Meezan Bank Launches Interest-Free Car Financing for Women

In a groundbreaking move, Meezan Bank is revolutionizing the car financing landscape in Pakistan with its innovative product, Car Ijarah. This exceptional offering is not only interest-free but also based on the principles of Islamic financing, specifically Ijarah (leasing). Car Ijarah is the ideal choice for individuals seeking interest-free financing for locally manufactured or assembled vehicles.

Car Ijarah operates through a car rental agreement, where Meezan Bank acquires the vehicle and leases it to the customer for a flexible period ranging from 1 to 5 years, as agreed upon in the contract. Upon the conclusion of the Ijarah period, the customer has the option to purchase the vehicle at a token amount or receive it as a gift.

Key Features of Meezan Women First Car Ijarah:

1. Flexible Financing Periods:
   • 1 to 3 years for all locally manufactured vehicles above 1000 CC (engine capacity).
   • 1 to 5 years for all locally manufactured vehicles up to 1000 CC (engine capacity).
     
2. Security Deposit/Advance Rental:
   • A minimum of 30% security deposit for all vehicles.
     
3. Generous Financing Cap:
   • Enjoy financing of up to Rs. 3 Million as the Net Financing Amount.
     
4. No Processing Charges:
   • Meezan Bank offers a 100% waiver on processing charges.
     
5. Transparent Costs:
   • Documentation and security charges are to be paid at actual cost by the applicant.
     
6. W.H.T (Withholding Tax) Coverage:
   • Meezan Bank takes care of the Withholding Tax on vehicle purchases.
     
7. Discounted Rental Payments:
   • Benefit from discounted rental payments starting after vehicle delivery.
     
8. Convenient Monthly Payments:
   • Make monthly rentals hassle-free through Direct Debit Instructions (DDI) from your PKR Meezan Bank Account.
     
9. No Charges on Early Termination:
   • Enjoy the flexibility of early vehicle termination with a 100% waiver on charges.
     
10. Lowest Upfront Payment with Priority Processing.

Eligibility Criteria for Car Ijarah:

Salaried Individuals:

• Permanent employees need to have a minimum of 3 months in their current job and a continuous employment history of at least 2 years.
• Contractual employees should have a minimum of 6 months in their current job and a continuous employment history of at least 3 years.
• Net take-home income should exceed twice the monthly rental (inclusive of takaful).
• Spouse’s verifiable income can be clubbed, up to 50%.
• Total monthly payments, including proposed Ijarah rental, should not exceed 40% of net/take-home income.
• Data check and e-CIB must be clear without any current defaults or overdue payments during case approval.

Women Entrepreneurs:

• Minimum of 2 years of continuous involvement in the current business or industry.
• Position can be proprietor, partner, or director (percentage of sharing/holding applies for partners or directors).
• Net take-home income should be more than twice the monthly rental (inclusive of takaful).
• Spouse’s verifiable income can be clubbed, up to 50%.
• Total monthly payments, including proposed Ijarah rental, should not exceed 40% of net/take-home income.
• For small-scale women entrepreneurs with cash income, income estimation will be conducted to assess income.
• Up to 50% of net/take-home income is allowed for locally manufactured or assembled vehicles with up to 1000 CC engine capacity.
• Data check and e-CIB must be clear without any current defaults or overdue payments during case approval.

Meezan Bank’s Car Ijarah is set to empower individuals and women entrepreneurs alike by providing accessible and interest-free car financing options. Drive your dreams with Meezan Bank’s innovative solution today!