Non-refundable processing fee of PKR 1,800/- will be charged whereas documentation charges will be charged at actual
Mode of Payment: Direct debit from customer’s Meezan Bank account
Early Termination: No early termination profit
How is Meezan Apni Bike Shariah-compliant?
Meezan Apni Bike, designed under the supervision of Meezan Bank’s Shariah Board is based on Musawammah – a Shariah-compliant mode of financing.
Rights & Liabilities of Owner v/s User
Under this mechanism, Bank purchases bike from market and subsequently sells it to the Customer on a mutually agreed price payable in installments. After execution of Musawammah contract, all ownership related rights and liabilities pertaining to bike shall be with the Customer. Customer shall however, be liable to pay installments over the tenure of facility.
How to get a bike through Bike Financing?
To apply for Meezan Bank’s Apni Bike, fill out a customer application form (available at selected branches), attach the required documents and get your financing approved in 5-7 working days. After asset financing approval, the selected Bike will be available as per manufacturer’s defined time period.
Required Documents
General Requirements
- Copy of Applicant’s CNIC (Computerised National Identity Card)
- One Passport-sized color photograph of the applicant
- Declaration of Financing
- Signature Verification Form
Specific Requirements
For Salaried Individuals
- Original / Certified copy of Bank Statement (last 6 months)
- Original / Certified copy of Pay Slip
- Employer’s certificate including Tenor /Designation /Salary
Specific Requirements
For Businessmen / SEP
- Original / Certified copy of Bank Statement (last 12 months)
- 2 years Proof of Business (e.g. Tax return / Bank Certificate/ any other document)
Who Can Avail Meezan Apni Bike Financing Facility?
Citizenship
Adult, Pakistani National who is a permanent resident of the country
Age
20 years to 65 years of age at the time of maturity (Businessmen & Self-Employed Professionals)
21 years to 60 years of age at the time of maturity (Salaried Individuals)
Minimum Income Requirements
For salaried individuals – Minimum 40,000/- (Gross Salary)
For self-employed individuals – Minimum 75,000/-
For businessmen – Minimum 75,000/-
Debt Burden Ratio
40% of net monthly income /- (For Salaried, Self Employed-Person and Businessmen)
Down Payment
Minimum 15% of cost of the vehicle and Maximum 50% of cost of the vehicle
Tenor
1, 2 and 3 years
Japanese Bikes – Tenor is 3 years
Chinese Bikes – Tenor is 2 years
Payment Mode
Direct debit from customer’s Meezan Bank account
Note: In line with State Bank of Pakistan regulatory requirement, negative history (i.e. overdue/ late payment/ write-off/ waiver) of consumer/individual customers will be reflected in eCIB reports for two years after settlement.
250CC
Eligibility Criteria
Minimum Income Requirements
Salaried Class – 150,000/- (Gross Salary)
Businessmen – 200,000/-
Down Payment
Minimum 30% of cost of the vehicle and Maximum 50% of cost of the vehicle
Debt Burden Ratio
Upto 40% of net monthly income /- (For Salaried and Businessmen)
Application Procedure
Fill out a customer application form (available at any Branch)
Attach the required documents and submit your application with Rs. 1,800 (Non-refundable processing fee)
Get your financing approved in a 5-7 working days
Download Application Form
Official Link Click Here