In addition to our leasing of new cars, Meezan Bank also provides the unique opportunity of leasing second hand, both locally assembled and imported vehicles. This feature is specifically designed as a highly economical option. The Used Car Ijarah facility is made available at a minimum-security deposit as low as 20%. Financing of used cars are subject to the following Selection Criteria. The second hand car selected should not be more then twice registered. The vehicle should not be older than 5 years. The minimum security deposit for a vehicle up to 2 years of age is 20%, while minimum security deposit for a vehicle over 2 years of age is 30%. At the time of maturity of Ijarah agreement, the vehicle should not be more than 8 years old. This means that if a car is 5 years old, the Car Ijarah tenure is not more than 3 years and if its 4 years old, the tenure may be set for a maximum 4-year term. Second hand vehicles selected should not be worth more than Rs. 1 million and less than Rs. 250,000/-. Meezan Bank will have the vehicle valued by an independent valuation company accordingly.