Acquiring a used car on installments has become easier than ever with Meezan Bank's Car Ijarah scheme in Pakistan. This unique financing solution eliminates the need to pay any interest, offering customers the opportunity to finance their vehicles through an Islamic mode of leasing.
In this comprehensive guide, we will explore the key features and benefits of Meezan Bank's Car Ijarah scheme, making it a convenient option for individuals looking to purchase used cars on installments in Pakistan.
Key Features of Meezan Bank's Car Ijarah Scheme:
Interest-Free Financing:
Meezan Bank's Car Ijarah scheme stands apart by providing customers with the opportunity to finance their used cars without any interest charges. This aligns with Islamic principles of finance and makes the scheme an attractive choice for individuals seeking Shariah-compliant financing options.
Lease-to-Own Structure:
Under the Car Ijarah scheme, Meezan Bank acts as the intermediary. The bank purchases the desired used car on behalf of the customer and subsequently leases it to the customer for a period of 1 to 5 years. Upon completion of the lease tenure, the bank sells the car to the customer for a token amount, effectively transferring ownership.
Minimal Security Deposit:
One of the key advantages of Meezan Bank's Car Ijarah scheme is the relatively low minimum security deposit requirement. Customers are required to provide a security deposit of just 30% of the car's value, making it more accessible for individuals who may not have substantial upfront capital.
Efficient and Streamlined Process:
Meezan Bank's Car Ijarah scheme offers a fast and hassle-free application and approval process. Once the necessary documentation is provided, the bank processes the application promptly, allowing customers to start their rental payments as soon as the vehicle is delivered.
Withholding Tax Responsibility:
As part of its commitment to customer convenience, Meezan Bank takes care of the withholding tax on vehicle purchases, relieving customers of this administrative burden.
Lowest Upfront Payment:
Compared to traditional car financing options, Meezan Bank's Car Ijarah scheme offers customers the advantage of lower upfront payments. This reduces the financial burden on individuals while still enabling them to enjoy the benefits of car ownership.
No Processing Charges: In a further bid to enhance customer satisfaction, Meezan Bank does not impose any processing charges on its Car Ijarah scheme. This ensures that customers can make their vehicle purchase without incurring any additional expenses.
Eligibility Criteria:
To be eligible for Meezan Bank's Car Ijarah scheme, applicants must meet the following criteria:
Age Requirement:
Applicants must be 25 years of age or above to avail themselves of this scheme.
Roshan Digital Account Holders:
The Car Ijarah scheme is available exclusively for Roshan Digital Account holders. This ensures that individuals with a digital account can benefit from the convenience and features offered by Meezan Bank's Car Ijarah scheme.
Applicable to Various Vehicle Types:
The scheme covers both completely built-up vehicles and locally manufactured new vehicles, providing customers with a wide range of options to choose from.
Meezan Bank's Car Ijarah scheme presents a compelling opportunity for individuals in Pakistan who wish to purchase used cars on installments while adhering to Islamic principles of finance. With its interest-free financing, low upfront payments, streamlined process, and attractive features, this scheme offers a convenient and accessible way to own a used car without the burden of interest charges. By providing a Shariah-compliant financing option is Meezan.