Meezan Apni Bike Financing is structured under the Musawammah mode, allowing customers to own a variety of motorcycle brands, including Honda, Suzuki, Yamaha, Super Power, and others. The facility offers flexible tenure options of 1, 2, or 3 years. Customers are required to make a down payment, which should be at least 15% of the vehicle’s cost but not exceeding 50%. This financing scheme is available in multiple major cities in Pakistan, including Karachi, Lahore, Faisalabad, Peshawar, Rawalpindi, Islamabad, and others.
Customers can make payments through direct debit from their Meezan Bank accounts, ensuring convenience. Notably, there is no provision for early termination or profit in this financing arrangement, which means that customers cannot terminate the agreement before the agreed-upon tenure ends.
Meezan Apni Bike, developed under the guidance of Meezan Bank’s Shariah Board, operates through the Shariah-compliant Musawammah financing mode. In this process, the bank purchases a motorcycle from the market and sells it to the customer at an agreed-upon price, which is then payable in installments. Once the Musawammah contract is executed, all ownership rights and responsibilities related to the bike transfer to the customer. The customer is obligated to make regular installment payments throughout the chosen financing period. To acquire 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 selected bike is then provided within the manufacturer’s specified timeframe.
To apply for Meezan Apni Bike Financing, applicants must provide specific documents based on their employment status. For salaried individuals, the necessary documents 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 required 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 verify eligibility and creditworthiness for the bike financing facility.