Acquiring used cars on installments has been made easiest with Meezan Bank’s Car Ijarah scheme. The first car financing scheme without having to pay any interest, Meezan bank now allows car financing in Islamic mode of leasing.
Under this scheme, the bank buys the car and then provides it to customers for rent for 1 to 5 years. Once the agreed period is completed, the bank will sell the car to the customer for a token amount.
Some of the key features of this scheme are mentioned below.
- The minimum security deposit is 30%.
- Fast process.
- Rental payment will start once the vehicle is delivered.
- The bank takes the responsibility of withholding tax on purchases.
- Lowest upfront payment.
- No processing charges.
This opportunity is available for Roshan Digital Account holders and is applicable on completely built-up vehicles as well as locally made new vehicles. Applicants 25 years of age and above are eligible for this scheme.
