The prices of vehicles are soaring day by day. Purchasing cars has always been immensely difficult for middle and lower-middle-class buyers. However, the recent price hikes have made, even, bikes out of their budget. But, Meezan Bank is coming to the rescue with its 36 months instalment plan for all bikes in Pakistan.
Meezan Bank Limited offered its ‘Apni Bike’ loan scheme under which buyers can purchase new bikes in easy instalments. Recently, the bank has offered 36 months instalment plan to make instalment plans much easier for buyers in Pakistan.
Currently, Meezan Bank’s Apni Bike scheme is offering one, two, and three years plans. The initiative of Meezan Bank 36 months instalment plan is to facilitate the middle or low-income buyers who choose Pakistan-made bikes. Therefore, the maximum tenure for Suzuki, Yamaha, and Honda bikes is 3 years. Whereas, other Chinese or Pakistan-made bikes are available for loan with a maximum of two years tenure.
The minimum downpayment requirement is also reduced to 15% while the maximum limit is 50%. Due to this, the buyers can pay the least to purchase their bikes. Moreover, the bank charges a non-refundable processing fee of PKR 1,800 from all applicants.
Requirements of 36 Months Instalment Plan
The basic requirements to apply for this 36-month instalment plan by Meezan Bank are as follows:
- The applicants must be adult Pakistani nationals and permanent residents.
- The age limit for applicants is 20 to 65 years old.
- The eligibility according to income is PKR 40,000 for employed individuals and PKR 75,000 for self-employed applicants and businessmen.
- If there is any debt, the debt burden ratio must be 40%.
- Applicants must be Meezan Bank debit card holders.
If the buyers want to purchase 250cc bikes, they have to restrict with the following requirements:
- The minimum income for employed individuals is PKR 150,000.
- The minimum income of self-employed and businessmen must be, at least, PKR 200,000
- They have to pay a minimum of 30% and a maximum of 50% downpayment from the total cost of the bike.
- The debt burden ratio is the same for all bikes which are 40% of the net income.
For further details, you can visit Meezan Bank’s official website. You can also apply for the instalment plan online.
