Meezan Bank Personal Loan – Meezan Bank offers personal loans with a tenure of up. The bank offers competitive interest rates and a hassle-free application process. Personal loans are available for both salaried and self-employed individuals.
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Meezan Bank Personal Loan
Meezan Bank is one of the leading banks in Pakistan offering a wide range of banking products and services to its customers. The bank has a strong focus on Islamic banking and is one of the largest Islamic banks in Pakistan. The bank offers a variety of personal loan products to its customers and Meezan Bank Personal Loan 2023 is one of them.
Meezan Bank Personal Loan is a Shariah-compliant personal loan offering attractive features and benefits to customers. The loan can be availed for a variety of purposes such as financing a wedding, home improvement, education, medical treatment, etc. The loan is offered at competitive rates and comes with a flexible repayment tenure of up to 5 years.
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Features and Benefits of Meezan Bank Personal Loan:
Some of the key features and benefits of Meezan Bank Personal Loan are as follows:
1. The loan is offered at competitive rates.
2. The loan can be availed for a variety of purposes.
3. The loan comes with a flexible repayment tenure of up to 5 years.
4. The loan is Shariah-compliant.
5. The loan offers a number of attractive features and benefits.
How to Apply for Meezan Bank Personal Loan
Meezan Bank offers personal loans up to Rs. 4 million with competitive mark-up rates and a tenor of up to 48 months. The Bank also offers the facility of automatic deduction of monthly installments from your salary account, thus ensuring timely repayment of your loan.
To apply for a Meezan Bank Personal Loan, you will need to meet the following criteria:
You should be a Pakistani resident
You should be between 21 and 60 years of age
You should have a minimum monthly income of Rs. 20,000
You should have a good credit history
Documents Required:
In order to apply for a Meezan Bank Personal Loan, you will need to submit the following documents:
A copy of your CNIC
A copy of your latest utility bill
A copy of your bank statements for the last 6 months
A copy of your salary slips for the last 3 months
Once you have submitted all the required documents, you will need to fill out an application form and submit it to the bank for processing. The bank will then conduct a credit check and, if everything is in order, will approve your loan and disburse the funds to your account within 7 working days.
Interest Rates for Meezan Bank Personal Loan
If you are looking for a Meezan Bank personal loan, you will need to be aware of the current interest rates. The interest rate on a Meezan Bank personal loan is currently 14.99% p.a. This means that if you borrow Rs. 100,000 for a period of 5 years, you will need to pay back a total of Rs. 127,483. This includes the principal amount as well as the interest.
The interest rate on a Meezan Bank personal loan is fixed, which means that it will not change during the tenure of your loan. This can be beneficial as it gives you the certainty of knowing how much you will need to repay each month. But, it is important to remember that the interest rate on a Meezan Bank personal loan is currently higher than the interest rates on other types of loans such as home loans and car loans.
If you are considering taking out a Meezan Bank personal loan, it is important to compare the interest rate with the interest rates of other banks before making a decision. You can use a personal loan calculator to compare the interest rates of different banks and choose the one that offers the best rate.
Tenure for Meezan Bank Personal Loan
Meezan Bank has announced the launch of its new ‘Personal Loan’, offering customers a chance to avail a loan with a tenure of up to 5 years.
The loan can be used for a variety of purposes such as financing a wedding, home improvement, or even debt consolidation. It comes with attractive interest rates starting from 15% per annum, and a flexible repayment tenor of up to 60 months.
To avail the loan, customers will need to meet the following eligibility criteria:
-They should be between the ages of 21 and 60 years
-They should be employed with a minimum monthly income of Rs. 30,000
-They should have a good credit history
Documents required for the loan include:
-A copy of the applicant CNIC
-A copy of the applicant latest salary slip
-A copy of the applicant bank statements for the last 6 months
The loan amount will be based on the applicant income and credit history. The processing fee for the loan is 1% of the loan amount, and the minimum loan amount is Rs. 50,000.
So if you are looking for a personal loan with a long tenure and attractive interest rates, Meezan Bank’s ‘Personal Loan’ is a good option to consider.
Fees and Charges for Meezan Bank Personal Loan
Meezan Bank is one of the leading banks in Pakistan and is offering its customers a chance to avail personal loans at competitive rates. The bank is currently offering two types of personal loans, one with a flat rate and the other with a reducing rate. The fees and charges for both these loans vary depending on the amount of loan taken and the tenor of the loan.
The fees and charges for Meezan Bank personal loan with a flat rate are as follows:
The processing fee for this loan is 1% of the loan amount.
The markup rate is 18% per annum.
The early settlement fee is 1% of the outstanding loan amount.
The late payment fee is 2% of the overdue amount.
The minimum loan amount that can be availed is PKR 100,000.
The maximum loan amount that can be availed is PKR 5,000,000.
The minimum loan tenure is 12 months.
The maximum loan tenure is 60 months.
The fees and charges for Meezan Bank personal loan with a reducing rate are as follows:
The processing fee for this loan is 1.5% of the loan amount.
The markup rate is 20% per annum.
The early settlement fee is 1% of the outstanding loan amount.
The late payment fee is 2% of the overdue amount.
The minimum loan amount that can be availed is PKR 100,000.
The maximum loan amount that can be availed is PKR 5,000,000.
The minimum loan tenure is 12 months.
The maximum loan tenure is 60 months.
Both these loans from Meezan Bank come with a number of benefits such as no collateral requirements, easy eligibility criteria, and flexible repayment tenures. So, if you are in need of quick financial assistance, then availing a personal loan from Meezan Bank can be a good option for you. More…
Meezan Bank Car Ijarah (Car Financing)
The Meezan Bank Car Ijarah that is provided through Meezan Bank Car Ijarah is the first interest-free vehicle financing service in Pakistan. The product is an adaptation of what is known as the Islamic Financing mode of the Ijarah or leasing and is the ideal choice for those seeking an interest-free financing option to purchase an automobile.
Meezan Bank Loan Apni Bike Financing
Pakistan’s first Musawamah-based Motorcycle Financing Facility
Meezan Apni Bike offers you the chance to purchase a motorcycle, based on the Islamic financing mode of Musawamah. In Musawammah financing seller does not disclose the price paid to create or obtain the goods. It is ideal for individuals who wish to avail Shariah-compliant bike financing on easy monthly installments in addition to a number of other features.
Easy Home – Islamic House Finance
Easy Home is a completely interest (Riba) free solution to your home financing needs. Unlike a conventional house loan, Meezan Bank’s Easy Home works through the Diminishing Musharakah where you participate with Meezan Bank in joint ownership of your property. The nature of the contract is co-ownership and not a loan.
This is because the transaction is not based on lending and borrowing of money but on joint ownership of a house. Meezan Bank, thus shares the cost of the house being purchased. Creating joint ownership and then gradually transferring ownership to the consumer instead of simply lending money is the major factor that makes Easy Home Shariah-compliant.
FAQs about Meezan Bank Personal Loan
With the Meezan Bank Personal Loan, you can now enjoy a hassle-free and convenient personal loan experience with even more attractive rates and terms. Here are some frequently asked questions that will help you understand the features and benefits of this loan in more detail.
What is the Meezan Bank Personal Loan?
The Meezan Bank Personal Loan is a Shariah-compliant personal loan offer that provides you with up to PKR 4 million in financing, at a mark-up rate starting from as low as 3.99% p.a. You can use the loan amount for a variety of purposes, including wedding expenses, home renovations, or even debt consolidation.
How can I apply for the Meezan Bank Personal Loan?
You can easily apply for the Meezan Bank Personal Loan online, through the bank website. All you need to do is fill out the online form with your personal and financial details, and submit it for processing.
How much can I borrow with the Meezan Bank Personal Loan?
You can borrow up to PKR 4 million with the Meezan Bank Personal Loan. The actual loan amount that you will be eligible for will depend on your income and repayment capacity.
What is the repayment period for the Meezan Bank Personal Loan?
The repayment period for the Meezan Bank Personal Loan is up to 5 years. You can choose a repayment tenure that best suits your financial needs and repayment capacity.
What is the processing time for the Meezan Bank Personal Loan?
The processing time for the Meezan Bank Personal Loan is typically 5 to 7 working days. However, this may vary depending on your individual circumstances.
Are there any prepayment charges for the Meezan Bank Personal Loan?
No, there are no prepayment charges for the Meezan Bank Personal Loan. You can prepay your loan amount in full or in part, at any time during the loan.
Documentation Requirement – Salaried Segment Original / Copy
Loan Application Form (LAF) along with CF Undertaking Original
Product Disclosure Sheet Original
Valid CNIC of applicant & Co-partner (where applicable) Copy
2 Passport size Color Photographs of applicant & Co-partner (where applicable) Original
Undertaking for first time homeowner Original
Proof of allotment, transfer and/or Title Document of the property to be mortgaged Copy
Direct Debit Authority (DDA) & Employer certificate mentioning that payroll account maintenance shall continue with the lending Bank (where applicable) Original
Formal Sector Employees Proof of Employment (along with length of employment) for example:
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