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_: Flamboyant financing product Car Ijarah of Meezan Bank is Pakistan's first interest-free finance based on the Islamic mode of Ijarah (leasing). This product is ideal for individuals who want to acquire a car without any interest.
Car Ijarah works through a car rental agreement, under which the Bank purchases the car and rents it out to the customer for a period of 1 to 7 years, agreed at the time of the contract. Upon completion of the Ijarah period, the vehicle will be sold at a token amount or gifted to the customer.
Key features
* Lowest Up Front Payment
* Rental Payment starts after Vehicle Delivery
* Quick Processing Time
* Minimum security deposit as low as 15 percent
Tracker: Tracker will be installed in all vehicles free of installation and monitoring cost.
Death Coverage: Free accidental death coverage of up to Rs 400,000.
With Holding Tax: Meezan Bank will bear W.H.T (With Holding Tax) on purchase of vehicle.
Eligibility (salaried professionals)
Permanent employees: Three months in current job with a minimum 2 years continuous employment history.
Contractual employees: 6 months in current job with a minimum 3 years continuous employment history.
Net take home income: In excess of 2 times the monthly rental (inclusive of takaful).
Spouse's verifiable income: Clubbed to an extent of 50 percent.
In case of other loans, all monthly payments including proposed Ijarah rental combined not to exceed 50 percent of net/take home income.
Both data check & e-CIB should be clear and must not have current default/overdue at the time of case approval.
Self-employed professionals
Businessmen: Minimum experience 2 years continuous involvement in current business/industry.
Position: Proprietor, partner or director (in case of partner or director, percentage of sharing/holding will be applied).
Net take home income: In excess of 2 times the monthly...