Car Bank Loan in Pakistan قسطوں پر گاڑی بنک سے
Car Bank Loan In Pakistan
Meezan Bank Car Loan | Meezan Bank Car Leasing
Complete Procedure To Get Vehicle on installments From Meezan Bank
Meezan Bank offers Islamic banking in Pakistan under Shariah principles, and their auto financing service is also developed in accordance with Shariah principles. This service is called Mizan Auto Ijarah, through which you can buy a car in easy installments. This article provides complete details of Meezan Bank’s Auto Lease Scheme, its features, terms and conditions, and application steps.
1. Meezan Auto Lease: What is it?
Meezan Auto Ijarah is an Islamic banking agreement whereby Meezan Bank buys the vehicle in its own name and then leases it to you for a specified period. At the end of the contract period, ownership of the vehicle is handed over to you.
2. Benefits of Meezan Auto Leasing
Based on Islamic Principles: This scheme does not involve interest, rather it is a rental agreement in accordance with the principles of Shariah.
Flexible installments: You can choose an installment plan as per your financial condition.
Minimum Down Payment: Minimum down payment requirement as compared to other banks.
Easy document preparation: The application and processing process is completed easily and quickly.
3. Documents Required
You must provide the following documents at the time of application:
Identity Card: Attested copy of Identity Card.
Proof of Income: Salary slips for employees and bank statements for entrepreneurs.
Proof of Address: Copy of utility bill or rent receipt as address proof.
Other Documents: Additional documents may be required in certain cases.
4. Installments and Term of Auto Lease
At Meezan Auto Lease you can choose car installments for different durations:
Term of installments: 3 to 5 years. 1000 cc vehicles can be leased up to 5 years and above 1000 cc up to 3 years.
Markup Rate: Determined Islamically, which may be variable.
Down payment: Usually a minimum of 30% of the total value of the vehicle is required.
How to Apply for Meezan Auto Lease
Step 1: Registration of Application
Get the application form by visiting any branch of Meezan Bank or download the form from the bank’s website.
Fill the application form completely and attach all required documents.
Step 2: Verification and verification of documents
The bank’s team will check the documents you provide and analyze your credit history and income.
Step 3: Approval of financing
After all the checks, if your application is approved, the bank will inform you about the approval and give details of further steps.
Step 4: Execution of the Agreement
An agreement will be drawn up with the bank containing all the terms and conditions.
After signing the contract, the bank will start the process of purchasing the vehicle.
Step 5: Delivery of the vehicle and payment of installments
After purchasing the vehicle, the bank will hand over the vehicle to you and you will have to pay the monthly installments.
In case of non-payment of installments on time, the bank may charge additional charges.
7. Some Important Instructions for Meezan Auto Leasing
Paying installments on time: Pay installments on time to avoid any penalty.
Insurance: It is important to arrange insurance to protect the vehicle, which costs in addition to installments.
Complete Installment Schedule: Understand the installment schedule carefully and plan your finances accordingly.
Transfer of ownership at the end: Meezan Bank will transfer the ownership of the vehicle to you at the end of the contract.
8. Meezan Auto Lease Terms and Conditions
First Installment Payment: You have to pay the first installment at the time of acquiring the vehicle.
Premature Termination of Agreement: If you wish to terminate the Agreement prematurely, a fee will have to be paid as per the Bank’s policy.
Vehicle Maintenance: The maintenance and repair of the vehicle shall be the responsibility of the customer.
Vehicle Insurance: Vehicle insurance should be arranged as per the instructions of Meezan Bank.
9. Auto Leasing Common Questions
Question 1: Can I buy a used car through Meezan Auto Ijarah? Answer: Meezan Bank provides financing facility for both new and used vehicles, however specific conditions will apply for used vehicles.
Question 2: What if I can’t pay the installment? Answer: The bank can impose penalty for non-payment of installments on time, and can also take legal action for persistent default.
Question 3: Can ownership of the vehicle be acquired before the contract expires? Answer: Yes, you can terminate the contract and take possession of the vehicle if you complete the prepayment by fulfilling the stipulated conditions.
10. Conclusion
Meezan Auto Ijarah is a great option for people who want to buy a car according to Islamic principles. Through this scheme you can get the vehicle of your choice in easy installments. Before joining this Shariah-based program of Meezan Bank, understand all its terms and conditions well so that you don’t face any problem later.