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Meezan Women First Car Ijarah

Car Ijarah is Meezan Bank’s car financing product and is Pakistan’s first Interest-free car financing. It is based on the Islamic financing mode of Ijarah (leasing). This product is ideal for individuals who want to get interest-free financing for acquiring locally manufactured /assembled vehicles.

Car Ijarah works through a car rental agreement, under which the Bank purchases the car and rents it out to the customer for a period of 1 to 5 years, agreed at the time of the contract. Upon completion of the Ijarah period, the vehicle will be sold at a token amount or gifted to the customer.

Key Features

  • Financing period 1 to 5 years for variants above 1000 CC (engine capacity)
  • Financing period 1 to 7 years for variants up to 1000 CC (engine capacity)
  • Security deposit / Advance rental: Minimum 15% for variants up to 1000 CC & 30% for vehicles above 1000CC
  • Maximum financing of Rs. 3 Million Net Financing Amount
  • No processing charges, 100% waiver
  • Documentation and security charges to be paid at actual by applicant
  • Meezan Bank will bear W.H.T (With Holding Tax) on purchase of vehicle
  • Discounted Rental Payments, which starts after Vehicle Delivery
  • Monthly rentals to be paid through Direct Debit Instructions (DDI) from PKR Meezan Bank Account
  • No Charges & restriction on early termination of vehicle, 100% waiver
  • Free Vouchers for designer apparel (Limited Time Offer)
  • Free Debit Card for First Year (Limited Time Offer)
  • Lowest Upfront Payment with Priority Processing

Eligibility Criteria

Salaried Individual
  • Permanent employees: 3 months in current job with a minimum 2 years continuous employment history
  • Contractual employees: 6 months in current job with a minimum 3 years continuous employment history
  • Net take home income: In excess of 2 times the monthly rental (inclusive of takaful)
  • Spouse’s verifiable income: Clubbed to an extent of 50%
  • In case of other loans, all monthly payments including proposed Ijarah rental combined not to exceed 40% of net / take home income
  • Both data check & e-CIB should be clear and must not have current default / overdue at the time of case approval
Women Entrepreneur
  • Minimum experience: 2 years continuous involvement in current business / industry
  • Position: Proprietor, partner or director (In case of partner or director, percentage of sharing / holding will be applied)
  • Net take home income: In excess of 2 times the monthly rental (inclusive of takaful)
  • Spouse’s verifiable income: Clubbed to an extent of 50%
  • In case of other loans, all monthly payments including proposed Ijarah rental combined not to exceed 40% of net / take home income
  • In Case of small-scale women entrepreneur with cash income, income estimation will be done to access income
  • However, up to 50% net/ take home income will be allowed for locally manufactures or assembled vehicles of up to 1000 CC engine capacity
  • Both data check & e-CIB should be clear and must not have current default / overdue at the time of case approval

Meezan Women First House Finance

Easy Home is a completely interest (Riba) free solution to your home financing needs. Unlike a conventional house loan, Meezan Bank’s Easy Home works through the Diminishing Musharakah where you participate with Meezan Bank in joint ownership of your property. The nature of the contract is co-ownership and not a loan. This is because the transaction is not based on lending and borrowing of money but on joint ownership of a house. Meezan Bank, thus shares the cost of the house being purchased. Creating joint ownership and then gradually transferring ownership to the consumer instead of simply lending money is the major factor that makes Easy Home Shariah-compliant.

With Easy Home you participate with Meezan Bank in joint ownership of your property, where the Bank will provide a certain amount of financing. You agree to a monthly payment to the Bank of which one component is rent for the home, and another for your equity share. In fact, the total monthly payment is reduced regularly as your share in the property grows. When you have made the full investment, which had been agreed upon, you become the sole owner with a clear title to the property.

Key Features

  • Discounted Rental Payments
  • Early Unit Purchase / Balloon Payment
    • 50% waiver of Partial Payment / Early termination
  • In case of property appreciation additional Musharakah Units will be revalued at 3% higher than face value
  • Life Takaful (Optional) with Accidental Death Coverage & Accidental/natural disability
  • Property Takaful Coverage up to the outstanding finance amount will be obtained by bank at its own cost
  • Easy Payment Plans with Affordable Installments and regular reducing monthly rental
  • No processing charges, 100% waiver
  • Free Vouchers for home appliances (Limited Time Offer)
  • Free Debit Card facility for First Year (Limited Time Offer)

Products

Eligibility Criteria

Citizenship
  • Pakistani National Females Only
  • Non-Resident Pakistanis Females (NRPs) as per policy
Age limit
  • Minimum age 25 years
  • Maximum age at retirement 60 years (For salaried)
  • Maximum age at retirement 65 years (For Businesswomen segment)
Income Criteria
  • Salaried: Minimum Gross Income of PKR. 40,000/- per month.
  • Businesswomen / SEP: Minimum Gross Income of PKR. 75,000/- per month.
  • NRP: Minimum Gross Income of PKR. 150,000/- per month.
Employment/ Business Tenure
  • Salaried: Permanent job with a minimum 2 years continuous work history in the same industry / field.
  • Businesswomen / SEP: Minimum 3 years in current business / industry.
  • NRP: Two years (minimum) regular experience in same industry. Minimum last one-year job with the existing employer & in the same country.
Income Clubbing Criteria
  • Immediate relative such as spouse/brother/father/son can become co-applicant.
  • 50% income of the Co-applicant is clubbed for Debt Burden Ratio calculation.
  • 100% of co-applicant’s income will be clubbed in case of spouse
Debt Burden Ratio (DBR)
  • Maximum up to 45% for Salaried individual
  • Maximum up to 40% for Businesswomen / NRP/ SEP
Security
  • Mortgage of residential property. The Bank’s charge over property will be created through Token Registered along with equitable mortgage.
  • Credit History
  • Satisfactory payment history (ECIB)
  • In case of NRP Credit Bureau report of resident country

Meezan Women First Consumer Ease

Consumer Durables, Bike Ijarah & Meezan Solar

Meezan Consumer Ease is a Shariah-compliant financing facility for purchasing consumer durable goods such as air conditioners, refrigerators, generators etc. Under this facility, Meezan Bank will approve an overall limit for you after evaluating your application; you can then purchase durable goods, upto the amount of the facility approved for you, from the range of products offered by the Bank.

Key Features

  • Discounted rates: 10% in Consumer Durables, 5% in Bike Ijarah & 0.5% in Meezan Solar Residential Financing
  • Processing fee waiver 100% in Consumer Durables & Bike Ijarah
  • Processing fee waiver: 50% in Meezan Solar Residential Financing
  • Meezan Women First Consumer Durable approved limit will be active for 3 years. Customer can utilize it in 3, 6, 12, 18 & 24 months for multiple drawdowns, keeping within the approved limit.
  • Meezan Women First Bike Ijarah : Japanese Bikes for 2 Years & Chinese Bikes for 3 Years.
  • Meezan Women First Solar will be Valid for residential users for financing up to 2 million on 1 to 5 years.
  • Priority processing
  • Minimum and Maximum Security Deposits : 5% to 50% in Consumer Durables, 15% to 50% in Bike Ijarah & Meezan Solar.
  • Free Vouchers (Limited Time Offer)

Eligibility Criteria

Under Durables Financing & Bike Ijarah
  • Salaried Customers: The minimum income criteria are PKR 25,000/-, for trainee officer it is PKR 35,000/- whereas for SEB/SEP it is PKR 40,000/-
  • Investment Income: The minimum gross monthly income from investment is PKR 15000 (100% lien marking on net financing amount is mandatory)
Under Meezan Solar Residential
  • Salaried Customers: The minimum income criteria are Gross PKR 100,000/ - whereas for businesswomen it is Gross PKR 200,000/.

How to Apply for Meezan Women First

Visit your nearest Meezan Bank branch or call at 111-331-331 / 111-331-332 to initiate your application.

  • Submit your CNIC, signed application form (provided below), along with copy of latest electricity bill.
  • Open an account at Meezan Bank for availing financing in minimal time.