How to get Honda bikes on installments in Pakistan?

In Pakistan, peoples’ purchasing power has increased. Or at least this is what the economists are claiming. The economy is on the rebound, they say. This holds true for the rural areas as well due to bumper crops and their rising prices. There must be some truth to it as this is the only explanation which can make sense of this anomaly – prices of vehicles keep going up and so do their sales numbers.

However, not everyone’s purchasing power has gone up. The middle and lower-middle classes feel squeezed.

Those who had wanted to buy a car are now forced to buy a motorcycle instead and those who had wanted to buy a motorcycle by paying its full price are now forced to buy it on installments.

This is one of the reasons why bike sales numbers keep rising. After the latest price increase, the cheapest bike by Honda, CD-70 has an on-road cost of around Rs.1 Lac after registration.

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Honda obviously doesn’t want to lose customers. So, it is now offering its bikes on installments. Honda offers installment plans through four different banks in Pakistan. Let’s discuss each of them for better understanding and clarity. Here is how you can get a bike on installments from Honda.

Honda bike installments through MCB Bank

If you are interested in MCBs bike installments program, here is all you need to know:

You must be an MCB credit card holder
0% mark-up(interest rate) up to 6 months as per Honda Atlas. However, interest-free duration is 18 months according to the MCB
Any Pakistani citizen from any city can avail this plan
The delivery is free at any official dealer in Pakistan
Installment plans vary from 3 months to 36 months

Here is the schedule of markup upon leasing Honda bikes from MCB.

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Honda 70 2024 Price in Pakistan

Honda bike installments through Silk Bank

Here are the Silk Bank details for those interested in its installments program:

Installment plans from 3 months to 36 months
0% mark-up up to 3 months of installment plan
Only applicable for Platinum and Gold Credit cardholders
Free delivery at the nearest official dealer all over Pakistan

Honda bike installments through Meezan Bank

If you want to avoid traditional banking and prefer Islamic banking instead, this plan is for you. Meezan Bank offers an installment plan through Islamic complaint Bike-Ijarah. In this plan, the bank purchases the bike and rents it out to the customer for 1-3 years. Upon completion, the bike is gifted to the customer. Here are the features of the bike Ijarah offered by Meezan Bank.

Low monthly rental
Fast processing and delivery
Takaful is available
Two Free Periodic maintenance

Requirements to avail Bike Ijarah

Age limit: 20-65 years of age if businessman or Self-employed Person (SEP) or
20-60 years old if salaried
Income requirement: Minimum Rs.40,000 incase of businessmen or SEP, or
Rs.25,000 gross salary for salaried person
The loan shouldn’t be more than 35% of net monthly income
A downpayment of min 15% and a max of 50% of the cost of the vehicle

Should you go for Honda bikes on Installments?

Honda bikes are more expensive than ever. And the price will only increase in the coming months. If you think you cannot afford to pay a lump sum amount, you should go for the installment plan. Avail the facility of interest free loans of up to 18 months.

Are you in favor of getting a bike on Installments? If yes, would you prefer traditional or Islamic banking? Let us know in the comments section below.

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