Interest-Free Solar Panel System in Easy Monthly New Update
Interest-free solar panel system is the main need of everyone in today’s era. Because electricity load shedding is very high in Pakistan and due to inflation electricity bills are coming very high which every Pakistani is worried about due to this inflation. That is why Meezan Bank is offering you a Solar Panel System without any interest. Therefore, Meezan Bank believes that clean energy is the way forward.
This solar panel gives you an affordable and accessible option to save money on your electricity bills. Meezan Bank offers you a complete solar system setup in your home. You can reduce your monthly electricity bill by up to 80% by getting interest–free solar.
After generating electricity from solar energy and using it in your home, you can also sell the remaining electricity to the national power company.
Video Tutorial of Interest-Free Solar Panel System in Easy Monthly New Update:
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How to Apply
- Visit your nearest Meezan Bank branch or call our 24/7 call center at 332-331-331/111-331-111 to initiate your application.
- Get a quotation from an authorized energy partner with Meezan Bank.
- Submit a copy of your CNIC, signed application form, and copy of the latest electricity bill.
- Open an account with Meezan Bank to get financing in the shortest possible time.
Eligibility Criteria
- Salaried Individual (Permanent Job)
- Nationality: Pakistani, adult, permanent resident, CNIC holder
- Age of applicant: Minimum 20 years and maximum 60 years or up to the age of retirement at the time of maturity
- Age of co-applicant: Maximum 75 years
- Employment status: Must be permanent
- Income: Minimum monthly gross salary PKR 100,000
- Job Tenure: Current employment for at least 2 continuous years
- Income assessment: Through payslip, bank statement, appointment letter, employment letter, and/or audited financials (in case the applicant is a paid director)
- Tax payee: Must be an active tax payee with NTN number
- Credit checks: The Bank will conduct bureau checks and will conduct verification of residence and office/business place
- References: Two references required
- Financing for flats: Financing for flats/apartments is not available.
- Account in Meezan Bank: Mandatory. If the applicant currently does not have any account in Meezan Bank, it will be opened to offer financing.
- Maximum Debt Burden Ratio (DBR):
- 40% for those new to the industry or having a credit history of less than 12 months
- 45% for customers having an established history of 12 months or more
You are registered in Benazir Income Support Programme (BISP) 2023
Product Details
- Islamic Mode: Financing to be provided on the Islamic concept of Musawamah
- Installment: Un-equal monthly installments
- Profit Rate: 1 Year KIBOR**+2.5% for salaried & pension income and 1 Year KIBOR+3.5% for non-salaried
- Financing Tenure: Minimum 12 months (1 year) and Maximum up to 60 months (5 years)
- Allowed Capacity: From 1KW up to 1000KW
- Financing Amount: Minimum PKR 100,000 and Maximum up to PKR 2,500,000***
- Security Collateral: HPA on solar panel and 3 cheques
- Residence Ownership: The property where solar has to be installed must be owned by the applicant. If the place is owned by an immediate family member, in such case house owner(s) will become a co-applicant. In case of 2 or more owners of the property, each and every owner will become a co-applicant.
- Co-applicant: In the case of a co-applicant there will be no income requirement from co-applicant
- On-Grid System Down Payment
- With credit history ≥ 12 months – Minimum 15% maximum up to 50%
- With credit history < 12 months – Minimum 30% maximum up to 50%
- Off-Grid System (No Net Metering) Down Payment
- Minimum = 30% and maximum up to 50%.
Takaful / After sale: Risk & reward will be transferred to the customer after the execution of the Musawamah contract, so any damage/loss/malfunction/after-sale services will be between the financing customer & selected energy partner of the Bank.
Costs Involved
| Type of Charges | Chargers |
| Processing Charges | PKR 5,000 + FED |
| Documentation charges | At Actual |
| Late payment charges | Nil |
| Meezan Energy Partner survey charges | At Actual (if any) |
| Termination | Can be terminated anytime by paying remaining installments |
| STR Fee | PKR 1,000 |
| Type of Charges | Chargers |
| Processing Charges | PKR 5,000 + FED |
Helpline Number
Email:
info@meezanbank.com
complaints@meezanbank.com
Contact Number
+92 21 111 331 331
+92 21 111 331 332