Customers of Meezan Bank can now take advantage of benefits that are in accordance with Shariah. For solar panel systems, they now give customers the choice of simple monthly installments with no interest.
Their financing plan for solar panels ensures the availability of renewable energy with convenient payment terms and affordable prices. Electricity costs will drop by up to 50% as a result of the installation. Additionally, you can install the solar panels without being concerned about interest because the system complies with shariah.
Solar Panel Details
The complete description of the product is given below.
| Installment plan | Monthly un-equal installments |
| Capacity allowed | 1 KW – 1000 KW |
| Financing Tenure | 1 year to 5 years |
| Rate of Profit | 1 Year KIBOR** with 2.5% for Pension and salaried income individuals. 1 Year KIBOR with 3.5% for non-salaried individuals. |
| Security collateral | 3 cheques and HPA on solar panel |
| Down Payment on On-Grid | ≥ 12 month – 15% min – 50% max. < 12 months – 30% min – 50% max. |
| Down Payment on Off-Grid | 30% min – 50% max |
| Processing charges | Rs. 5000 + FED |
Eligibility Criteria
Different eligibility requirements apply to retirees, permanent employees, contract workers, and business owners. You can learn more about eligibility on the Meezan Bank website.
However, the applicant must be the legal owner of the land where the solar panel will be installed. The owner of the property will be the co-applicant if it is owned by a member of the immediate family.
How to Apply
You must call or visit the nearest Meezan Bank branch to apply for this facility at 111-331-331 or 111-331-332.
Obtain a price from the bank’s energy partner. The list is available on the website for viewing.
Submit the completed application form along with a copy of your CNIC and most recent electric bill.
The last step is to open an account with Meezan Bank.
Costs involved
These are some of the financing costs.
- Solar panel cost.
- Inverter price.
- The price of extra related items like wiring, supplies, and installation fees.
The costs of batteries (both off-grid and on-grid), net meeting costs that customers must pay, and its arrangement are not financed.
Make your summers trouble-free with the aid of this opportunity with no interest.
https://www.meezanbank.com/solar-panel-financing/
