Meezan bank has started offering Shariah-Compliant benefits to its customers. They are now providing the facility of interest-Free solar panel systems in easy monthly installments.
Their Solar Panel Financing program ensures accessibility of having renewable energy with pliant payment plans and suitable pricing. The installation will reduce the electricity bills by up to 50%. Moreover, you can install the solar panels without worrying about interest as the system is according to 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
The eligibility criteria for business owners, Permanent job holders, contractual job holders, and retired individuals is different. Check out the Meezan Bank’s website for further details on eligibility.
However, the property must be owned by the applicant where the solar panel has to be installed. In the case of ownership by an immediate family member, the house owner will be the co-applicant.
How to Apply
To apply for this facility, you must visit the nearest Meezan Bank Branch or call at their helpline 111-331-331 / 111-331-332.
- Get the quotation from bank’s Energy Partner. You can check out the list on the website.
- Submit the signed application form, a copy of the CNIC, and a copy of the latest electricity bill.
- The final step would be opening your account with Meezan Bank.
Costs involved
The financing costs include the following.
- Price of Solar Panels.
- Cost of Inverters.
- Cost of other associated items like equipment, wiring, and installation charges.
The cost of batteries (both off-grid and on-grid), net meeting to be endured by the customers, and its arrangement is not financed.
Make your summers trouble-free with this interest-free opportunity.
