In a bid to make motorcycle ownership more accessible to the masses, Meezan Bank has introduced its Apni Bike Financing scheme, operating under the principles of the Shariah-compliant Musawammah mode. This innovative financing opportunity is now available in various major cities in Pakistan, including Karachi, Lahore, Faisalabad, Peshawar, Rawalpindi, and Islamabad, among others.
Flexible Tenure and Multiple Bike Brands
Meezan Apni Bike Financing offers a range of flexible tenure options, allowing customers to choose between 1, 2, or 3-year financing plans. This diversity enables individuals to tailor the repayment period to their financial preferences and capabilities.
One of the standout features of this financing scheme is its inclusivity. It provides the opportunity for customers to own a variety of motorcycle brands, including well-known names like Honda, Suzuki, Yamaha, Super Power, and others. This allows riders to select a bike that suits their style and needs.
Affordable Down Payment
To start their journey towards motorcycle ownership, customers are required to make a down payment. The down payment should be a minimum of 15% of the motorcycle’s cost but should not exceed 50%, offering some flexibility in this initial requirement.
No early termination or profit provision
It’s important to note that the Meezan Apni Bike Financing Scheme does not allow for early termination or profit in the financing arrangement. Customers must commit to the agreed-upon tenure until it ends. This ensures transparency and adherence to the principles of the Musawammah mode.
The Musawammah Mode Explained
Under the guidance of Meezan Bank’s Shariah Board, this financing scheme operates through the Shariah-compliant Musawammah mode. In this process, the bank purchases a motorcycle from the market and sells it to the customer at an agreed-upon price, which is then payable in installments. Once the Musawammah contract is executed, all ownership rights and responsibilities related to the bike transfer to the customer, making them the lawful owner of the motorcycle.
Smooth Application Process
Applying for Meezan Apni Bike Financing is a straightforward process. Interested individuals must complete a customer application form, submit the necessary documents, and typically receive approval within 5-7 working days. Once approved, the selected motorcycle will be provided within the manufacturer’s specified timeframe.
Document Requirements
Document requirements vary based on the applicant’s employment status. For salaried individuals, the following documents are needed:
CNIC
Passport-sized photograph
Declaration of financing
Signature verification form
Last 6 months’ bank statements
Certified pay slips
Employer’s certificate specifying job tenure, designation, and salary
Self-employed individuals and business owners (SEP) must provide:
CNIC
Photograph
Declaration of financing
Signature verification form
Last 12 months’ bank statements
Evidence of business existence for the past 2 years, such as tax returns, bank certificates, or other relevant documentation
These documents help verify eligibility and creditworthiness for the bike financing facility.
Meezan Apni Bike Financing is a notable step towards making motorcycle ownership more achievable and convenient for people in Pakistan. With its Shariah-compliant Musawammah mode and a broad range of bike options, it caters to a diverse clientele, offering a path to two-wheel mobility across the country.
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