Now the meezan bank offering Meezan Bank Apni Bike Riba-Free Bike Financing . You have the option of buying a motorcycle from your bike using an Islamic financing method known as Musawamah. When using Musawammah finance, the seller does not disclose the cost of producing or acquiring the goods. It is ideal for those looking to access bike financing that is Shariah-compliant at manageable monthly installments with a variety of additional benefits.
Meezan Bank Apni Bike Riba-Free Bike Financing
Meezan operates its bike financing using the Sharia-compliant, equity method, in which the bank acquires the vehicle from the market and then sells it to the customer in mutually convenient monthly installments that are due over a selected term of the facility. The complete information and detail about Meezan Bank Apni Bike Riba-Free Bike Financing are given here.
According to this process, the bank buys the motorcycle from the market and then sells it to the customer at a mutually agreed price and payable in installments. All rights and responsibilities relating to the ownership of the motorcycle shall vest with the customer upon completion of the said contract. However, the customer will be required to pay in installments during this facility.
How to Apply Meezan Bank Apni Bike Riba-Free Bike Financing
To apply for your Meezan Bank bike, fill in the customer application form (available at some branches) and attach the necessary paperwork. Your financial aid will be approved in 5-7 working days. After asset finance approval, the selected bike will be accessible for a period specified by the manufacturer.
Key Features & Benefits of Riba-Free Bike Financing
Here are some Key Features & Benefits of Riba-Free Bike Financing given in the below section.
- Mode of Financing: Musawammah
- Ownership: After the customer signs the delivery order, ownership is immediately transferred to them.
- Product Offering: All motorcycle models made by Honda, Suzuki, Yamaha, and other manufacturers
- Facility Tenure: The program is offered for 1, 2, and 3 years.
- Down Payment: Minimum 15% of the vehicle’s cost and a maximum of 50% of the vehicle’s cost
- Facility Available: Other cities include Karachi, Lahore, Faisalabad, Peshawar, Rawalpindi, and Islamabad.
- Processing and / Documentation Charges: PKR 1,800 will be collected as a non-refundable processing fee, and actual paperwork costs will be charged instead.
- Mode of Payment: Debiting the customer’s Meezan Bank account directly after early termination.