Due to rising fuel and car prices, bike demand is increasing. Meezan Bank Limited decided to capitalise on this by introducing ‘Apni Bike,’ a 36-month installment plan for all bikes in Pakistan.
The scheme is available for one, two, and three years, according to the details. However, the maximum installment tenure for Chinese bikes (bikes other than Honda, Suzuki, or Yamaha) is two years.
Customers can also make a minimum of 15% or a maximum of 50% downpayment on the bike. The bank will also charge applicants a non-refundable processing fee of Rs. 1,800.
However, the service is only available to a limited number of customers. The prerequisites are as follows:
Although, the service is only available to a certain segment of customers. The requirements are as follows:
- Adult Pakistani nationals and permanent residents of the country can apply for the offer.
- Applicants must be 20 to 65 years old.
- Minimum Rs. 45,000 gross salaries for employed individuals, Rs. 75,000 for self-employed individuals, and for businessmen.
- The debt burden ratio (if any) shouldn’t be more than 40% of the net income.
- Applicants must be Meezan Bank debit cardholders.
The requirement for 250cc motorcycle buyers is as follows:
- Minimum Rs. 150,000 gross salaries for employed individuals, Rs. 200,000 for self-employed individuals and businessmen.
- Customers can avail of a minimum 30% or maximum 50% down-payment on the cost of the bike.
- The debt burden ratio (if any) shouldn’t be more than 40% of the net income.
The remainder of the provisions are detailed on the company’s official website. Meezan Bank’s offer is likely to increase bike sales and increase applications for its own debit card.
