Meezan Bank Car finance detail ONLINE 2021
If you're looking to buy a new car, or used car but running out of budget then many banks in Pakistan provide car financing or car loans. Car Ijrah_ Meezan bank offers interest-free car financing. Meezan Bank has established its name in car financing by putting lowest upfront amount, a lower period of income proof, etc. Interest rates are observed slightly varied depending upon the nature of the loan.
The interest rates on car financing or any other loan in Pakistan depend on the interbank rates KIBOR and bank charges. These may vary year to year. Mostly, the overall cost of your interest payment in any Pakistani bank to anywhere between 13% and 17% in 2021. These rates remain fixed for one year as per KIBOR (Interbank rates + bank charges).
Recently, the KIBOR rates moved down to 7.9% from 13% in 2020, so is the car finance interest rates.
Now the car finance interest rates to between 13% - 17%.
Asides
A monthly Installment amount of car financing from Meezan Bank depends on:
- The amount of down payment
- Selected tenure
- Age of the customer and
- The type of car.
In Meezan
Car Ijrah, banks and customers become joint owners in a vehicle with an agreed
investment ratio. The Bank’s ownership share of the vehicle is divided into units.
Customer pays agreed rentals (installments) for using the bank’s share in the
vehicle.
KEY FEATURES OF MEEZAN BANK CAR FINANCING
- Lowest Upfront Payment i.e. Rs 2500/- plus FED
- Meezan Finance new, used, or imported vehicle for personal use
- Meezan car finance Payment tenure range from 1 to 7 years for new cars
- Rentals payment starts only after delivery of the vehicle to the customer
- Secured insurance
- All car types available
- A minimum security deposit as low as 15%
- Meezan Bank will bear With Holding Tax on the purchase of a vehicle
- Quickly process with minimum documentation
CRITERIA TO APPLY MEEZAN CAR FINANCING:
- Applicant must be a Pakistani citizen
- Age limit 22 years -60 years, or retirement age whichever is lower (at maturity).
- Original copy of CNIC along with a verified copy
- Two recent passport size photographs
- Latest original salary slip or business proof with personal bank statement for last three months
- Another document as per bank policy
Tentative Installment
As the car
prices both new and used have increased a lot in recent years following the car
finance amounts. The minimum installment
for the used car of Suzuki starts from 20,000 – Rs 40,000 per month depending upon the above-given factors. A per month installment ranges between Rs 35,000 – Rs
65,000 for new cars, Honda and Toyota models.
To use a car
financing installment plan, you need to select:
- Car type ( New or used)
- Car model (Suzuki, Honda, Toyota, Audi, Kiya, Faw, BMW, proton, etc)
- Car version
- Select tenure
- Down payment
Get a car loan
installment plan
Meezan Bank CAR
FINANCING CALCULATOR:
How to know
car loan installment plan for different cars:
