Meezan Apni Bike program application form: Islamic Financing for Your Motorcycle
The Meezan Apni Bike program 2023 offers interest-free motorcycle rates and easy installments for individuals seeking Shariah-compliant bike financing. Explore the key features, benefits, eligibility criteria, and application process to own your dream motorcycle. Are you looking for bike on installment without interest, then read this article.
How to get bike on installment without interest (Apni bike program apply online)
Meezan Apni Bike Financing provides an excellent opportunity for individuals to purchase a motorcycle through Islamic financing known as Musawamah. This unique financing model ensures adherence to Shariah principles while offering various features and easy installment plans. Meezan Bank, a leading Islamic bank, has introduced interest-free motorcycle rates, making it convenient for customers to acquire their desired motorcycles and pay in customized installments.
Key Features & Benefits
Apni bike program apply online link is privided below. Meezan Apni Bike Financing encompasses several attractive features and benefits for customers. Let’s explore them in detail.
Mode of Financing: Musawamah
The financing mode employed by Meezan Bank is Musawamah, which involves the bank purchasing the vehicle from the market and selling it to the customer on mutually agreed-upon terms and easy installment plans.
Customers are required to pay a minimum down payment of 30% of the motorcycle’s cost. However, they can choose to pay up to 50% in advance, providing greater flexibility in managing their finances.
Upon signing the delivery, ownership of the motorcycle is immediately transferred to the customer. This ensures transparency and security in the transaction.
The scheme offers flexible facility tenures, allowing customers to select financing options for 1, 2, or 3 years, according to their financial capabilities and preferences.
Meezan Apni Bike Financing covers a wide range of motorcycle variants, including popular brands such as Honda, Suzuki, Yamaha, Super Power, and others. Customers have the flexibility to choose from a diverse range of motorcycles based on their preferences.
Meezan Apni Bike Financing is available in all cities across Pakistan, ensuring accessibility for customers nationwide.
A non-refundable processing fee of 1800 PKR is charged, while document charges are applicable separately.
How to Get a Bike through Meezan Bike Financing?
Acquiring a motorcycle through Meezan Apni Bike Financing is a straightforward process. Here’s a step-by-step guide to help you through the application process:
- Download the Application Form
Visit the Meezan Bank’s official website and download the application form specifically designed for bike financing. Ensure that you fill out the form accurately and completely. Click here to download application form
- Document Submission
Attach the necessary documents as required by the bank. These documents typically include a copy of your CNIC, a passport-size color photograph, a declaration of financing, a signature verification form, the original certified copy of your bank statement, the original certified copy of your pay slip, and a reward certificate reflecting your tenure of service and salary.
- Application Approval
Submit your application along with the required documents. The bank will process your application and notify you of its approval within five to seven business days.
- Visiting the Branch
Once your application is approved, visit your nearest Meezan Bank branch for further instructions and guidance. The bank representatives will provide you with all the necessary information and assist you in selecting the motorcycle of your choice.
- Obtaining the Bike
Upon completing the necessary formalities, you will be able to receive the bike and start enjoying the convenience and freedom it brings to your daily commute.
To apply for a bike in the balance bank, you will need the following documents:
- Copy of the CNIC (Computerized National Identity Card) of the applicant.
- A colored copy of the passport side of the applicant.
- Declaration of financing, which is a document stating your intention to apply for financing.
- Signature verification form, which verifies your signature.
- The original certified copy of the bank statement, which shows your financial transactions.
- The original certified copy of the pay slip, which provides proof of your income.
- Reward Certificate, including Tenor Office and Pay, which is a document indicating your employment details and salary.
- The original certified copy of the bank statement from the last twelve months, which demonstrates your financial stability.
- Two-year proof of business, such as tax return or bank certificate, if you are a business owner. No other documents are required for this purpose.
Eligibility criteria for Meezan Apni Bike program 2023
In addition to the documents, there are certain eligibility criteria you need to meet:
- Minimum Income Requirements:
- Salaried Class: Gross Salary of at least 150,000/-
- Businessmen: Income of at least 200,000/-
- Down Payment:
- Minimum 30% of the cost of the vehicle
- Maximum 50% of the cost of the bike
- Debt Burden Ratio:
- Up to 40% of your net monthly income for both salaried individuals and businessmen should be the maximum allowable debt burden.