Tuesday, March 5, 2024

Now You Can Get Electric Bikes on Easy Monthly Installments

Meezan Apni Bike offers Shariah-compliant motorcycle financing through Musawamah, a mode adhering to Islamic principles. In Musawamah, the seller doesn’t disclose the acquisition cost, aligning with Islamic finance guidelines. This financing avenue is designed for those seeking Shariah-compliant bike financing with convenient monthly installments. The process involves the bank purchasing the motorcycle from the market and subsequently selling it to the customer. Both parties agree on feasible monthly installment plans, ensuring affordability. Meezan Apni Bike Financing provides a Shariah-compliant solution, allowing individuals to acquire a motorcycle without interest, following ethical and religious standards. This Islamic financing approach reflects a commitment to providing accessible and ethical financial solutions for those desiring to own a bike while adhering to Islamic principles.

Key Features and Benefits

  1. Mode of Financing: Musawammah
  • Meezan Apni Bike uses the Musawammah mode of financing, a Shariah-compliant approach where the seller doesn’t disclose the acquisition cost, aligning with Islamic financial principles.
  1. Ownership Transfer: Immediate Upon Signing Delivery Order
  • Upon the customer signing the delivery order, ownership of the motorcycle is transferred immediately. This ensures a swift and transparent transition of ownership.
  1. Product Offering: All Major Motorcycle Variants
  • Meezan Apni Bike financing covers a wide range of motorcycle variants, including those from reputable brands like Honda, Suzuki, Yamaha, Super Power, and others, providing customers with diverse options.
  1. Facility Tenure: 1, 2 & 3 Years
  • Customers can choose from flexible tenure options of 1, 2, or 3 years for the financing facility, allowing them to select a repayment period that suits their financial preferences.
  1. Down Payment: 15% to 50% of Vehicle Cost
  • A down payment of a minimum of 15% and a maximum of 50% of the vehicle cost is required, offering customers flexibility in managing their upfront expenses.
  1. Availability in Multiple Cities
  • Meezan Apni Bike financing is accessible in major cities such as Karachi, Lahore, Faisalabad, Peshawar, Rawalpindi, Islamabad, and others, extending its reach to a broader customer base.
  1. Processing and Documentation Charges
  • A non-refundable processing fee of PKR 1,800/- is charged, and documentation charges are applied based on actual costs, ensuring transparency in financial transactions.
  1. Mode of Payment: Direct Debit from Meezan Bank Account
  • Payments are facilitated through direct debit from the customer’s Meezan Bank account, streamlining the payment process and enhancing convenience.
  1. Early Termination: No Early Termination Profit
  • The scheme allows customers the flexibility to complete the financing tenure without incurring early termination profit, providing stability and predictability in financial planning.

Meezan Apni Bike follows a Shariah-compliant financing model called Musawammah. In this process, Meezan Bank purchases the bike and then sells it to the customer at an agreed-upon price payable in installments. Once the Musawammah contract is executed, all ownership rights and liabilities transfer to the customer, who is then responsible for paying the installments over the facility’s tenure. This approach ensures compliance with Shariah principles by avoiding interest-based transactions and adhering to mutually agreed terms between the bank and the customer.

To secure bike financing through Meezan Bank’s Apni Bike, complete a customer application form at specified branches, submit necessary documents, and await approval within 5-7 working days. Upon approval, the chosen bike will be accessible based on the manufacturer’s stipulated timeframe.

To apply for bike financing, provide these documents:

General Requirements:

  1. Copy of Applicant’s CNIC (Computerised National Identity Card)
  2. One Passport-sized color photograph of the applicant
  3. Declaration of Financing
  4. Signature Verification Form

Specific Requirements for Salaried Individuals:

  1. Original or certified copy of Bank Statement (last 6 months)
  2. Original or certified copy of Pay Slip
  3. Employer’s certificate detailing Tenor, Designation, and Salary.

For business owners or self-employed individuals (SEPs) applying for bike financing, provide these specific documents:

For Businessmen / SEP:

  1. Original or certified copy of Bank Statement (last 12 months)
  2. 2 years Proof of Business, such as Tax return, Bank Certificate, or any other relevant document demonstrating the financial history and stability of the business.

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