Meezan Bank Car Loan Requirements in Pakistan – Full Process & Benefits

Meezan Bank Halal Car Leasing – Features, Profits & Monthly Installments

Buying a car in Pakistan has become more challenging due to rising prices, high inflation, and strict financing conditions. In this situation, Meezan Bank Car Ijarah stands out as one of the most reliable Shariah-compliant, interest-free, and transparent car financing solutions.

This detailed guide explains everything you need to know — from requirements and documents to monthly payments, approval process, benefits, risks, and FAQs — written simply so anyone can understand.

What Is Meezan Bank Car Ijarah? (Halal Car Financing)

Meezan Bank’s Car Ijarah is an Islamic leasing system, not an interest-based loan. Instead of charging interest, the bank:

• Buys the car for you
  
• Leases it to you for an agreed period (1–7 years)
  
• You pay monthly rentals (not interest)
• At the end of the lease, you can take ownership of the vehicle

This system fully follows Islamic Shariah principles and is reviewed by Meezan’s Shariah Board.

For official details, you can visit Meezan Bank’s Car Ijarah webpage.

Eligibility Criteria – Who Can Apply for Meezan Bank Car Ijarah?

The bank checks income, stability, and credit history before approving your application.

Eligibility for Salaried Individuals

You qualify if:

Employment Requirements

• At least 2 years continuous job experience
• At least 3 months in current job
• Contract employees may need 6 months in current position

Income Requirements

• Monthly take-home salary must be twice the rental amount
• All monthly expenses (loans + new car rental) must not exceed 40% of your income
• Spouse’s income can be added (up to 50%)

Other Conditions

• Clean credit history
• Valid CNIC
• Pakistani resident or Roshan Digital Account holder (NRP)

Eligibility for Business / Self-Employed Individuals

You qualify if:

Business Stability

• At least 2 years of continuous business operations
• Registered business or NTN preferred

Income and Banking

• Must show regular banking transactions
• Net income must be twice the monthly rental
• Business bank statement for last 6 months
  

Financial Requirements

• Clean credit history
• Ability to provide security deposit
• Co-applicant income can be added

• Low Maintenance Cars in Pakistan You Can Trust for Daily Driving
• Honda Dealership in Pakistan – Your Complete Guide to Buying a Honda Car
• Used Cars in Pakistan – Best Models, Prices & Buying Guide – 2025
• Changan Alsvin Fuel Average, Comfort & Driving Performance in Pakistan
• Pakistan Land Cruiser Prices Explained – Models, Taxes, Import Duties & Buying Tips

Required Documents for Meezan Bank Car Ijarah

Prepare these documents to speed up approval.

For Salaried Applicants

• CNIC copy
• Latest salary slip or salary certificate
• 6-month bank statement showing salary deposits
• Employer verification (if required)
• Passport-size photographs
• Filled Car Ijarah application form

For Self-Employed / Business Owners

• CNIC copy
• Business proof (NTN, registration, partnership deed, etc.)
• 6-month bank statement
• Income documents or audited accounts
• Applicant photographs
• Filled application form

Security Deposit / Down Payment

Meezan Bank requires a security deposit (advance rental):

• 15% – 20% for locally assembled vehicles
• 25% – 35% for imported cars or SUVs

This is paid once before the car is purchased and reduces your monthly rental.

Monthly Rentals and Tenure Options

Meezan Bank offers:

Lease Duration

• 1 year
• 2 years
• 3 years
• 5 years
• 7 years

Rental Type

• Fixed Rental: Same monthly payment
• Variable Rental: May change based on market pricing

What’s Included in Rentals

• Monthly rental (lease amount)
• Takaful (Islamic insurance)
• Additional protection benefits

Monthly rental depends on:

• Car price
• Down payment
• Lease tenure
• Vehicle category

Meezan Bank Car Ijarah Process – Step-by-Step Guide

This is the exact process from applying to getting your car.

Step 1 – Choose Car & Calculate Rentals

• Select new or used car (bank-approved)
• Decide how much down payment you can make
• Use Meezan Bank’s rental calculator (available on their official page)

Step 2 – Gather Documents

Prepare:

• CNIC
• Bank statements
• Income proof
• Photographs
• Application form

Step 3 – Submit Application to Meezan Bank

Submit to your nearest branch or relationship manager.

Bank will:

• Verify documents
• Check income
• Check credit history (e-CIB)

Step 4 – Application Approval

If approved:

• Bank purchases the vehicle in its own name
• Takaful is applied
• You sign the Ijarah Agreement
  

Step 5 – Car Delivery & Monthly Rentals

• Car is delivered to you
• Rentals begin after delivery
• Monthly payment deducted automatically from your account

Step 6 – End of Lease (Ownership Transfer)

At maturity:

You may:

• Pay minimal buyout/purchase option
• Take full ownership
• OR return the vehicle (depending on your agreement type)

Key Features & Benefits of Meezan Bank Car Ijarah

1. 100% Shariah-Compliant (No Interest)

• No riba
• Transparent leasing
• Reviewed by Shariah scholars

2. Flexible Down Payment Options

• Start with 15% for local cars
• Flexible plans for new & used cars

3. Takaful Coverage (Islamic Insurance)

Includes:

• Full auto Takaful
• Additional damage/accident protection

4. Suitable for Expatriates (RDA Customers)

Non-resident Pakistanis (NRPs) can:

• Apply via Roshan Digital Account
• Make payments through RDA account

5. Easy Monthly Rentals with Auto-Debit

You don’t have to visit the bank — payments deduct automatically.

6. Transparent Terms & Clear Conditions

Everything is written clearly — no hidden charges.

Things to Consider Before Applying

Even though Car Ijarah is a strong option, consider:

• Down payment for imported vehicles is higher
• Maintenance and service costs are your responsibility
• Early settlement may come with conditions
• Credit history must be clean
• Car remains the property of the bank until the lease ends

Frequently Asked Questions (FAQ)

1. Is Meezan Bank Car Ijarah interest-free?

Yes. It’s based on Islamic Ijarah (leasing) principles, not interest-based lending.

2. Can I buy a used car?

Yes, Meezan Bank allows financing for used vehicles, but they must meet bank criteria.

3. What is the minimum down payment?

Minimum 15% for local cars. Imported cars may require 25%–35%.

4. Who owns the car during the lease?

The bank owns the car until the lease is completed.

5. Can overseas Pakistanis apply?

Yes. Through Roshan Digital Account, overseas Pakistanis can apply easily.

6. Do I need a guarantor?

Not always — depends on your income stability and profile.

7. Can I settle the lease early?

Yes, but terms vary. Ask the bank before applying.

8. What happens if the car gets stolen or damaged?

Takaful (Islamic insurance) covers major risks.
In some cases, monthly rental may stop depending on the loss conditions.

9. Can I apply if I have other loans?

Yes, but your combined monthly obligations must not exceed 40% of your income.

10. How long is the approval process?

Typically: 3 to 10 working days, based on documents and verification.

…….

Transform Your Ideas into Reality with MindClave
At MindClave, we specialize in web design, mobile app development, and digital solutions that help your business grow. From sleek, user-friendly websites to powerful, feature-rich apps, we bring your vision to life with creativity, technology, and precision.

📩 Contact us today or visit MindClave.org to start your digital journey. Let’s build something amazing together!