Through the Apni Bike Programme, Meezan Bank offers you the chance to purchase a bike on installment without Interest using Islamic financing in Musawamah. Musawamah is the financing in which the seller does not disclose the price paid for making or receiving. This is perfect for those who want to finance a bike shariah-compliant with many extra perks and easy installments.
It functions in line with his bike finance Shariah. In accordance with this, the bank may purchase a vehicle from the market and sell it to the customer in simple installments with their approval, with payment due within the chosen duration of this service. Meezan Bank has stated that it will offer its consumers the bike on installment without interest in convenient installments. This motorcycle can be purchased with convenient tailored installment payments.
Key Features & Benefits of the Apni Bike Program
Financing Method: Musawammah
Ownership: Soon following the client’s signature on the delivery, possession is given to the client.
All models of motorcycles from Honda, Suzuki, Yamaha, Super Power, and other manufacturers are available.
Facility Duration: There are 1, 2, and 3-year options available.
Down payment: You must pay the smallest amount of the vehicle’s cost in 15 pairs of advance payments, and more than that in 50% advance payments.
Facilities Available: This deal is valid in all Pakistani cities.
Processing Fee: Document costs will really be paid, but 1800 PKR/rupees will be used for filing.
How to get a bike on installment without interest through Bike Financing?
The customer’s registration is for the bike program of Meezan Bank. Include the requested documentation. Get the green light on your application in between 5 and 7 business days.
- You must first download the form that has been provided.
- You must then fill out this form and visit your local Balance branch, where you will be provided with the necessary details.
- You’ll receive a bike there.
The following documentation is required in order to apply for the bike on installment without interest at the balance bank.
- A copy of the applicant’s CNIC
- A finance declaration on the applicant’s passport’s back page
- Form for verifying signatures
- The authenticated copy of the original bank statement
- The authenticated copy of the Pay Slip Reward Certificate, with Tenor Office and Pay, in its original format
- the authenticated copy of the most recent 12-month statement from the bank in its original form.
- Two-year business proof, such as a tax return or bank certificate, without any further papers
The eligibility criteria to get your bike on installment without interest is given below:
- Salaried Class Minimum Income Requirement: 150,000 (Gross Salary)
- Entrepreneurs: 200,000/-
- The down payment: Minimum 30% of the vehicle’s cost and a maximum of 50% of the bike’s cost.
- Debt to Income Ratio: Up to 40% of net monthly income (for businessmen and those who are salaried).
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