There is no fee at the time of application for this facility. However, when the case is approved, documentation and processing fees will be applied as per the Bank’s policy.
Health Card will be provided to the Car Ijarah Customer and will be valid till the age of 60 years. The Health Card limit will be Rs. 200,000/- per annum with hospitalization room entitlement of Rs 9,000/- (Inpatient hospitalization).
The Health Card facility is for the entire lease period. The Card will be dispatched directly to the customer’s mailing address within 7 working days from delivery of vehicle. In case the customer wishes to terminate the lease facility, both coverages will be revoked.
Yes, the Health Card facility is only applicable for Car Ijarah customers (lessee only).
In case of customer death during the lease tenure, (Nadra death certificate will be furnished by legal heirs) the future Car Ijarah rentals will be stopped and the vehicle will be Hiba (gifted) to the successor without any charges.
In case of customer’s death, Car Ijarah settlement amount would be up to Rs. 7.5 million or Termination value (whichever is lower).
Yes, customer can opt for premature termination at any point of time at pre-defined purchased price. However, if customer wishes to terminate the vehicle after 12 rentals, there will be no additional payment on early termination.
In Car Ijarah the monthly rentals are fixed over the life of Ijarah period. Variable pricing option can be considered on case to case basis for only high-end variants i.e. where NFA (net financing amount), cost of vehicle less advance rentals, exceeds Rs. 8 Million.
Meezan Bank will bear the Withholding Tax of the vehicle.
Yes, this scheme is valid for New, Used and Imported variants.