Meezan Apni Bike Financing is designed using the Musawammah mode, enabling customers to purchase motorcycles from various brands, including Honda, Suzuki, Yamaha, Super Power, and more.
The financing offers flexible tenure options of 1, 2, or 3 years, with a down payment requirement of at least 15% of the bike’s cost but not exceeding 50%. This facility is accessible in major Pakistani cities like Karachi, Lahore, Faisalabad, Peshawar, Rawalpindi, Islamabad, and others.
Customers can conveniently make payments through direct debit from their Meezan Bank accounts. It’s important to note that early termination or profit is not allowed in this financing arrangement, meaning customers cannot end the agreement before the agreed-upon tenure is completed.
Meezan Apni Bike operates under the principles of Islamic finance and follows the Shariah-compliant Musawammah financing mode. In this process, the bank acquires a motorcycle from the market and sells it to the customer at an agreed-upon price, payable in installments.
Once the Musawammah contract is executed, ownership rights and responsibilities for the bike are transferred to the customer. Regular installment payments are obligatory throughout the chosen financing period.
To obtain a bike through this financing, applicants must complete a customer application form, submit required documents, and typically receive approval within 5-7 working days. The chosen bike is then provided within the manufacturer’s specified timeframe.
Requirements:
Applicants seeking Meezan Apni Bike Financing must provide specific documents based on their employment status. For salaried individuals, these include their CNIC, a passport-sized photograph, a declaration of financing, and a signature verification form.
Additionally, they need to submit the last 6 months’ bank statements, certified pay slips, and an employer’s certificate specifying their job tenure, designation, and salary.
For self-employed individuals and business owners (SEP), the necessary documents consist of their CNIC, photograph, declaration of financing, and signature verification form.
Moreover, they must submit the last 12 months’ bank statements and provide evidence of their business existence for the past 2 years, such as tax returns, bank certificates, or other relevant documentation. These documents help determine eligibility and creditworthiness for the bike financing facility.
